MANILA -- The Bangko Sentral ng Pilipinas (BSP) posted a 0.17 percent year-on-year increase in net income in the first four months of 2019, rising to PHP17.58 billion.
Central bank data show that total revenues in end-April this year reached PHP36.64 billion, higher than the PHP25.64 billion during the same period last year.
Expenses during the same time amounted to PHP25.13 billion, also higher than the PHP16.92 billion from January to April last year.
Foreign exchange fluctuations resulted in gains of PHP6.07 billion for the central bank, lower than year-ago’s PHP8.84 billion.
On the other hand, net income before gains on foreign exchange fluctuations, income tax expense and capital reserves posted a higher figure of PHP11.52 billion against the PHP8.71 billion last year.
The BSP has adopted a market-driven foreign exchange rate but authorities said it also has to address extreme volatilities in the foreign exchange to ensure orderly conditions in the market.
It said this decision “is consistent with the government’s commitment to market-oriented reforms and outward-looking strategies of achieving competitiveness through price stability and efficiency.” (PNA)
