The Bangko Sentral ng Pilipinas (BSP) reported a 17.8 percent fall in net income for the first half of 2025 to P70.3 billion from P85.5 billion in the corresponding period last year, with both revenues and operating costs registering declines.
In its January to June statement of income and expense, the BSP said revenues dropped by 14.7 percent to P140 billion from P164.1 billion a year earlier. BSP’s revenues came from its interest income from international reserves and domestic securities, and from miscellaneous income.
As of June, interest income increased by a slight 0.9 percent to P120.9 billion, from P119.8 billion as of June 2024.
Miscellaneous income from trading gains, fees, penalties, and other operating income plunged 56.8 percent to P19.1 billion from P44.3 billion in the year-earlier period.
Expenses also down
Expenses, likewise, fell during the first half of 2025 to P103.4 billion, down 2.6 percent from P106.1 billion in the comparative period.
Interest expenses dropped by a sharper 17 percent to P70 billion from P84.3 billion.
Other expenses, however, in the form of net trading losses, surged 53 percent to P33.4 billion from P21.8 billion a year earlier.
Forex gains, assets/liabilities
Despite lower profits, BSP’s foreign exchange gains grew 22.1 percent to P33.7 billion as recorded in June 2025, up from P27.6 billion in June 2024. These are gains realized from fluctuations in forex rates arising from the BSP’s foreign currency-denominated transactions.
The central bank’s total assets in June, at P7.69 trillion, stood 2.3 percent lower than the year-earlier total of P7.9 trillion.
Its liabilities dipped 3.6 percent to P7.39 trillion from P7.67 trillion.
The BSP’s assets are mostly in international reserves, while liabilities come from government deposits — treasury and reverse repurchase facility placements by banks and BSP counterparties.
Net worth, capital
The BSP registered a net worth of P303.6 billion in June, up 46 percent from P207.7 billion in the corresponding period last year.
The net worth was supported by surplus reserves amounting to P243.6 billion, which was 65 percent higher than the previous year’s P147.7 billion.
The BSP’s capital remains at P60 billion, instead of P200 billion which it should have under its 2019 revised charter.
The law that created the Maharlika Investment Fund mandated the BSP to remit its dividends to the wealth fund as seed money, thus postponing the buildup of its capitalization.
