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

The central bank of Philippines left its key overnight borrowing rate at 3 percent on September 21st, as widely expected, arguing that inflation expectations remain firmly close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon. Policymakers also underscored that latest forecasts show future inflation path will continue to be within the target range for 2017-2019. Interest Rate in Philippines averaged 9.10 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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Philippines Keeps Key Rate Unchanged


The central bank of Philippines left its key overnight borrowing rate at 3 percent on September 21st, as widely expected, arguing that inflation expectations remain firmly close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon. Policymakers also underscored that latest forecasts show future inflation path will continue to be within the target range for 2017-2019.

Statement by the Bangko Sentral NG Pilipinas:

At its meeting today, the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase (RRP) facility at 3.0 percent. The corresponding interest rates on the overnight lending and deposit facilities were also kept steady. The reserve requirement ratios were likewise left unchanged.

The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable. Latest forecasts show the future inflation path will continue to be within the target range for 2017-2019. Meanwhile, inflation expectations remain firmly anchored close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon.

The balance of risks to the inflation outlook also continues to be on the upside. While the proposed tax reform program may exert potential transitory pressures on prices, various social safety nets and the resulting improvement in output and productivity are also expected to temper the impact on inflation over the medium term.

At the same time, while prospects for global economic growth have stayed broadly upbeat, geopolitical tensions and lingering uncertainty over macroeconomic policies in advanced economies continue to pose downside risks to external demand. The outlook for domestic economic activity remains firm, supported by positive consumer and business sentiment and ample liquidity. Moreover, as credit for production activities continues to expand in line with output growth, the economy’s absorptive capacity is likewise seen to improve, thus mitigating inflation pressures over the long run. Nonetheless, the Monetary Board remains watchful over evolving economic growth and liquidity conditions and their implications for price and financial stability.

Based on these considerations, the Monetary Board believes that prevailing monetary policy settings continue to be appropriate. Looking ahead, the BSP will continue to be vigilant against any risks to the inflation outlook and will adjust its policy settings as needed to ensure stable prices while supporting sustainable economic growth.

Bangko Sentral NG Pilipinas | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/21/2017 8:55:37 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-06-22 08:10 AM Interest Rate Decision 3% 3% 3% 3%
2017-08-10 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2017-09-21 08:20 AM Interest Rate Decision 3% 3% 3% 3%
2017-11-09 08:00 AM Interest Rate Decision 3%
2017-12-14 08:00 AM Interest Rate Decision 3%


Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.66 2.72 102.63 0.00 percent [+]
Money Supply M0 910258.02 892585.51 922967.97 1918.00 PHP Million [+]
Money Supply M1 3303676.84 3244876.81 3303676.84 14600.00 PHP Million [+]
Money Supply M2 9690852.14 9597463.74 9690852.14 44456.00 PHP Million [+]
Money Supply M3 10077240.08 9969298.55 10077240.08 56544.00 PHP Million [+]
Foreign Exchange Reserves 81346.00 81513.20 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1107.70 1088.00 1107.70 459.52 PHP Billion [+]
Deposit Interest Rate 1.59 1.59 21.17 1.23 percent [+]
Loans To Banks 210171.65 204202.46 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5838415.42 5731167.29 5838415.42 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4750.31 4655.43 4760.70 479.78 PHP Billion [+]


Philippines Interest Rate

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 October of 2017.

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




interest rate by Country

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Russia 8.50 Sep/17
Brazil 8.25 Sep/17
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Mexico 7.00 Sep/17
India 6.00 Oct/17
China 4.35 Sep/17
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Australia 1.50 Oct/17
South Korea 1.25 Oct/17
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Canada 1.00 Sep/17
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France 0.00 Sep/17
Germany 0.00 Sep/17
Italy 0.00 Sep/17
Netherlands 0.00 Sep/17
Spain 0.00 Sep/17
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Switzerland -0.75 Sep/17