The Bangko Sentral ng Pilipinas (BSP) posted 11-month net income of 67.08 billion pesos for 2021, up 94.4% from 34.51 billion pesos in the same period in 2020.
The central bank’s profits have increased since the start of 2021 due to higher interest and miscellaneous income from its trading gains, fees, penalties and other operating income.
Based on the latest unaudited financial statements of the BSP, at the end of November 2021, it shows a net foreign exchange gain (FX) of 10.71 billion pesos, canceling the losses recorded in 2020 of 5.67 billion pesos.
On revenues, the BSP said it stood at 154.14 billion pesos at the end of November, up 42.1 percent from the same period in 2020 to 108.50 billion pesos.
Interest income reached 104 billion pesos, more than 77.86 billion pesos the previous year. Miscellaneous income increased to P50.09 billion from P30.64 billion.
BSP spending for the period increased 43.4% year-on-year to 97.74 billion pesos from 68.14 billion pesos in 2020. Expenses include the production of banknotes and the cost of minting coins. parts, as well as taxes and license fees.
Interest expense at the end of November increased from P55.54 billion to P42 billion while other expenses increased to P42.20 billion from P26.11 billion.
At the end of November, the BSP reported total assets of 7.99 trillion pesos, an increase of 8.8% over the same period last year of 7.34 trillion pesos. The central bank’s assets consist of international reserves and income from its investments abroad.
The liabilities of the BSP totaled 7,86 trillion pesos during the period, up 9.6% over the same period in 2020 of 7 17 trillion pesos.
The net worth of the independent institution at the end of November stood at 130.70 billion pesos compared to 166.93 billion pesos in the same period in 2020.
The capital of the BSP remains at 50 billion pesos. Its amended Law or Law of the Republic 11211 (“Law Amending the Law of the Republic No 7653, otherwise known as” New Law on the Central Bank “, and for other purposes”) increased the capitalization of the BSP at 200 billion pesos against 50 billion pesos. This will be financed only by declared dividends from the central bank.
The BSP paid dividends to the national government in March 2020 and August 2021, as part of its extraordinary measures to help respond to the public health crisis of COVID-19.
The BSP has so far deposited 36 billion pesos to the government in the form of dividends despite the fact that under its charter it is no longer mandated to deliver dividends to the Duterte administration.
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