Economy 1 MIN READ

BSP swings to net loss for Q1

June 18, 2023By BusinessWorld

The Bangko Sentral ng Pilipinas (BSP) posted a net loss of PHP 1.4 billion in the first quarter as revenues declined and expenses surged.

It had a net income of PHP 23.56 billion a year earlier, central bank data showed.

The BSP recognized PHP 11.08 billion in net losses from foreign exchange rate fluctuations in 2022, a reversal of the PHP 17.46 billion in net gains in 2022.

The central bank posted revenues of PHP 38.55 billion during the quarter, 7.4% lower than a year earlier. Revenues mostly came from interest income on foreign investments and government securities.

Interest income jumped by 34% to PHP 41.81 billion. The central bank posted a PHP 3.25-billion loss in miscellaneous income, which includes trading gains, fees, and penalties — a reversal of the PHP 10.42-billion gain a year earlier.

Meanwhile, expenses more than doubled to PHP 49.63 billion. Interest expense almost tripled to PHP 38.89 billion, while other central bank expenses rose by 3.9% to PHP 10.74 billion.

Total assets held by the BSP slid by 6.1% to PHP 7.36 billion. Liabilities went down by 6.7% to PHP 7.216 billion.

The BSP’s net worth stood at PHP 143.75 billion at end-March, higher than PHP 98.51 billion a year earlier. — Luisa Maria Jacinta C. Jocson

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