By LC. CHIPONGIAN
The Bangko Sentral ng Pilipinas likely posted a lower net income of P4 billion in 2006 based on a preliminary year-end statement of income and expense report.
BSP Governor Amando M. Tetangco Jr. confirmed initial figures show BSP had a net gain of more than P4 billion last year, half of what was reported in 2005 of P8 billion.
As of October the BSP income and expense report indicated a net income loss of P8.40 billion (unaudited) due to foreign exchange fluctuations. Gains from foreign exchange operations declined from P7 billion in September to P5 billion in October.
BSP revenues for the period were also down 8.55 percent to P43.93 billion from P48.04 billion in 2005, mainly because of a significant drop in the collection of miscellaneous income of only P2.49 billion from P9.93 billion the previous year. Interest income, on the other hand, was higher at P41.44 billion from P38.12 billion last year.
Expenses reported for the period, meantime, was higher by 7.16 percent to P43.22 billion from P40.33 billion because of higher interest payments of P33.79 billion during the January-October period compared to P29.25 billion in 2005. Expenses from "others" amounted to P9.43 billion from P11.08 billion last year.
To boost its dollar hoard, the BSP bought almost billion-worth – in gross total — of foreign exchange in the spot market and transacted almost billion via the foreign exchange swap market last November.
BSP’s total assets as of end-October 2006 stood at P1.50 trillion, higher than October 2005’s P1.31 trillion. The total liabilities, in the meantime amounted to P1.24 trillion, which resulted to a decline in net worth of P256.24 billion with a surplus/reserves of P246.24 billion.
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