DMCI Mining income climbs as revenues, shipments rise

August 18, 2021 | 12:07 am

DMCI Mining Corp. recorded a 409% increase in its net income for the first half to P1.2 billion from P241 million on the back of stronger revenues and higher shipments.

Its parent firm, DMCI Holdings, Inc., said in a stock exchange disclosure on Tuesday that the mining unit was able to ship 1.24 million wet metric tons (WMT) of nickel ore for the January-to-June period, up 45% from the 853,000 WMT shipped a year ago.

From the total, 718,000 WMT were contributed by Berong Nickel Corp., while 522,000 WMT were shipped by Zambales Diversified Metals Corp.

Due to higher shipments, DMCI Mining’s revenues for the first half rose 123% to P2.7 billion from P1.2 billion the previous year.

“This is the first time that both our mining assets are operating at full capacity. We expect shipments to remain strong in the second half since we were able to extend Berong’s mine life from June until third quarter this year,” DMCI Mining President Tulsi Das C. Reyes said in the disclosure.

According to DMCI Mining, the average nickel grade of its shipped nickel was at 1.39% while the average selling price per metric ton rose 57% to $44 due to the surging stainless production in China, higher demand for electric vehicles, and the ongoing Indonesian nickel ore export ban.

“Nickel is mainly used in stainless steelmaking, but is also a vital ingredient for the lithium-ion batteries used to power electric vehicles (EV). The International Energy Agency estimates that global EVs will grow 14 times to 145 million by 2030,” the company said.

Moving forward, Mr. Reyes said the uptrend in nickel prices is likely to continue in the following months due to production-consumption gaps.

“Major nickel producers are seeing lower output because of coronavirus disease 2019 (COVID-19) lockdowns and various operating issues but industrial manufacturing is still ramping up,” Mr. Reyes said.

Parent firm DMCI Holdings recorded a P5.23-billion attributable net income in the second quarter, surging from P1.42 billion a year ago. Its revenues for the quarter reached P29.76 billion, more than twice the P11.75 billion it reported in 2020.

On Tuesday, shares of DMCI Holdings rose 0.67% or four centavos to end at P6.03 apiece. — Revin Mikhael D. Ochave

Chelsea trims net loss; debt relief sought

August 18, 2021 | 12:06 am

CHELSEA Logistics and Infrastructure Holdings Corp. slightly trimmed its second-quarter attributable net loss to P856 million from a loss of P941.1 million in the same period a year ago.

Total revenues for the quarter slightly increased 1.8% to P976 million from P959 million in the previous year, the company’s second-quarter results showed.

For the first half, Chelsea Logistics also slightly trimmed its net loss attributable to the parent equity holder to P1.1 billion from a loss of P1.2 billion in the same period last year.

Total revenues for the first six months fell 19.2% to P2.1 billion from P2.6 billion in the previous year.

The company attributed the decline to “full period effect of the community quarantine that the government has imposed since March 15, 2020.”

“The movement of petroleum products and passengers remained low despite the gradual lifting of travel restrictions. Tankering and passenger segments were down from 2020 by 56% and 70%, respectively,” it said.

The company added that the revenue decline “was tempered due to positive variance in its freight and logistics segments revenue, which is up by 28% and 67%, respectively versus last year.”

To soften the impact of the coronavirus pandemic on its financial condition, Chelsea said it invoked the provisions of the recently approved Bayanihan To Heal As One Act and Bayanihan to Recover as One Act, “which allowed the group to extend for a minimum of 30 days the currently maturing debt obligations, including interest.”

Chelsea Logistics also availed of the Development Bank of the Philippines’ RESPONSE or rehabilitation support on severe events program, “wherein the borrower may defer its loan repayment of up to six months with the option for restructuring in case the borrower is not able to recover within six months.”

“Lastly, the group has negotiated with banks for the refinancing, extension, or temporary relief of its loan obligations,” it added.

Chelsea Logistics shares closed 3.37% lower at P2.58 apiece on Tuesday. — Arjay L. Balinbin

NCCA recognizes 63 artists at the 2021 Ani ng Dangal

August 18, 2021 | 12:06 am

THE NATIONAL Commission for Culture and the Arts (NCCA) awarded 63 artists in various fields at its annual Ani ng Dangal (Harvest of Honors) held on Aug. 15 via Facebook live.

