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BSP income up to P3.2B in Q1 |
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By Donnabelle L. Gatdula
The Philippine Star 07/21/2005 Buoyed by substantial decline in expenses, the Bangko Sentral ng Pilipinas (BSP) posted a net income of P3.2 billion in the first quarter of 2005 from P1.9 billion in the same period last year. Based on the latest BSP report, the latest figure was also significantly higher than the P1.1 billion recorded in the fourth quarter of 2004. Compared to the previous quarter’s level, total revenues, however, dropped by 22 percent to P15.1 billion due largely to lower miscellaneous income. This, in turn, was attributed to the decline in trading income arising from the fluctuation in the price of gold. Total expenses, during the period under review, also fell by P5.6 billion compared to the previous quarter, following the decline in cost of minting/printing of currency and other expenses, particularly personal services and miscellaneous expenses. BSP’s preliminary and unaudited data showed that the central bank’s assets as of end-March 2005 reached P1.3 trillion representing an increase of P73 billion from the end-2004 level. Liabilities of the BSP rose by P64 billion to P1.1 trillion. As a result, the BSP’s net worth reached P230.6 billion as of the first quarter of the year, higher than both the end-December 2004 and year-ago levels. The 5.8-percent expansion in the BSP assets during the first three months of 2005 came mainly from increases in the BSP’s other assets account, specifically the P88.8-billion rise in due from foreign banks/special account. The BSP’s international reserves rose to P897.5 billion ($16.4 billion) due to higher inflows from BSP’s foreign exchange operations and income from investments abroad. The improvement in international reserves, however, was tempered by the decline in the price of gold. By contrast, BSP net holdings of domestic securities declined due to lower holdings of Treasury bills (T-bills) from the BSP in compliance with their liquidity reserve requirement corresponding to their increase in deposit liabilities. Likewise, loans and advances decline on account of the repayment by banks of loans under the consolidated foreign borrowings program (CFBP). The BSP liabilities increased by 6.2 percent on account of higher deposits of the National Government and reserve deposits of banks. The NG deposits came mainly from proceeds of the RP global bond issuances amounting to $1.5 billion. Bank’s placements under the reverse repurchase (RRP) facility of the BSP rose significantly by P88.3 billion. This helped cushion the impact on liquidity of BSP’s purchases of foreign exchange from the domestic market. The increase in deposit liabilities and RRP borrowings were offset partially by the decline in the BSP’s foreign borrowings following repayments related to the gold-backed loan facility. The level of currency in circulation followed the usual post-holiday seasonal decline. |
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