The central bank’s net income declined to P70.3 billion in the first semester from P85.5 billion in the same period a year ago, based on its income statement posted on its website. Meanwhile, the BSP’s expenses dropped by 2.6% to P103.4 billion in the first semester from P106.1 billion a year earlier. This brought the central bank’s net income before foreign exchange (FX) gains or losses, income tax expenses, and capital reserves to P36.7 billion in the first half, declining by 36.7% year on year from P57.95 billion. “Further, the dip in BSP’s assets can be traced to these debt repayments, which caused the central bank’s reserves to fall. Meanwhile, the BSP’s net worth went up by 46.2% to P303.6 billion at end-June from P207.7 billion from a year prior.