Bangko Sentral trimmed net loss to P4.3B in 2015

THE BANGKO Sentral ng Pilipinas (BSP) slashed by more than half its net loss last year as growth in revenues outpaced the increase in expenses.

The BSP’s latest statement of income and expense showed that it was able to cut by more than half its net loss to P4.3 billion in 2015 from P10.1 billion in 2014.

The central bank posted a net loss for the sixth consecutive year, although the 2015 figure was the lowest.

Expenses grew by 5.7 percent to P72.8 billion in 2015, up from P68.9 billion in the previous year.

Revenues, meanwhile, increased at a faster 14 percent to P56.8 billion from P49.8 billion in 2014.

In 2015, the BSP also reversed the preceding three consecutive years of declines in revenues.

Separately, the BSP announced it had revoked the respective licenses to operate of two financial institutions.

In a March 17 circular letter, BSP Deputy Governor Nestor A. Espenilla Jr. said the Monetary Board last month approved the revocation of the license as a non-stock savings and loan association of Surigao Officials and Employees Loan and Savings Association Inc., pursuant to Section 22 of Republic Act No. 8367 or the Revised Non-Stock Savings and Loan Association Act of 1997.

The Monetary Board—the BSP’s policy-setting body—this month also cancelled the banking license of Progress Savings and Loan Bank Inc. following the lender’s own request, Espenilla said in a separate March 15 circular.