Philippines Interest Rate

The benchmark interest rate in Philippines was last recorded at 3.75 percent. Interest Rate in Philippines averaged 9.73 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.

   
 
  LIST  
 EXPORT DATA  API

Philippines Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
3.75 3.50 56.60 3.50 1985 - 2014 Percent Monthly
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.


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.

Extracts from the Statement by the Bangko Sentral NG Pilipinas:

The Monetary Board decided to increase the BSP's key policy rates by  25 basis points to 3.75 percent for the overnight borrowing or reverse repurchase (RRP) facility and   5.75 percent for the overnight lending or repurchase (RP) facility.  The interest rates on term RRPs and RPs were also raised accordingly. The rate on special deposit accounts (SDA) was left unchanged. Meanwhile, the reserve requirement ratios were also kept steady.

The Monetary Board’s decision is a preemptive response to signs of inflation pressures and elevated inflation expectations. Latest baseline forecasts indicate that the inflation target could be at risk, as the forecasts have shifted closer toward the higher end of the target range of 3±1 percent for 2015. At the same time, the balance of risks to the inflation outlook continues to be tilted toward the upside, with price pressures emanating from higher food prices, short-term volatility in international oil prices, and pending petitions for adjustments in power rates and transport fares. Moreover, while inflation expectations remain within target, they are seen to be settling toward the upper end of the inflation target range, particularly for 2015. The Monetary Board also sees the increase in policy rates as a preemptive measure in the context of the eventual normalization of monetary policy in some advanced economies.

Given these considerations, the Monetary Board believes that an increase in the BSP’s policy rates will moderate inflation pressures and arrest potential second-round effects by helping anchor inflation expectations. The Monetary Board noted that the continued favorable outlook for domestic demand allows some scope for a measured adjustment in policy rates without adversely affecting the country’s economic growth prospects.

Going forward, the BSP will remain vigilant against risks to price and financial stability and stands ready to undertake further policy actions as necessary.

Bangko Sentral NG Pilipinas | anna@tradingeconomics.com
7/31/2014 9:41:57 AM


Recent Releases

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

Philippines Keeps Rates Steady
At its May 8th, 2014 meeting, Philippines' Central Bank left its key policy rate unchanged at 3.50 percent, but raised the banks' reserve requirements by 1 percentage point for the second straight meeting, aiming to reduce liquidity growth. Published on 2014-05-08


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-03-27 08:00 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
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 09:00 AM Philippines
Interest Rate Decision
3.5% 3.5%


Money Last Previous Highest Lowest Unit
Interest Rate 3.75 3.50 56.60 3.50 Percent [+]
Interbank Rate 2.10 2.00 41.30 2.00 Percent [+]
Money Supply M0 607281.25 607742.46 640916.00 1918.00 PHP Million [+]
Money Supply M1 2082490.81 2092886.26 2092886.26 14600.00 PHP Million [+]
Money Supply M2 6705315.05 6694595.59 6766046.90 44456.00 PHP Million [+]
Money Supply M3 6938929.98 6932051.94 7000622.58 56544.00 PHP Million [+]
Foreign Exchange Reserves 80728.64 79957.27 85760.84 44.07 USD Million [+]





Overview    |     Worldbank    |     Calendar    |     Countries    |     Indicators    |     News