BSP cuts losses to P19.2-B in Jan-July
MANILA, Philippines - The Bangko Sentral ng Pilipinas reported its net loss narrowed to P19.21 billion in the first seven months of the year, from P48.97 billion during the same period a year ago.
BSP deputy governor Diwa C. Guinigundo attributed the improved bottomline to the lower interest rates for its special deposit account and weaker peso.
"The depreciation of the peso yielded some gains for the BSP and lower interest expense on account of lower interest rate on SDA," he said.
BSP revenues fell 6.7% to P39.27 billion in January to July from P42.09 billion a year ago.
Interest income dropped 23% to P18.62 billion as of end-July, from P24.17 billion a year ago.
On the other hand, expenses also went down 18% to P53.11 billion in January to July from P64.75 billion, due to lower interest expenses.
Interest expenses fell 31.5% to P37.12 billion, enough to offset the more than 50% increase in other expenses.
The central bank also saw fewer losses from foreign exchange fluctuations to P3.66 billion in the 7-month period, from P26.31 billion loss a year ago.