Philippines Interest Rate 1985-2015 | Data | Chart | Calendar | Forecast

Philippines central bank kept its overnight borrowing rate on hold at 4 percent for the seventh consecutive time on August 13th, as widely expected. Policymakers expect the inflation rate to remain within target over the rest of the policy horizon. Interest Rate in Philippines averaged 9.53 percent from 1985 until 2015, 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
4.00 4.00 56.60 3.50 1985 - 2015 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. Content for - Philippines Interest Rate - was last refreshed on Tuesday, September 1, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-05-14 09:20 AM 4% 4% 4% 4%
2015-06-25 09:10 AM 4% 4% 4% 4%
2015-08-13 09:08 AM 4% 4% 4% 4%
2015-09-24 08:00 AM 4% 4%
2015-11-12 08:00 AM 4%
2015-12-17 08:00 AM 4%


Philippines Leaves Monetary Policy Unchanged in August


Philippines central bank kept its overnight borrowing rate on hold at 4 percent for the seventh consecutive time on August 13th, as widely expected. Policymakers expect the inflation rate to remain within target over the rest of the policy horizon.

The overnight lending rate and the short-term special deposit accounts rate were also kept on hold at 6 percent and 2.5 percent, respectively. Also, the reserve requirement ratio was maintained at 20 percent.

Statement by the Bangko Sentral NG Pilipinas:

The Monetary Board’s decision is based on its assessment that prevailing price and output conditions support maintaining current monetary policy settings. Latest baseline forecasts show that inflation could settle slightly below the target range for 2015 but is likely to remain within the target range of 3.0 percent ± 1 percentage point over the rest of the policy horizon. Inflation expectations also continue to be anchored within the inflation target band.  Meanwhile, the Monetary Board noted the upside risks coming from pending petitions for power rate adjustments and the impact of stronger-than-expected El Niño dry weather conditions on food prices and utility rates. On the other hand, modest rise in food and commodity prices, and slower global economic activity could pose downside risks to inflation.

In deciding to keep the BSP’s monetary policy settings unchanged, the Monetary Board observed that the recent benign inflation outturns have been the result of favorable supply-side conditions, which are seen as largely transitory. Over the policy horizon, inflation is projected to rise gradually and stabilize within the lower half of the inflation target range. At the same time, the Monetary Board noted that recent developments on the global front require careful monitoring, as they could pose threats to financial stability.

Given these considerations, the Monetary Board believes that prevailing monetary policy settings remain appropriately calibrated at this time. The BSP will continue to keep a watchful eye on domestic and external conditions to ensure that the monetary policy stance stays in line with maintaining price and financial stability. 


Bangko Sentral NG Pilipinas | joana.ferreira@tradingeconomics.com
8/13/2015 9:31:12 AM


Recent Releases

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Philippines Money Last Previous Highest Lowest Unit
Interest Rate 4.00 4.00 56.60 3.50 percent [+]
Interbank Rate 2.52 2.52 41.30 2.00 percent [+]
Money Supply M0 661646.73 653898.70 740639.00 1918.00 PHP Million [+]
Money Supply M1 2395102.09 2370282.21 2395102.09 14600.00 PHP Million [+]
Money Supply M2 7427491.84 7427254.92 7427491.84 44456.00 PHP Million [+]
Money Supply M3 7741998.62 7739870.77 7741998.62 56544.00 PHP Million [+]
Foreign Exchange Reserves 80428.53 80644.26 85273.61 44.07 USD Million [+]
Banks Balance Sheet 882.76 903.69 955.37 459.52 PHP Billion [+]
Central Bank Balance Sheet 4087.47 4049.59 4202.09 479.78 PHP Billion [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Sep/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.60 Aug/15 4.85 10.98 4.60 percent [+]
Euro Area 0.05 Aug/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Aug/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Aug/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Aug/15 11.00 17.00 5.00 percent [+]
South Korea 1.50 Aug/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Aug/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Aug/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]