Another Arroyo first: BSP net worth down by P6.6B

From the Daily Tribune:

The Arroyo administration scored another first as the Bangko Sentral ng Pilipinas (BSP) reported yesterday an unprecedented reduction in its resources, which it attributed to payments of debts that matured during the second quarter.

BSP resources, which include the foreign reserves, that practically comprise the government's net worth, dramatically fell by P6.6 billion during the period to only P1.3 trillion, roughly the same amount of money the national government generated as non-tax revenues in February this year.

Its profitability was also sharply affected as BSP's net profit fell to only P201 million this year from P1.723 billion a year ago.

The sharp reduction in assets coincided with the time the BSP's liabilities also grew by P3.2 billion to P1.1 trillion.