When you hear or read this kind of news, you’ll be happy or
relieved because you know your government is doing their job- and doing it
well.
The Bangko Sentral ng Pilipinas (BSP) just announced that it has more than tripled its earnings to P42.69 billion in January to November last year due to gains from foreign exchange fluctuations.
 |
| Bangko Sentral ng Pilipinas (photo credit to philstar) |
Revenues for 2018 rose 3.9 percent to P61.35 billion.
The interest income on international reserves and domestic
securities jumped 31.1 percent to P69.56 billion, wiping out the P8.1 billion
losses from miscellaneous activities.
Expenses declined 7.8 percent
to P56.28 billion due mainly to lower interest expenses and taxes and licenses.
The Bangko Sentral ng
Pilipinas also shelled out P8.44 billion for income tax expense in the first 11
months of 2018.
BSP said that the net income
before gains on foreign exchange fluctuations declined 7.8 percent to P56.28
billion due mainly to lower interest expenses and taxes and licenses.
The BSP also shelled
out P8.44 billion for income tax expense in the first 11 months of 2018.
The Net income before gains on income tax expense, foreign exchange fluctuations, and capital reserves amounted to P5.08 billion, reversing the P1.98 billion net loss incurred a year ago.
BSP said Gains on
foreign exchange fluctuations surged 243.7 percent to P52.76 billion. The gains
were realized from servicing of matured foreign exchange obligations as well as
the maturity of derivative instruments.
The BSP explains that the gains also represents realized from foreign currency-denominated transactions, that includes the rollover or re-investments of matured foreign exchange investments with foreign financial institutions and foreign exchange-denominated government securities.
Gains or losses from fluctuations in foreign exchange rates on
matured, sold, paid and exchanged or settled foreign exchange assets and
liabilities is the way BSP books it.
BSP on occasions of excessive movements of currency, enters the
market to maintain order and stability, when needed it also stands ready to
provide some liquidity and ensure that legitimate demands for foreign currency
to be satisfied.
Share us your thoughts by simply leaving on the comment section
below. For more news, updates, feel free to visit our site often.
Stay updated with today's relevant news and trends by hitting the LIKE button.
Thanks for dropping by and reading the post
Report from PhilStar
0 Comments