BSP’s half-year profit falls by 63.6%  to P19.86 billion

The Bangko Sentral ng Pilipinas (BSP) saw its first half net income plunge by 63.6 percent to  P19.86 billion.

 Preliminary data showed a net income of P21.3 billion in the second quarter, though it remained below the 2022 figure for the same period. 

Higher interest income from international reserves and gains from foreign exchange (FX) rate fluctuations were the primary drivers of earnings.

Revenues for the first semester amounted to P90.63 billion, reflecting a 6.7 percent increase from P84.96 billion in 2022, primarily driven by interest income from international reserves and domestic securities.

Interest income rose to P93.41 billion, up 31.77 percent,  while miscellaneous income declined to P2.78 billion.

 Total expenditures jumped 78.3 percent ias of end-June, with high costs related to banknote production, coin minting, taxes, licenses fees, and open market operations.

 The BSP also plans to remit around P62 billion to the National Government over the next two years to support the Maharlika Investment Corp.