Ani ng Dangal recognizes natural-born Filipino artists or groups who have earned international awards and accolades in nine categories — Architecture, Cinema, Dance, Dramatic Arts, Literary Arts, Music, Visual Arts, Folk Arts, and Broadcast Arts — over the past year.

“This year’s theme: ‘Alab Sining, Alay Sigla’ perfectly captures our passionate commitment to reignite our arts and culture sector as we race towards a hopeful future,” Arsenio “Nick” J. Lizaso, chairman of the NCCA, said in a video.

“Being an artist isn’t just about putting pencil to paper nor putting brush to canvas. An artist is an individual that is compelled to create meaningful art and help his peers blossom into better individuals. Your contribution of making the arts accessible to the people, to the grassroots level, is nothing short of commendable,” he added.

Of the 63 awardees, one each are from the fields of architecture and allied arts and the literary arts, four are in the field of music, 25 are in visual arts, and 31 are in cinema, including actors Dingdong Dantes (who received his Ani ng Dangal for receiving the Asian Star Prize Award for his work in the Philippine adaptation of Descendants of the Sun at the Seoul International Drama Awards), Cristine Reyes (who was named Best Actress for the film Untrue at the 40^th Fantasporto-Oporto International Film Festival), and the late Eddie Garcia and Tony Mabesa (who shared the Best Actor Award for the film Rainbow’s Sunset at the 52^nd Worldfest Houston International Film Festival).

Louie Ignacio, director of School Service, is one of this year’s awardees for the cinema category.

“Isa pong malaking karangalan na mapabilang sa taong ito sa mga pararangalan ng NCCA Ani ng Dangal ang aming pelikulang School Service. Malaking bagay para sa akin ang karangalan ito sapagkat hindi po madali para sa aming mga filmmakers, [at] mga producers, ang makipagtunggali at makipagtapatan sa mga pelikulang banyaga. Maraming salamat sa parangal NCCA Ani ng Dangal (It is an honor for our film School Service to be one of this year’s awardees of NCCA Ani ng Dangal. This award is a great honor for me because it is not easy for us filmmakers and producers to compete and go up against foreign films),” said Mr. Ignacio.

The artists receive the sarimanok trophy — modeled after a mythical bird of the Maranaos — created by National Artist for Visual Arts Abdulmari Asia Imao.

Since 2009, the NCCA Ani ng Dangal has recognized 10 awardees for architecture and allied arts, 255 for cinema, 66 for dance, nine for dramatic arts, 60 for literary arts, 129 for music, 131 for visual arts, and, 27 for folk arts and broadcast arts. — MAP Soliman

