Philippines Interest Rate  1985-2017 | Data | Chart | Calendar | Forecast

The central bank of Philippines left its benchmark overnight borrowing rate steady at 3 percent on March 23rd, 2017 as widely expected, saying inflation is expected to remain within the target of 3.0 percent ± 1 percentage point in 2017-2018. However, policymakers slightly lowered inflation forecasts for this year to 3.4 percent from 3.5 percent. In February, consumer prices went up 3.3 percent year-on-year, the highest since November of 2014. Interest Rate in Philippines averaged 9.20 percent from 1985 until 2017, reaching an all time high of 56.60 percent in December of 1990 and a record low of 3 percent in June of 2016.

Philippines Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-12-22 08:30 AM Interest Rate Decision 3% 3% 3% 3%
2017-02-09 08:05 AM Interest Rate Decision 3% 3% 3% 3%
2017-03-23 08:15 AM Interest Rate Decision 3% 3% 3%
2017-05-11 08:00 AM Interest Rate Decision 3% 3%
2017-06-22 08:00 AM Interest Rate Decision 3%
2017-08-10 08:00 AM Interest Rate Decision 3%




Philippines Leaves Monetary Policy Unchanged


The central bank of Philippines left its benchmark overnight borrowing rate steady at 3 percent on March 23rd, 2017 as widely expected, saying inflation is expected to remain within the target of 3.0 percent ± 1 percentage point in 2017-2018. However, policymakers slightly lowered inflation forecasts for this year to 3.4 percent from 3.5 percent. In February, consumer prices went up 3.3 percent year-on-year, the highest since November of 2014.

Statement by the Bangko Sentral NG Pilipinas:

The corresponding interest rates on the overnight lending and deposit facilities were also kept steady. The reserve requirement ratios were likewise left unchanged.

The Monetary Board’s decision is based on its assessment that the outlook for inflation remains manageable, consistent with favorable growth prospects. While the average headline inflation for the first two months of 2017 has risen due to the recent increases in food and oil prices as well as base effects, latest baseline forecasts are slightly lower than previous forecasts and within the target range of 3.0 percent ± 1 percentage point for 2017-2018. Inflation expectations also remain anchored to the inflation target over the policy horizon.

The Monetary Board also observed that the balance of risks surrounding the inflation outlook remains tilted toward the upside, given the transitory impact of the proposed tax reform program as well as possible adjustments in transportation fares and electricity rates. Meanwhile, lingering uncertainty over the prospects of the global economy, due in part to possible shifts in macroeconomic policies in advanced economies, continues to pose a key downside risk to the inflation outlook. The Monetary Board also noted the beneficial effects on inflation of the removal of quantitative restrictions on rice importation. The Board emphasized that domestic economic activity is projected to stay firm, supported by buoyant household consumption and private investment, increased government spending, and ample credit and liquidity.

With these considerations, the Monetary Board believes that prevailing monetary policy settings remain appropriate. Looking ahead, the BSP will continue to monitor evolving economic conditions to ensure price and financial stability conducive to sustainable economic growth.

Bangko Sentral NG Pilipinas | Joana Taborda | joana.taborda@tradingeconomics.com
3/23/2017 9:40:34 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.56 2.56 102.63 0.00 percent [+]
Money Supply M0 846055.57 922967.97 922967.97 1918.00 PHP Million [+]
Money Supply M1 3032913.83 3067710.35 3067710.35 14600.00 PHP Million [+]
Money Supply M2 9013722.58 9114821.87 9114821.87 44456.00 PHP Million [+]
Money Supply M3 9374949.49 9473636.76 9473636.76 56544.00 PHP Million [+]
Foreign Exchange Reserves 81132.00 81376.00 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1065.70 1054.28 1065.70 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 245312.17 263010.07 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5339037.65 5384135.69 5384135.69 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4559.10 4598.80 4760.70 479.78 PHP Billion [+]



Philippines Interest Rate Notes

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 the latest reported value for - Philippines Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Interest Rate - actual data, historical chart and calendar of releases - was last updated on March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.00 56.60 3.00 1985 - 2017 percent Daily



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