BoB pays gov't P2.9bn windfall

The BoB paid government P848 million as a pre-set dividend and about P2.1 billion as residual income arising from investment activities, helping government coffers at a time when a P6 billion deficit is projected for this year.

Government, as the BoB’s sole shareholder, has an agreement with the central bank under which it receives a pre-set dividend determined by the balances of the Government Investment Account (GIA) and residual income from investment activities.