The Bangko Sentral ng Pilipinas (BSP) incurred a net loss of P1.4 billion in the first quarter of the year, according to its latest unaudited income and expense data.
This is in stark contrast to the P23.56 billion net income posted in the same period last year.
The decline in revenues contributed to the negative result, with a 7.4 percent decrease to P38.55 billion from P41.62 billion in the previous year.
BSP said the decrease was primarily driven by a decline in international reserves and domestic securities.
On the other hand, interest income, which includes trading gains, fees, penalties, and other operating income, increased by 34 percent to P41.81 billion.
Expenses witnessed a significant increase of 105.4 percent to P49.63 billion, driven by higher interest expenses, which stood at P38.89 billion.
The BSP attributed the increase in interest expenses to costs associated with banknote production, coin minting, taxes, and license fees.
Total assets decreased by 6.1 percent to P7.36 trillion, primarily due to the decline in international reserves.
Total liabilities also fell by 6.7 percent to P7.22 trillion, while BSP’s net worth amounted to P143.75 billion.