Philippines Interest Rate 1985-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Philippines was last recorded at 4 percent. Interest Rate in Philippines averaged 9.69 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. Interest Rate in Philippines is reported by the Bangko Sentral ng Pilipinas.

   
 
 

Philippines Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
4.00 3.75 56.60 3.50 1985 - 2014 Percent Daily
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. Content for - Philippines Interest Rate - was last refreshed on Thursday, October 23, 2014.


Philippines Raises Interest Rate to 4%


Philippines’ central bank decided to raise its key policy rate for the second straight time by 25 bps to 4 percent, aiming to curb rising inflation. It is the highest rate in two years.

Statement by the Bangko Sentral NG Pilipinas:

The Monetary Board decided to increase the BSP's key policy rates by   25 basis points to 4.0 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.0 percent for the overnight lending or repurchase (RP) facility.  The interest rates on term RRPs, RPs, and special deposit accounts (SDA) were also raised accordingly. Meanwhile, the reserve requirement ratios were left unchanged.

The Monetary Board’s decision is based on the assessment that the inflation target, particularly for 2015, remains at risk. Latest baseline forecasts have shifted closer toward the higher end of the target range of 3±1 percent for 2015, indicating elevated inflation pressures. Moreover, inflation expectations are seen to be settling near the upper end of the inflation target range, particularly for 2015. At the same time, the balance of risks to the inflation outlook continues to lean toward the upside, with price pressures emanating from the possible further increases in food prices as a result of tight domestic supply conditions, as well as from pending petitions for adjustments in utility rates and potential power shortages.

Given these considerations, the Monetary Board deemed it necessary to respond with stronger policy action to rein in inflation expectations further and preempt potential second-round effects even as previous monetary responses continue to work their way through the economy. The Monetary Board believes that the continued favorable prospects for domestic demand—as evidenced by the stronger GDP growth in the second quarter—allow some scope for a further adjustment in policy rates.

Going forward, the BSP remains prepared to take appropriate policy actions as necessary to ensure the achievement of its price and financial stability objectives.

Bangko Sentral NG Pilipinas | Joana Taborda | joana.taborda@tradingeconomics.com
9/11/2014 11:44:07 AM


Recent Releases

Philippines Raises Policy Rate to 3.75%
At its July 30th meeting, Philippines’ central bank raised its key policy rate by 25 basis points to 3.75% to stop price pressures. Published on 2014-07-31

Philippines Leaves Key Rate On Hold
At its June 19th, 2014 meeting, Philippines’ central bank kept its key policy rate unchanged at 3.5 percent, but raised the short-term special deposit account facility by 25 bps to 2.25 percent, aiming to contain liquidity growth and eventual risks to price and financial stability. Published on 2014-06-19


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-05-08 09:10 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
2014-06-19 09:15 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
2014-07-31 09:00 AM Philippines
Interest Rate Decision
3.75% 3.5% 3.63% 3.5%
2014-09-11 09:30 AM Philippines
Interest Rate Decision
4.0% 3.75% 3.75% 3.5%
2014-10-23 09:00 AM Philippines
Interest Rate Decision
4.0% 4% 4%


Philippines Money Last Previous Highest Lowest Unit
Interest Rate 4.00 3.75 56.60 3.50 Percent [+]
Interbank Rate 2.30 2.10 41.30 2.00 Percent [+]
Money Supply M0 581342.50 607281.25 640916.00 1918.00 PHP Million [+]
Money Supply M1 2105479.50 2082490.81 2105479.50 14600.00 PHP Million [+]
Money Supply M2 6839552.04 6705315.05 6839552.04 44456.00 PHP Million [+]
Money Supply M3 7070852.21 6938929.98 7070852.21 56544.00 PHP Million [+]
Foreign Exchange Reserves 80434.73 80872.79 85760.84 44.07 USD Million [+]
Banks Balance Sheet 883.06 857.38 938.47 459.52 PHP Billion [+]
Central Bank Balance Sheet 4074.11 4202.09 4202.09 479.78 PHP Billion [+]