By LEE C. CHIPONGIAN The central bank reported lower ₱14.73-billion foreign exchange net gains in 2019 from ₱53.11 billion the previous year. The Bangko Sentral ng Pilipinas (BSP) sometimes incurs financial losses because of currency fluctuations and it is the management of these currency fluctuations that ensure financial stability. The FX rate fluctuations come from its foreign currency transactions such as FX investments, servicing of maturing obligations and derivatives. The 2018 FX net gains performance was the biggest in several years. In 2016, the BSP reported ₱19.12 billion FX net gains and ₱15.50 billion in 2017. Last year, the BSP posted a net income of ₱47.10 billion, up from ₱39.85 billion in 2018, based on preliminary and unaudited financial statements. Total central bank revenues in 2019 amounted to ₱121.73 billion from ₱68 billion in the previous year or up by 79 percent. The revenues are mostly from interest income on foreign investments and domestic securities. Interest in¬come totaled ₱100.43 billion in 2019 from ₱78.15 billion. Expenses, in the meantime, also increased to ₱86.62 billion last year compared to ₱65.90 billion in 2018. Inter¬est expenses also increased from ₱29.93 billion to ₱44.70 billion. Expenditures was due to higher bank note production and coin minting cost, as well as increased 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 percent. These are mostly deposits and currency issues. As of end-December 2019, its net worth stood at ₱144.24 billion which was 23.9 percent more than 2018’s ₱116.4 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.