Philippines Interest Rate

The benchmark interest rate in Philippines was last recorded at 3.50 percent. Interest Rate in Philippines averaged 9.75 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
3.50 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 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.

Statement by the Bangko Sentral NG Pilipinas:

At its meeting today, the Monetary Board decided to keep the BSP's key policy rates at 3.5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 5.5 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs and RPs were also kept steady. The reserve requirement ratios were left unchanged as well. At the same time, the Monetary Board decided to raise the interest rate on the Special Deposit Account (SDA) facility by 25 basis points from 2.0 percent to 2.25 percent across all tenors effective immediately.

The Monetary Board’s decision to maintain the policy rates at their current levels is based on its assessment that the future inflation path is likely to stay within target over the policy horizon. Although the latest baseline inflation forecasts have risen due to the higher inflation outturn in May and the inclusion of the potential impact of El Niño on food and utility prices, inflation is projected to settle within the upper half of the target ranges of 4±1 percent for 2014 and 3±1 percent for 2015. Moreover, inflation expectations continue to be within the target bands for 2014 and 2015. Meanwhile, the balance of risks to the inflation outlook remains tilted toward the upside, with potential price pressures emanating from the possible uptick in food prices as a result of changing weather conditions, and pending petitions for adjustments in power rates.

At the same time, the Monetary Board decided to adjust the SDA rate to counter risks to price and financial stability that could emanate from ample liquidity, noting that a modest upward adjustment in interest rates would be prudent amid robust credit growth. The Monetary Board believes that solid domestic growth prospects allow some scope for a measured adjustment in the SDA rate to ensure that monetary and credit conditions continue to be appropriate.

Going forward, the BSP will remain vigilant against a potential build-up in inflation expectations and financial imbalances. The BSP stands ready to undertake further policy actions as necessary to safeguard price and financial stability.

Bangko Sentral ng Pilipinas | Isabel Felino |
6/19/2014 10:42:08 AM

Recent Releases

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

Philippines Leaves Rates on Hold, Raises Bank Reserve Requirements
At its March 27th, 2014 meeting, Philippines' Central Bank decided to leave the key policy rate steady at 3.50 percent, but raised banks' reserve requirements by 1 percentage point effective on April 4th, 2014 to curb excess liquidity. Published on 2014-03-27

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-02-06 08:00 AM Philippines
Interest Rate Decision
3.5% 3.5% 3.5% 3.5%
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
3.5% 3.5%

Money Last Previous Highest Lowest Unit
Interest Rate 3.50 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 [+]

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