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

The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on September 22nd, 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 3.5 percent, respectively. Policymakers said trends in domestic economic activity show sustained firmness, supported by solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity. Also, inflation is expected to settle slightly below the 3.0 percent ± 1.0 percentage point target range in 2016 and rise toward the mid-point of the target range in 2017 and 2018. 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 3.00 56.60 3.00 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 September of 2016.


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

Philippines Holds Key Rate at 3%


The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on September 22nd, 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 3.5 percent, respectively. Policymakers said trends in domestic economic activity show sustained firmness, supported by solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity. Also, inflation is expected to settle slightly below the 3.0 percent ± 1.0 percentage point target range in 2016 and rise toward the mid-point of the target range in 2017 and 2018.

Statement by the Bangko Sentral NG Pilipinas:

The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable. Latest forecasts continue to indicate that average inflation is likely to settle slightly below the 3.0 percent ± 1.0 percentage point target range in 2016 and rise toward the mid-point of the target range in 2017 and 2018. The Monetary Board observed that inflation is still being driven mainly by supply-side factors. Nevertheless, inflation expectations remain broadly in line with the inflation target over the policy horizon. The Monetary Board also recognized that while global economic conditions have remained subdued since the previous meeting, trends in domestic economic activity show sustained firmness, supported by solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity. Given the fiscal space, higher public spending is also expected to further boost domestic demand.

At the same time, the overall balance of risks surrounding the inflation outlook appears tilted to the upside, with pending petitions for adjustments in electricity rates along with the proposed adjustment in the excise tax rates of petroleum products and the potential second-round effect on transport fares. Slower global economic activity poses the main downside risk.

With these considerations, the Monetary Board believes that current monetary policy settings remain appropriate. At the same time, increased uncertainty over prospects for growth and monetary policy action in major advanced economies warrants prudence in policy settings. Going forward, the BSP will continue to monitor emerging price and output conditions to ensure price and financial stability conducive to sustained economic growth.

Bangko Sentral NG Pilipinas | Yekaterina Guchshina | yekaterina@tradingeconomics.com
9/22/2016 8:41:54 AM

Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.50 2.53 102.63 2.00 percent [+]
Money Supply M0 777500.21 776840.01 815219.44 1918.00 PHP Million [+]
Money Supply M1 2799275.28 2792883.42 2799275.28 14600.00 PHP Million [+]
Money Supply M2 8452159.87 8401666.13 8452159.87 44456.00 PHP Million [+]
Money Supply M3 8765882.38 8715942.01 8765882.38 56544.00 PHP Million [+]
Foreign Exchange Reserves 85895.00 85492.00 85895.00 44.07 USD Million [+]
Banks Balance Sheet 976.53 997.19 1017.15 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 183476.42 203677.11 242627.00 132599.00 PHP Million [+]
Loans To Private Sector 4820612.00 4832621.00 4832621.00 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4608.27 4591.25 4608.27 479.78 PHP Billion [+]




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