The awardees for the 2021 Ani ng Dangal

CINEMA

• Alon by Gabriel Fernandez

• Ang Lihim ni Lea by Rico Gutierrez

• Ang Pagpakalma Sa Unos by Joanna Vasquez Arong

• Aria by Carlo Catu

• Aswang by Alyx Ayn Arumpac

• Benjamin Tolentino

• Breech Asher Harani

• Cristine Reyes

• Derick Cabrido

• Dingdong Dantes

• Eddie Garcia and Tony Mabesa

• Elijah Canlas

• Eric Ramos

• Filipiñana by Rafael Manuel

• Geraldo B. Jumawan

• Isabel Sandoval

• Jun Robles Lana

• Lav Diaz

• Lingua Franca by Isabel Sandoval

• Louise Abuel

• Mallorie Ortega

• Maria Diane Ventura

• Mary Rose Colindres

• Pan de Salawal by Che Espiritu

• Rainbow Sunset by Joel Lamangan

• Ruby Ruiz

• School Service by Louie Ignacio

• Tarang by Arvin Belarmino

• The Halt by Lav Diaz

• Valerie Castillo Martinez

ARCHITECTURE AND ALLIED ARTS

• SGS Design Landscape Architecture

LITERARY ARTS

• Joel Donato Ching Jacob

• Enrique Villasis and Bernard Capinpin

MUSIC

• Damodar das Castillo

• Niño Cesar Borromeo Tiro

• Josue Greg Zuniega

• Manila Camerata Artists

VISUAL ARTS

• Gabriel Agtay

• Mark Anthony Portugal Agtay

• Christopher G. Andres

• Anthony Tario Austria

• Rolando Batacan

• Ferdinand Bedaña

• Mark Belicario

• Kimberly Kate Garsain Dayo

• Buddy P. Gadiano

• Donell Gumiran

• Sherwin Flores

• Mark Frederick Abejero Jereos

• Eisa Jocson

• Edwin Loyola

• Sherwin Magsino

• Hannah Reyes Morales

• Jun Epifanio Pagalilauan

• Jaylord Plaza

• Froilan Caparas Robas

• Archt. Don Ferdinand S. Tabbun

• Maria Taniguchi

• Angelica Tejada

• Maria Felicity Tejada

• Roger Tingle

• Jophel Botero Ybiosa

Synergy Grid to offer 1.05 B common shares

August 18, 2021 | 12:05 am

LISTED holdings company Synergy Grid & Development Phils., Inc. is looking to offer up to 1.05 billion common shares with an overallotment option of up to 101 million shares, based on a preliminary prospectus filed with the corporate regulator.

The offer shares, which are estimated to range from P15 to P25 apiece, are intended to be listed and traded on the main board of the Philippine Stock Exchange.

Synergy Grid said that the shares are to be offered for sale outside the US by joint global coordinators and joint bookrunners, and to certain eligible buyers and other investors back home by the joint domestic lead underwriters and joint bookrunners.

The joint global coordinators and joint bookrunners include BofA Securities, JPMorgan, UBS; while the ioint domestic lead underwriters and joint bookrunners comprise of BDO Capital, BPI Capital, PNB Capital.

There will also be an available overallotment option of up to 101 million shares which can be exercised “from time to time for a period which must not exceed 30 calendar days from and including the listing date.”

“The issuer intends to use the net proceeds from the sale of the firm shares primarily to subscribe to non-voting preferred shares to be issued by NGCP (National Grid Corp. of the Philippines), subject to applicable laws and regulations,” Synergy Grid said in its filing, adding that it will not receive proceeds from the sale of the options shares by the selling shareholder.

NGCP, which maintains the country’s transmission assets, is Synergy Grid’s sole operating asset.

On Tuesday, the Securities and Exchange Commission clarified that it has not yet approved of the securities nor verified the accuracy and completeness of the company’s preliminary prospectus detailing its offer.

Two months ago, the Henry Sy, Jr.-led firm hiked its capital stock to P5.05 billion from its previous P50 million, which previously received clearance from its board of directors and garnered the support of stockholders who held at least two-thirds of outstanding capital stock.

Synergy Grid, through its subsidiaries OneTaipan Holdings, Inc. and Pacifica21 Holdings, Inc., controls 60% of the outstanding capital stock of NGCP.

OneTaipan indirectly holds an equity interest of 30% plus one share in NGCP through its wholly owned Monte Oro Grid Resources Corp.

Meanwhile, Pacifica21 indirectly holds an equity interest of 30% minus one share in NGCP through its full-owned company Calaca High Power Corp. — Angelica Y. Yang

Gov’t makes full award of reissued bonds

August 18, 2021 | 12:05 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday as yields declined on healthy demand for papers with longer tenors.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 25-year T-bonds it offered on Tuesday, which have a remaining life of 19 years and 26 days.

The auction was met with P55.95 billion in total tenders, making the offer 1.6 times oversubscribed. However, this was lower than the P61.9 billion in bids recorded when this bond series was last offered on June 1.

The 25-year bonds fetched an average rate of 4.986%, lower by 9.8 basis points from the 5.084% average yield seen when the series was last offered on June 1.

Compared with the secondary market level, however, this was higher than the 4.887% yield quoted for 20-year tenor, which is the nearest benchmark for the remaining life of the bonds on offer.

The BTr opened its tap facility to raise an additional P7 billion via the notes to take advantage of the strong demand and relatively low rate seen for the bond offer.

National Treasurer Rosalia V. de Leon said the healthy demand from the market helped pull down the 25-year bond’s average rate at Tuesday’s auction.

Ms. De Leon said there is strong appetite for long-dated bonds as investors are seeking higher returns.

A bond trader agreed and added that strong liquidity in financial system supported demand for longer-term bonds.

“In addition, the government has been optimistic that the 6-7% GDP (gross domestic product) growth target for the year is doable,” the trader said via Viber.

The interagency Development Budget Coordination Committee (DBCC) last month kept its 6-7% GDP growth target for the year, as well as its 7-9% projection for 2022.

However, it is set to meet on Wednesday to revisit its growth targets and other macroeconomic assumptions to consider the impact of the hard lockdowns reimposed in Metro Manila and other parts of the country experiencing a fresh surge in coronavirus infections.

The Health department reported 14,610 new infections on Monday, bringing the total number of active cases in the country to 106,672.

