Philippines Interest Rate  1985-2017 | Data | Chart | Calendar | Forecast

The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on December 22nd, 2016 as widely expected. The interest rate on short-term special deposit accounts (SDA) and the overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. The central bank said inflation was expected to remain within its comfort range of 2 percent to 4 percent in 2017 and 2018. Interest Rate in Philippines averaged 9.28 percent from 1985 until 2016, reaching an all time high of 56.60 percent in December of 1990 and a record low of 3.00 percent in June of 2016.

Philippines Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-22 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2016-11-10 08:10 AM Interest Rate Decision 3% 3% 3% 3%
2016-12-22 08:30 AM Interest Rate Decision 3% 3% 3% 3%
2017-02-09 08:00 AM Interest Rate Decision 3%
2017-03-23 08:00 AM Interest Rate Decision
2017-05-11 08:00 AM Interest Rate Decision




Philippines Holds Key Rate Steady at 3% in December


The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on December 22nd, 2016 as widely expected. The interest rate on short-term special deposit accounts (SDA) and the overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. The central bank said inflation was expected to remain within its comfort range of 2 percent to 4 percent in 2017 and 2018.

Statement by the Bangko Sentral NG Pilipinas:
 
The Monetary Board’s decision is based on its assessment of inflation dynamics and the risks to the inflation outlook over the policy horizon. Latest baseline forecasts indicate that average inflation would likely settle below the target range of 3.0 percent ± 1 percentage point for 2016. However, inflation is seen to return gradually to a path consistent with the inflation target in  2017-2018 due to higher oil prices and strong domestic economic activity. The overall balance of risks surrounding the inflation outlook also remains tilted to the upside, owing partly to the pending petitions for adjustments in electricity rates as well as the initial impact of the government’s broad fiscal reform program. Increased uncertainty in global economic prospects, meanwhile, continues to pose a key downside risk to the inflation outlook. Nevertheless, inflation expectations remain broadly consistent with the inflation target over the policy horizon.
 
The Monetary Board also stressed that domestic demand conditions are likely to stay firm, supported by solid private household spending, higher government expenditure, and adequate domestic liquidity. In addition, the Monetary Board has considered the potential impact of the ongoing monetary policy adjustment in the US on global financial market conditions. The Monetary Board also noted that maintaining monetary policy settings at this juncture will give the BSP more time to assess evolving economic developments and calibrate its policy tools as appropriate.
 
With these considerations, the Monetary Board believes that prevailing monetary policy settings remain appropriate. 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 | Joana Taborda | joana.taborda@tradingeconomics.com
12/22/2016 11:34:05 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.50 2.50 102.63 2.00 percent [+]
Money Supply M0 823803.02 813569.60 823803.02 1918.00 PHP Million [+]
Money Supply M1 2941553.83 2896310.05 2941553.83 14600.00 PHP Million [+]
Money Supply M2 8723870.52 8589367.60 8723870.52 44456.00 PHP Million [+]
Money Supply M3 9066173.75 8923632.20 9066173.75 56544.00 PHP Million [+]
Foreign Exchange Reserves 81045.04 81451.07 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1006.90 994.08 1017.15 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 287768.92 231544.37 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5194511.42 5066057.31 5194511.42 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4760.70 4575.55 4760.70 479.78 PHP Billion [+]



Philippines Interest Rate Notes

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 January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.00 56.60 3.00 1985 - 2016 percent Daily



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