MikeLigalig.com

The Bangko Sentral ng Pilipinas (BSP) again recorded a net income in 2009 of P13.13 billion after being in net loss in 2007.

The BSP data show that its income last year is higher by P4.2 billion than the previous year’s P3.93 billion.

In 2007, the central bank registered P86.94 billion loss after the peso surged by nearly 19 percent against the US dollar.

The loss was incurred as central bank joined in the market to keep volatility in the exchange rate at bay.

Monetary officials said they only join the market to address foreign exchange volatility and not to peg the peso-dollar rate at a certain level because they leave this to market forces.

Record shows that BSP’s net income last year is the highest so far since 1995.

Its revenues in 2009 grew by 9.8 percent to P104.36 billion from year-ago’s P95.04 billion.

While expenses dropped by 5.7 percent to P81.39 compared to the P86.28 in 2008.

Last July, the central bank remitted P4.475 billion as dividends to the national government (NG) as it was mandated under Republic Act 7653 otherwise known as the New Central Bank Act to remit 75 percent of its annual income to NG.

Earlier, BSP Governor Amando Tetangco Jr. said more than P4 billion would also be remitted to the NG once the Commission on Audit finished auditing central bank’s 2009 financial statement.

The central bank has been giving higher than a billion dividend to the NG since 2000 except in 2007 when it registered loss due to the nearly 19 percent appreciation of the peso against the dollar.

In 2000, the BSP’s dividend stood at 1.9 billion followed by the P3.1 billion, P2.7 billion and P2.6 billion for 2001 to 2003, respectively.

In 2004, the central bank submitted P1.6 billion dividend and this was followed by the P3.8 billion and 2.8 billion in the next two years. (PNA)

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