The economy grew by a faster-than-expected 11.8% in the second quarter, a turnaround from the 3.9% contraction recorded in the first three months of the year and the 17% slump in the comparable year-ago period.

On a quarter-on-quarter basis, however, GDP declined by 1.3% in the April-June period.

The economy has to grow by 8.2% in the second half to meet the lower end of the government’s target.

The BTr is looking to raise P200 billion from the local market this month: P60 billion via weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of GDP. — B.M. Laforga

A Great British Spraycation: Banksy’s new seaside murals

August 18, 2021 | 12:05 am

13-spraycation-busstop — PHOTO FROM BANKSY.CO.UK

LONDON — Crowds gathered in coastal towns in eastern England on Saturday to view new works by Banksy, after the secretive street artist claimed responsibility for the murals.

Ten images appeared in towns in Norfolk and Suffolk over the past week, sparking speculation that Banksy was behind them.

His website has since depicted images of the works under the title “A Great British Spraycation,” a play on the word “staycation.”

Government COVID-19 (coronavirus disease 2019) rules have deterred Britons from holidaying abroad, prompting many people to take a “staycation” at home.

Known for witty artworks that often make a point on world affairs, Banksy’s Spraycation mural series includes a scene of a couple dancing above a bus shelter, a rat sipping a cocktail in a deck chair, and one of a huge seagull. — Reuters

Philippine Infradev turns profitable with P6B

August 18, 2021 | 12:04 am

PHILIPPINE Infradev Holdings, Inc. posted an attributable net income of around P6 billion in the second quarter of the year, owing primarily to a fair value gain on investment property.

This was a reversal of the P20.9-million attributable net loss the company incurred in the same period a year ago, its second-quarter results showed.

Philippine Infradev’s total revenues for the quarter ballooned to almost P8 billion from P2.9 million in the previous year.

The company’s expenses for the second quarter dropped 48.5% to P12.2 million.

For the first half, Philippine Infradev posted an almost P6-billion attributable net income, compared to a loss of P26.1 million in the same period in 2020.

First-half total revenues soared to almost P8 billion from P15 million in the previous year.

Total expenses for the first six months went down 46.8% to P21.8 million.

“The significant increase of P7.95 billion in total revenue(s) was mainly due to the fair value gain on investment property,” the company said.

Total cost and expenses decreased “mainly because of the lower cost of sales,” it noted.

Philippine Infradev shares closed 6.4% higher at P1.33 apiece on Tuesday. — Arjay L. Balinbin

Study finds high levels of ‘forever chemicals’ in breast cancer patients

August 18, 2021 | 12:04 am

By Brontë H. Lacsamana

PER- AND POLYFLUOROALKYL substances (PFAS), also known as “forever chemicals” due to their strong chemical bonds that don’t break down in the environment, have been found in high concentrations in women living in the Greater Manila Area, according to a newly released biomonitoring study.

Of the 150 participants who contributed blood, hair, and urine samples, half had breast cancer while half didn’t. PFAS exposure was higher in those with breast cancer.

Household items that contain PFAS, according to the study, include food packaging, non-stick cookware, water-repellent fabrics, paints, and cosmetics, among many others.

“Most patients with breast cancer have high PFAS levels, suggesting an association between the two,” said Dr. Michael C. Velarde, professor at the University of the Philippines Diliman (UPD) Institute of Biology and head of the study, at a UPD press conference in August. He also clarified that the data couldn’t conclusively say that these chemicals caused breast cancer, as the study is the first of its kind in the Philippines.

With further monitoring, he said, pinpointing the exact sources of these chemicals is possible. Women from Region IV-A or Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), for instance, had high levels of long-chain PFAS, which have a longer carbon backbone. The research team hypothesized that this was due to the concentration of industrial factories in the area (higher than the National Capital Region).

Studying the risk factors of breast cancer is vital for the Philippines, as it has the highest prevalence of breast cancer in Asia with approximately 70% of cases occurring in women with “undetermined risk factors,” added Dr. Velarde.

‘LOOK AT THE LABELS’
“Most products unfortunately incorporate one or more of these PFAS. What we should do is look at the labels,” said Dr. Roy R. Gerona, associate professor of the Department of Obstetrics, Gynecology, and Reproductive Sciences at the University of California San Francisco, where the samples were sent for analysis.

