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

The Philippine central bank held its benchmark overnight borrowing rate at 3 percent on February 9th, 2017, as widely expected, saying inflation is expected to remain within its comfort zone for some time. Although annual inflation rate hit a two-year high of 2.7 percent in January, it remained within the central bank's 2-4 percent comfort range. Meanwhile, the central bank raised its inflation forecast for 2017 to 3.5 percent from 3.3 percent, and for 2018 to 3.1 percent from 3 percent. Interest Rate in Philippines averaged 9.22 percent from 1985 until 2017, reaching an all time high of 56.60 percent in December of 1990 and a record low of 3 percent in June of 2016.

Philippines Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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 08:05 AM Interest Rate Decision 3% 3% 3% 3%
2017-03-23 08:00 AM Interest Rate Decision 3% 3%
2017-05-11 08:00 AM Interest Rate Decision
2017-06-22 08:00 AM Interest Rate Decision




Philippines Holds Key Interest Rate At 3%


The Philippine central bank held its benchmark overnight borrowing rate at 3 percent on February 9th, 2017, as widely expected, saying inflation is expected to remain within its comfort zone for some time. Although annual inflation rate hit a two-year high of 2.7 percent in January, it remained within the central bank's 2-4 percent comfort range. Meanwhile, the central bank raised its inflation forecast for 2017 to 3.5 percent from 3.3 percent, and for 2018 to 3.1 percent from 3 percent.

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. While inflation has risen due to the recent increases in food and oil prices, latest baseline forecasts continue to indicate that the future inflation path will remain within the target range of 3.0 percent ± 1 percentage point for 2017-2018. Inflation expectations are also aligned with the inflation target over the policy horizon.

The Monetary Board further noted that the balance of risks surrounding the inflation outlook continues to be weighted toward the upside, given possible adjustments in electricity rates as well as the initial impact of the government’s broad fiscal reform program. Meanwhile, uncertainty over global growth prospects continues to pose a key downside risk to the inflation outlook. The Monetary Board stressed that while the global economic environment has become more challenging due to expected shifts in macroeconomic policies in advanced economies, including the ongoing normalization of monetary policy in the US, domestic economic activity is expected to stay firm, supported by buoyant household consumption and private investment, increased fiscal spending, and ample credit and liquidity.

With these considerations, the Monetary Board believes that prevailing monetary policy settings remain appropriate. Going forward, the BSP will continue to monitor and assess evolving economic developments and will calibrate its policy tools as appropriate to ensure sustained price and financial stability.

Bangko Sentral NG Pilipinas | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/9/2017 9:00:07 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.53 2.50 102.63 2.00 percent [+]
Money Supply M0 922967.97 823803.02 922967.97 1918.00 PHP Million [+]
Money Supply M1 3067710.35 2941553.83 3067710.35 14600.00 PHP Million [+]
Money Supply M2 9114821.87 8723870.52 9114821.87 44456.00 PHP Million [+]
Money Supply M3 9473636.76 9066173.75 9473636.76 56544.00 PHP Million [+]
Foreign Exchange Reserves 81044.22 81045.04 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1054.28 1031.72 1054.28 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 263010.07 287768.92 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5384135.69 5194511.42 5384135.69 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4598.80 4675.29 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.00 56.60 3.00 1985 - 2017 percent Daily



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