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 June 23th, 2016 after shifting to an interest rate corridor system of 100bps on June 3rd. 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 higher fiscal spending is expected to further boost domestic demand while slightly lowered their average inflation forecast to 2.0 percent from 2.1 percent in 2016. 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 June of 2016.


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

Philippines Leaves Key Rate Steady at 3%


The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on June 23rd, 2016 after shifting to an interest rate corridor system of 100bps on June 3rd. 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 higher fiscal spending is expected to further boost domestic demand while slightly lowered their average inflation forecast to 2.0 percent from 2.1 percent in 2016.

The Monetary Board’s decision is based on its assessment that the inflation environment continues to be manageable. Latest forecasts indicate that average inflation is likely to settle near the lower edge of 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 overall balance of risks surrounding the inflation outlook is now deemed to be broadly balanced. With global oil prices recovering, the risk of second-round effects from lower oil prices is likely to recede in the period ahead. Nevertheless, slower global economic activity remains a key downside risk to the inflation outlook. Given improved rainfall conditions and the shift to neutral weather conditions in the May-July period, the upside risks to food and utility prices due to El Niño are also seen to recede in the coming months. However, pending petitions for adjustments in electricity rates remain an upside risk to inflation. Meanwhile, inflation expectations remain broadly consistent with the inflation target over the policy horizon.

At the same time, the Monetary Board also observed that prospects for global economic growth have remained subdued since the previous meeting, with increased downside risks to global activity. On the other hand, domestic economic activity continues to be firm, supported by solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity. Higher fiscal spending is also expected to further boost domestic demand.

On balance, therefore, the sum of recent new information, particularly on the emerging outlook for inflation and demand conditions, continues to support keeping monetary policy unchanged. At the same time, the continued uncertainty relating to monetary policy prospects in major advanced economies requires a steady hand on policy settings in order to retain flexibility in the period ahead.

Yekaterina | yekaterina@tradingeconomics.com
6/23/2016 12:13:16 PM

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 815219.44 766128.04 815219.44 1918.00 PHP Million [+]
Money Supply M1 2770266.55 2710546.08 2770266.55 14600.00 PHP Million [+]
Money Supply M2 8223174.12 8206852.40 8223174.12 44456.00 PHP Million [+]
Money Supply M3 8564295.93 8544963.14 8564295.93 56544.00 PHP Million [+]
Foreign Exchange Reserves 83510.00 83736.00 85273.61 44.07 USD Million [+]
Banks Balance Sheet 955.50 1017.15 1017.15 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 197577.00 195784.00 242627.00 132599.00 PHP Million [+]
Loans To Private Sector 4659305.00 4606795.00 4659305.00 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4403.66 4476.92 4476.92 479.78 PHP Billion [+]




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