He went on to enumerate specific endocrine-disrupting chemicals (EDCs) like polycarbonate in reusable drinking bottles, parabens in cosmetics, triclosan in hand sanitizers and disinfectants, and benzyl phenols in sunscreen.

“Aside from breast cancer, these EDCs could also have an effect on fertility, obesity, and metabolism,” said Dr. Rodney B. Dofitas, chief of surgical oncology at UP-Philippine General Hospital (PGH). He suggested factory, household, and medical workers should wear face masks while working or cleaning as a precaution.

LEGISLATION AND FUNDING
The International Federation of Gynecology and Obstetrics (FIGO) is one of many organizations around the world which has called on legislative bodies globally to protect people and the environment from synthetic chemicals like PFAS by phasing out non-essential uses of it in clothing, packaging, and furniture.

In the United States, the Consumer Product Safety Improvement Act (CPSIA) of 2008 helped facilitate the continuous decline of EDC levels in the population, according to Dr. Gerona, while Philippine levels based on the recent study ranged from 3 to 12 times higher than US levels, depending on the specific chemical.

The panel also zeroed in on the need for funds to fuel research that can be done by UP-PGH’s Biobank, which collects biospecimens.

“A few studies have already detected EDCs and contaminants in rivers and lakes in the greater Manila area,” said Dr. Velarde, on the importance of further research. “Those past studies show levels in the environment, but [before ours,] there have been no studies yet of levels that reach people, biomonitoring studies done through samples.”

A national biomonitoring program, he added, has to be put in place in order to protect people from illnesses like cancer.

Gokongwei-Tyme partnership secures online bank license from Bangko Sentral

August 18, 2021 | 12:04 am

THE BANGKO SENTRAL ng Pilipinas (BSP) has given the country’s fifth digital banking license to a partnership between the Gokongwei Group and Singapore-based Tyme to be called GOtyme.

The Gokongwei Group and Tyme said in a joint statement on Monday evening that the BSP approved their application to operate a digital bank.

GOtyme is expected to start operating in the second quarter of 2022. It will allow users to register both through an app and digital kiosks that will be set up throughout the malls and retail footprint of the Gokongwei Group, which also owns local lender Robinsons Bank Corp.

JG Digital Equity Ventures, Inc. Chief Executive Officer (CEO) Elmer “Jojo” M. Malolos will serve as the president and CEO of GOtyme. Meanwhile, Nathaniel Clarke, one of the founding team members of Tyme, will be the digital bank’s co-CEO.

“GOtyme will leverage the Gokongwei Group’s extensive ecosystem that is highly integrated into the daily lives of Filipinos — where they already shop, eat and spend family time. This distribution strategy will assist in the democratization of financial services, addressing the needs of all Filipinos regardless of age, income, or geography,” Mr. Malolos said.

“In South Africa, three million of our 3.5 million customers joined TymeBank through our digital kiosks deployed in retail environments. We believe the combination of this technology and the Gokongwei Group’s nationwide retail footprint provides GOtyme a clear path to rapid growth,” Mr. Clarke added.

“We see our model of digital banking, with on-boarding and education in retail networks and a well-designed app for transacting, as the best way to provide greater financial empowerment to our customers,” JG Summit Holdings, Inc. President and CEO Lance Y. Gokongwei said.

The approval of GOtyme’s application brings the number of the digital banking licenses granted under the central bank’s new framework to five. The Bangko Sentral ng Pilipinas (BSP) earlier gave online bank licenses to state-owned Overseas Filipino Bank, Tonik Digital Bank, Inc. (Philippines), UNOBank, and UnionBank of the Philippines, Inc.

The Monetary Board earlier said it will grant up to five licenses under the digital banking framework released last year. However, BSP Governor Benjamin E. Diokno has said they are open to granting more if they see strong demand.

BSP Deputy Governor Chuchi G. Fonacier last week said there were three applications still pending with the central bank, including the Gokongwei-Tyme partnership.

“The BSP will make it known soon its policy direction as to the number of digital bank licenses,” Ms. Fonacier said on Tuesday. “BSP will be issuing within the day regarding the deadline for submitting application for a digital bank license.”

The BSP’s digital banking framework set online lenders apart from traditional ones such as commercial, thrift, rural, and Islamic banks as they offer their services mainly through digital platforms instead of brick-and-mortar branches.

Digital lenders are expected to help the central bank reach its target to bring 70% of adult Filipinos into the formal financial system and to have 50% of the volume and value of transactions in the country done online by 2023.

