Philippines Interest Rate  1985-2016 | Data | Chart | Calendar | Forecast

The central bank of Philippines will shift to an interest rate corridor system of 100bps starting June 3rd 2016. Policymakers said the move aims to improve the transmission of monetary policy and help ensure that money market rates move within reasonably close range around central bank key rates. The overnight lending rate will be reduced to 3.5 percent from 6 percent and will serve as the upper bound of the corridor while the special deposit account rate, left steady at 2.5 percent will be the floor rate of the corridor. The key overnight borrowing rate, lowered to 3 percent from 4 percent will be in the middle. Interest Rate in Philippines averaged 9.44 percent from 1985 until 2016, 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
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Actual Previous Highest Lowest Dates Unit Frequency
3.00 4.00 56.60 3.50 1985 - 2016 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 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-02-11 08:13 AM Interest Rate Decision 4% 4% 4% 4%
2016-03-23 06:15 AM Interest Rate Decision 4% 4% 4% 4%
2016-05-12 08:16 AM Interest Rate Decision 4% 4% 4% 4%
2016-06-23 08:10 AM Interest Rate Decision 4% 3%
2016-08-11 08:00 AM Interest Rate Decision 3%
2016-09-22 08:00 AM Interest Rate Decision 3%

Philippines Holds Key Rate at 4%


The central bank of Philippines left its benchmark overnight borrowing rate unchanged at 4 percent for the 13th straight meeting on May 12th, 2016 as widely expected. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 6 percent, respectively. Policymakers said that economic growth remains strong while inflation expectations declined slightly.

The interest rates on term RRPs, RPs and special deposit accounts (SDA) were also kept steady and the reserve requirement ratios were left unchanged.

Statement by the Bangko Sentral NG Pilipinas:

The Monetary Board’s decision is based on its assessment of a continuing manageable inflation environment. Latest forecasts continue to indicate that average inflation is likely to settle within the target range of 3.0 percent ± 1.0 percentage point for 2016-2017. The Monetary Board observed that inflation continues to be driven mainly by supply-side factors. Meanwhile, inflation expectations for 2016 have declined slightly due to low inflation readings in recent months but remain firmly within the inflation target band over the policy horizon. The Monetary Board also recognized that while global economic conditions have become weaker since the previous meeting, prospects for domestic economic activity nevertheless remain robust, supported by solid private household consumption and investment, buoyant business sentiment, and adequate credit and domestic liquidity. Higher fiscal spending is expected to further boost domestic demand.

At the same time, the overall balance of risks surrounding the inflation outlook remains tilted to the downside, with potential downward price pressures associated with slower-than-expected global economic activity and possible second-round effects from lower international oil prices. Nevertheless, upside risks to the inflation outlook could come from the impact of El Niño dry weather conditions on food prices and utility rates as well as pending petitions for power rate adjustments.

Given these considerations, the BSP will continue to monitor emerging price and output conditions to ensure the consistency of the monetary policy stance with stable prices and sustainable economic growth.

Bangko Sentral NG Pilipinas | Yekaterina Guchshina | yekaterina@tradingeconomics.com
5/12/2016 11:04:19 AM

Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 4.00 56.60 3.50 percent [+]
Interbank Rate 2.50 2.53 102.63 2.00 percent [+]
Money Supply M0 766128.04 730757.84 797265.81 1918.00 PHP Million [+]
Money Supply M1 2710546.08 2661126.42 2710546.08 14600.00 PHP Million [+]
Money Supply M2 8206852.40 8103661.57 8206852.40 44456.00 PHP Million [+]
Money Supply M3 8544963.14 8433394.96 8544963.14 56544.00 PHP Million [+]
Foreign Exchange Reserves 83466.45 82602.01 85273.61 44.07 USD Million [+]
Banks Balance Sheet 1017.15 953.48 1017.15 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 195784.00 179280.00 242627.00 132599.00 PHP Million [+]
Loans To Private Sector 4606795.00 4576876.00 4606795.00 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4403.66 4476.92 4476.92 479.78 PHP Billion [+]




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