Philippines Interest Rate

The benchmark interest rate in Philippines was last recorded at 3.50 percent. Interest Rate in Philippines is reported by the Bangko Sentral ng Pilipinas. Interest Rate in Philippines averaged 9.80 Percent from 1985 until 2014, reaching an all time high of 56.60 Percent in December of 1990 and a record low of 3.50 Percent in September of 2012. In Philippines, interest rate decisions are taken by The Monetary Board of The Bangko Sentral ng Pilipinas (BSP). The official interest rate is the reverse repo rate (RR/P) which is the overnight borrowing rate. The central bank of the Republic of the Philippines is committed to promote and maintain price stability and provide proactive leadership in bringing about a strong financial system conducive to a balanced and sustainable growth of the economy. This page provides - Philippines Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
3.50 3.50 56.60 3.50 3.50 | 2014/04 1985 - 2014 Percent Monthly

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Philippines Interest Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-10-24 09:20 AM Philippines
Interest Rate Decision
3.50% 3.50% 3.50% 3.5%
2013-12-12 08:00 AM Philippines
Interest Rate Decision
3.50% 3.50% 3.50% 3.5%
2014-02-06 08:00 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
2014-03-27 08:00 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
2014-05-08 09:00 AM Philippines
Interest Rate Decision
3.5% 3.5%
2014-06-19 08:00 AM Philippines
Interest Rate Decision
3.5%
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Money Last Previous Highest Lowest Forecast Unit
Foreign Exchange Reserves 79802.79 2014-03-31 80343.11 85760.84 44.07 79462.28 2014-04-30 USD Million [+]
Interbank Rate 2.00 2014-03-15 2.00 41.30 2.00 2.25 2014-04-30 Percent [+]
Money Supply M0 582095.71 2014-02-28 579693.17 640916.00 1918.00 623513.75 2014-03-31 PHP Million [+]
Money Supply M1 2010164.75 2014-02-28 2044611.54 2045366.00 14600.00 2089842.36 2014-03-31 PHP Million [+]
Money Supply M2 6694178.79 2014-02-28 6692943.94 6700644.00 44456.00 6854697.03 2014-03-31 PHP Million [+]
Money Supply M3 6928791.53 2014-02-28 6911169.89 6936087.00 56544.00 7092551.25 2014-03-31 PHP Million [+]
Interest Rate 3.50 2014-03-27 3.50 56.60 3.50 3.50 2014-04-30 Percent [+]
[+]


Philippines Leaves Rates on Hold, Raises Bank Reserve Requirements

At its March 27th, 2014 meeting, Philippines' Central Bank decided to leave the key policy rate steady at 3.50 percent, but raised banks' reserve requirements by 1 percentage point effective on April 4th, 2014 to curb excess liquidity.

Statement by the Bankgo Sentral NG Pilipinas:

In deciding to maintain policy rates, the Monetary Board noted that the future inflation path is likely to stay within the target ranges of 4±1 percent for 2014 and 3±1 percent for 2015. Inflation expectations also remain broadly aligned with the target over the policy horizon. At the same time, the Monetary Board noted that the balance of risks to the inflation outlook continues to be skewed to the upside, with potential price pressures emanating from pending petitions for adjustments in utility rates and from the possible increases in food and oil prices.

The Monetary Board’s decision to raise the reserve requirement is intended to guard against potential risks to financial stability that could arise from continued strong liquidity growth and rapid credit expansion.

The Monetary Board concluded that buoyant domestic growth prospects allow some scope for a measured adjustment in the BSP’s policy instruments amid the ongoing normalization of monetary policy overseas. Going forward, the BSP will continue to monitor emerging price and output conditions and will consider further adjustments in its monetary policy tools as necessary to safeguard price and financial stability. 

Bankgo Sentral NG Pilipinas | Joana Taborda | joana.taborda@tradingeconomics.com
3/27/2014 9:17:09 AM

RECENT RELEASES

Philippines Monetary Policy Unchanged in February
At its February 2nd meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent as recent inflationary pressures are mainly due to adverse weather conditions. Published on 2014-02-06

Philippines Holds Rate at 3.5% in December
At its December 12th meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent to support the economy's recovery from Typhoon Haiyan. Published on 2013-12-12


Interest Rate | Notes
The interest rate shown on this page refers to the central bank benchmark interest rate. Usually, the central bank benchmark interest rate is the overnight rate at which central banks make loans to the commercial banks under their jurisdiction. Moving the benchmark interest rate, the central bank is able to make an impact on interest rates of commercial banks, inflation level of the country and national currency exchange rate. Reduction of interest rates should bring increase in business activity, a rise in inflation rate and weakening of national currency. In case of increase in interest rates the level of business activity is likely to drop, inflation declines and national currency strengthens.


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