The Bangko Sentral ng Pilipinas (BSP) is expected to remit P6 billion to P7 billion to the National Government as dividend payments on its 2009 income, said sources.

The same sources said the emerging full-year unaudited income of P9 billion indicates this amount as dividends, which should be 75 percent of the central bank’s net earnings.

As of October 2009, BSP reported an income of P5.41 billion compared to P4.98 billion the same period in 2008. The central bank however lost P6.3 billion from foreign exchange fluctuations, higher compared to October 2008’s P1.44-billion loss.

BSP Deputy Governor Diwa C. Guinigundo has reported to Congress that last year, BSP’s FX loss amounted to P9.5 billion, a huge rise from 2008’s FX loss of only P530 million.

The BSP incurred the loss from FX operations such as dollar-buying to boost FX stock and to temper the exchange market volatility. The BSP loses about P7 billion every time the local currency weakens by a peso against the dollar. As of the end of October, BSP revenues rose 7.5 percent to P79.56 billion while expenses dropped 3.4 percent to P67.85 billion.