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March 01, 2024

BSP records higher net earnings at October end

THE BANGKO SENTRAL ng Pilipinas (BSP) posted higher net earnings as of end-October 2022 from favorable foreign exchange (FX) movements.

Preliminary data released on the BSP’s website showed the central bank recorded a net income of P87.92 billion in the first 10 months of 2022, a 37.7% increase from P63.86 billion from the same period in 2021.

The BSP recognized P87.92 billion in net gains from foreign exchange rate fluctuations in the same period, significantly higher than the P10.39-billion net gain it posted in January-October 2021.

Gains or losses from foreign exchange (FX) rate fluctuations on matured, sold, paid, and exchanged or settled FX assets and liabilities are recorded by the BSP.

Hitting a new all-time low of P59 against the dollar in October 2022, the peso has since rebounded, closing at P54.63 versus the dollar on Wednesday.

Meanwhile, the BSP’s total revenues, miscellaneous income, total assets as well as liabilities all recorded lower values in 2022 compared to the same period in 2021.

On the other hand, the central bank’s interest income and its expenses grew compared to 2021.

At the end of October 2022, the BSP’s net worth stood at P85.35 billion, 37% lower compared to P135.58 billion in 2021.

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