The Bangko Sentral ng Pilipinas (BSP) reported an income of P10.26 billion as of November 2009, lower compared to the same period in 2008 of P12.6 billion.

Based on the BSP’s latest unaudited financial statement, the government controlled institution lost P6.88 billion from its foreign exchange transactions during the period.

The estimated full-year FX loss is P9.5 billion compared to end-2008’s P530 million. BSP FX operations include dollar buying to boost FX stock and to temper the exchange market volatility. It is estimated that the BSP loses about P7 billion every time the local currency weakens by a peso against the US dollar.

As of November 2009, BSP’s revenues grew 9.9 percent to P91.09 billion. It was miscellaneous income which reported an increase year-on-year to P35.72 billion from P19.53 billion but interest income was lower at P55.37 billion compared to the same period in 2008 of P63.37 billion.

The central bank’s 11-month expenses in the meantime, declined by 5.5 percent to P73.95 billion. The total interest costs amounted to P56.33 billion from P65.69 billion in 2008, while other expenses totaled P17.62 billion from P12.55 billion in November 2008.