BSP Income Drops to 54%

A big income plunge happened to the Bangko Sentral ng Pilipinas (BSP) as their earnings dropped to P13.71 billion in this year’s first semester compared to P29.88 billion in the same period last year.

The plunge is recorded at 54%.

A 28 percent drop to P46.91 billion from January to June 21 has been recorded on BSP’s main source of income including government securities, treasury bonds and foreign investments. The same period last year was at P65.31 billion.

BSP’s overall expenditures dropped by 16.4% to P34.63 billion from P41.43 billion. Authorities however, temporarily suspended deposit facility auctions as part of many measures to slowly recover from the pandemic.

The biggest drop recorded by BSP is their net gain on foreign exchange. Recent record shows an 82.4% drop to P1.58 billion in the first semester compared to last year’s P9billion on the same period.

On the start of the lockdown in March 26, BSP transmitted a P20 billion advance dividend payment to support the government’s war against the COVID-19 pandemic.

Under the current administration, BSP has transmitted more than P27 billion in dividends.(MLC)