The Bangko Sentral ng Pilipinas (BSP) has a net income of P34.51 billion as of end-November 2020, down from same period in 2019 of P40.24 billion.
The BSP continued to report net foreign exchange (FX) losses of P5.67 billion, a reversal of the previous year’s P14.46 billion FX net gains. These realized losses or gains come from FX rate fluctuations that BSP incurred from its foreign currency transactions such as FX investments, servicing of maturing obligations and derivatives.
Based on the BSP’s unaudited end-November statement of income and expense, the central bank’s revenues fell by 4.3 percent year-on-year to P108.50 billion from PP113.43 billion. Interest income dropped to P77.86 billion during the period, from P93.19 billion in 2019. Miscellaneous income which includes trading gains/losses, fees, penalties and other operating income, among others, rose to P30.64 billion versus P20.25 billion.
The BSP also spent less as of end-November 2020, its recorded expenses decreased by 9.7 percent to P68.14 billion from P75.49 billion. Interest expenses was slightly higher at P42.04 billion from P41 billion end-November 2019, while other expenses dipped to P26.11 billion from P34.49 billion.
As of end-November, the BSP total assets went up by 46.9 percent year-on-year to P7.340 trillion from P4.996 trillion in 2019 as international reserves increased to P5 trillion from P4.350 trillion. Its domestic securities holdings — due to purchases to supply liquidity in the financial system – significantly
increased to P1.347 trillion compared to only P226.92 billion in 2019.
Total liabilities also rose to P7.173 trillion during the period, up by 47.6 percent year-on-year or from P4.859 trillion.
In 2020, as a COVID-19 pandemic response, the BSP implemented extraordinary measures that released almost P2 trillion of liquidity into the financial system.