Bangko Sentral ng Pilipinas posted a net income after tax of P10.95 billion in the first seven months of 2016, a turnaround from the P3.55-billion net loss it incurred a year ago.
Data showed that interest income jumped 26 percent to P27.06 billion from P21.47 billion a year earlier. Miscellaneous income rose 33 percent to P17.96 billion from P13.51 billion.
Gains on foreign exchange fluctuations rose 105 percent to P6.50 billion from P3.17 billion in the first seven months of 2015. There was also a 2.7-percent decline in expenses in the period to P40.57 billion from P41.69 billion.
The biggest loss of Bangko Sentral was recorded in 2012 at P95.38 billion. However, prudent management led to a significant decline in losses in 2013 to P17.51 billion, P10.11 billion in 2014 and P3.90 billion in 2015.
Bangko Sentral Deputy Governor Diwa Guinigundo said earlier that “if exchange rate improves and strengthens, which means the economy is improving, BSP incurs losses. But if the peso depreciates, BSP profits.” The peso as of July 29 closed at 47.11 against the US dollar.
