By Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) posted a net income of ₱47.15 billion in 2019, up from ₱39.85 billion in the previous year or an increase of 18.3 percent, based on preliminary and unaudited financial statements.
On a quarter-on-quarter basis, the BSP reported a lower net income of ₱8.45 billion compared to end-September’s ₱8.76 billion or down by 3.53 percent, but an improvement from same time in 2018 which was a loss of ₱5.38 billion.
The BSP’s total revenues – mostly from interest income on foreign investments and domestic securities – for the fourth quarter 2019 dropped by 12 percent to ₱26.4 billion from ₱30 billion.
Total expenditures, in the meantime, increased by 16.7 percent to ₱24.34 billion as of end-December from ₱20.85 billion in the previous quarter. “The quarter-on-quarter rise in expenditures was due to higher bank note production and coin minting cost, as well as in¬creased taxes and licenses fees,” said the BSP in a report.
At the end of 2019, the BSP had total assets of ₱5.08 trillion, down by 0.3 percent from end- September’s ₱5.09 trillion. On a year-on-year basis, total assets went up by 4.8 percent.
The BSP’s total liabilities also declined by 0.4 percent to ₱4.94 trillion during the period from ₱4.96 trillion in the previous quarter. Compared to what was reported in 2018, total liabilities increased by 4.3 per¬cent. These are mostly deposits and currency issues.
“BSP’s net worth remains strong,” according to the BSP.
As of end-December 2019, its net worth stood at ₱144.2 billion which was 23.9 percent more than 2018’s P116.4 billion.
The BSP noted that its financial condition remains strong with total assets dominated by international reserves amounting to ₱4.43 trillion as of end- December 2019.