MANILA, Philippines - The Bangko Sentral ng Pilipinas trimmed its losses as of November last year, as it saw gains from foreign exchange operations and reduced interest expenses.
The BSP said it posted a net loss of P23.48 billion as of November 2013, an improvement from P86.31 billion net loss during the same period in 2012.
"The improvement in the BSP's income position for the January to November 2013 period over the same period in 2012 is principally from foreign exchange revaluation gains and the fact that reduction in interest expense for the period was greater," said BSP Governor Amando M. Tetangco, Jr.
The BSP said its revenues fell by 13% to P53.04 billion in the 11-month period, from P60.99 billion during the same period in 2012.
Interest income dropped 20% to P29.87 billion in the January to November period, compared to P37.53 billion during the same period in 2012. Miscellaneous income also slipped 1% P23.17 billion as of November.
At the same time, BSP said its expenses were 24% lower at P76.98 billion in the January to November period, from P100.95 billion a year ago.
Interest expenses dropped 36% P53.96 billion as of November, as the BSP ordered all investment management accounts in the Special Deposit Account facility removed.
The central bank saw a P2.67 billion gain from foreign exchange operations during the January to November period, a turnaround from the P46.34 billion loss a year ago.
In 2012, the BSP incurred a record net loss of P95.38 billion.