JG Summit booked a P814.51-million net income in the second quarter, supported by the improved revenues of most of its subsidiaries. This was a turnaround from the P2.62-billion loss it incurred a year ago.

For the first six months of the year, JG Summit’s net profit reached P936.69 million, recovering from the P720.25-million loss it booked in the January to June 2020 period.

Its shares closed at P59 apiece on Tuesday, up by P1 or 1.72% from the previous finish. — L.W.T. Noble

Bob Dylan sued for alleged sex abuse of 12-year-old in 1960s

August 18, 2021 | 12:04 am

AN UNNAMED woman has sued folk singer-songwriter Bob Dylan alleging he sexually abused her after giving her drugs and alcohol in 1965 when she was 12 years old.

A spokesman for Mr. Dylan, now 80, said the allegations were false. “The 56-year-old claim is untrue and will be vigorously defended,” the spokesman said.

In a civil lawsuit filed late on Friday with the New York Supreme Court, the woman identified only as J.C. said Mr. Dylan sexually abused her at his New York apartment over a six-week period “leaving her emotionally scarred and psychologically damaged to this day.” Mr. Dylan, who was in his mid-20s at the time, “exploited his status as a musician to provide J.C. with alcohol and drugs and sexually abuse her multiple times,” the lawsuit said.

The plaintiff is seeking unspecified damages. Her lawsuit was submitted just ahead of a New York state deadline, authorized in a 2019 law, for people to file legal claims involving allegations of sexual abuse of children that in the past were too old to pursue due to a statute of limitations. — Reuters

AllDay Marts scores 59% profit growth

August 18, 2021 | 12:03 am

AllDay Marts, Inc. said in a statement on Tuesday that it achieved a 58.8% year-on-year profit growth to P179.6 million in the first half, as sales surged by 19.7% to P4.49 billion.

“We are very pleased with AllDay’s performance over this year and the past four years,” said Frances Rosalie T. Coloma, chief executive officer of AllDay.

“We firmly believe we can sustain this performance given our consistency and commitment in executing and successfully operating a clearly differentiated supermarket concept,” she added.

The company said its net income already grew 13 times since its incorporation in December 2016. From earning P17 million in 2017, the supermarket chain logged P220 million in profits by 2020.

AllDay said it now has a compound annual growth rate of 134%.

“Our consistent year-on-year growth since 2017 show that our world-class stores, brought even closer to established communities resonate with the upgraded tastes and purchasing power of the Filipino people at large,” Manuel B. Villar, Jr., chairman of AllDay’s parent firm AllValue Holdings Corp., said.

The AllDay Supermarket network is now at 33 locations across Bacolod, Bataan, Batangas, Bulacan, Cavite, Cebu, Iloilo, Isabela, Laguna, Las Piñas City, Mandaluyong City, Muntinlupa City, Naga, Nueva Ecija, Pampanga, Quezon City, and Taguig City. — Keren Concepcion G. Valmonte

BSP books P30.21-B net income in first five months

August 18, 2021 | 12:03 am

THE central bank’s net earnings surged to P30.21 billion in the first five months of the year, backed by higher interest and miscellaneous income.

The five-month tally surged by 115% from the P14.04-billion net profit it booked in the comparable year-ago period, based on data from the Bangko Sentral ng Pilipinas (BSP).

Revenues in the first five months increased 81.1% to P73.38 billion from P40.52 billion a year earlier.

The BSP’s interest income reached P43.86 billion, higher by 32.7% from the P33.04 billion in the first five months of 2020.

Miscellaneous income, which includes trading gains, fees, and penalties, surged by 294% to P29.52 billion from P7.49 billion. This, despite a net loss of P110 million from foreign exchange fluctuations, a reversal of the net gain worth P2.09 billion in the same period of 2020.

Meanwhile, the central bank’s expenses rose 50.7% to P43.06 billion from P28.57 billion a year earlier.

Broken down, interest expenses increased 40.4% to P24.48 billion from P17.43 billion.

Other expenses likewise inched up 67% to P18.58 billion from P11.13 billion.

The BSP’s assets increased 28.3% to P7.634 trillion as of May from P5.951 trillion a year earlier.

Its total liabilities also jumped P29% to P7.488 trillion from P5.804 trillion in the same period of 2020.

With this, the central bank’s net worth stood at P145.47 billion at end-May, lower by 0.4% from the P146.12 billion seen a year earlier. — LWTN