BSP net income up to P63.86-B – Manila Bulletin


The Bangko Sentral ng Pilipinas (BSP) reported net profit of 63.86 billion pesos at the end of October, up 105% year-on-year from 31.15 billion pesos, based on its latest statements unaudited financials.

Bangko Sentral in the Philippines

Compared with the end of September, net income was also up 9.31% or 58.42 billion pesos.

BSP’s income is on the rise at the start of 2021 due to rising interest and miscellaneous income from its trading earnings, fees, penalties and other operating income.

For the 10-month period, central bank revenues increased 47.2 percent year-on-year to 142.05 billion pesos from 96.50 billion pesos. Interest income amounted to 95.43 billion pesos, more than the same period in 2020 of 70.21 billion pesos while miscellaneous income increased to 46.63 billion pesos against 26, 29 billion pesos.

BSP spending, meanwhile, increased 47.4 percent year-on-year to 88.55 billion pesos from 60.07 billion pesos. These expenses include the costs of producing banknotes and minting coins, as well as taxes and license fees.

Interest expense increased to P50.34 billion from P37.39 billion while other expenses increased to P38.21 billion from P22.68 billion.

The BSP also announced a net foreign exchange (FX) gain of 10.39 billion pesos at the end of October, reversing losses in 2020 of 5.14 billion pesos.

At the end of October, the central bank’s total assets stood at 8,013 trillion pesos, up 0.7% from the same period last year of 7,306 trillion pesos. BSP’s assets consist of international reserves and income from its investments abroad.

Liabilities stood at 7 877 trillion pesos against 7 146 trillion pesos, an increase of 10.22% year on year.

BSP’s net worth continues to decline to 135.58 billion pesos from 159.88 billion pesos last year.

In March 2020 and August this year, the BSP remitted a total of 36 billion pesos to the government in the form of dividends despite the fact that under its charter it is no longer mandated to remit dividends to the government. Duterte administration. These funds provide additional funding for anti-pandemic programs.

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.




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