BSP POSTS P8.8-B LOSS IN 2 MONTHS DUE TO FX FLUCTUATIONS
MANILA, MAY 18, 2007 (BULLETIN) By LEE C. CHIPONGIAN - The Bangko Sentral ng Pilipinas (BSP) reported an unaudited net loss of P8.82 billion in the first two months of the year, according to its updated financial statement.
BSP data showed that the bank lost P9.64 billion from foreign exchange fluctuations during the period. But it posted a net income of P820 million before foreign exchange fluctuation losses for January and February, from P510 million in 2006. The peso averaged P49.085:$ 1 in January and P48.381:$ 1 in February.
Also for the period, the central bank gained revenues of P9.45 billion, higher than last yearís P8.66 billion. Total expenses for the first two months reached P8.63 billion, more than last yearís P8.14 billion.
For 2006 the BSP reported a net income gain of P3.69 billion, lower than 2005ís P4.80 billion.
Last year, the central bankís provision for income taxes was also lower at P10 million from P1.11 billion in 2005. There was no reported net gain on foreign exchange rate fluctuations during the period compared to P11.81 billion in 2005 and P2.15 billion in 2004.
However BSP realized a net income before gain of P3.80 billion on fluctuation in foreign exchange rates in 2006, a reversal from the P2.67 billion losses in 2005. Exchange rate fluctuation is calculated based on asset and liabilities and capital reserves. In 2006, capital reserves only amounted to P100 million from P3.23 billion in 2005.
NEDA cites private sector role in devít
The National Economic and Development Authority (NEDA) has underscored the role of the private sector in regional and local development and their importance in major development initiatives such as the Roll On-Roll Off (RORO) terminal system and the pocket open skies policy.
"The private sector representatives who comprise 25 percent of the total Regional Development Council members could pave the way for greater support for competition and productivity in the regions," said NEDA Deputy Director General Augusto B. Santos.
Speaking at the First National Convention of Regional Development Council-Private Sector Representatives (RDC-PSRs) held recently, Santos has encouraged the PSRs to further enhance its partnership with the government and take advantage of the convention by proposing ways on how the government could help in such endeavor.
On the other hand, NEDA assistant director general Marcelina E. Bacani presented an assessment of private sector participation in regional development through the RDC from the point of view of the national government.
Bacani stressed the significant contributions of the PSRs in regional development planning, investment programming, budgetting, plan implementation, and in monitoring and evaluation.
Chief News Editor: Sol Jose Vanzi
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