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

The central bank of Philippines left its key overnight borrowing rate steady at 3 percent on June 22nd, 2017 as widely expected, saying that the inflation environment continues to be manageable. Policymakers kept its inflation forecasts for 2017-2019 unchanged at 3.0 percent ± 1 percentage point but said upside risks persist. Interest Rate in Philippines averaged 9.18 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 Actual Previous Consensus Forecast (i)
2017-03-23 08:15 AM Interest Rate Decision 3% 3% 3%
2017-05-11 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2017-06-22 08:10 AM Interest Rate Decision 3% 3% 3% 3%
2017-08-10 08:00 AM Interest Rate Decision 3% 3%
2017-09-21 08:00 AM Interest Rate Decision 3.25%
2017-11-09 08:00 AM Interest Rate Decision 3.5%




Philippines Holds Key Rate At 3%


The central bank of Philippines left its key overnight borrowing rate steady at 3 percent on June 22nd, 2017 as widely expected, saying that the inflation environment continues to be manageable. Policymakers kept its inflation forecasts for 2017-2019 unchanged at 3.0 percent ± 1 percentage point but said upside risks persist.

Statement by the Bangko Sentral NG Pilipinas:

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 continues to be manageable. Latest baseline forecasts indicate a lower path of future inflation, with average inflation remaining within the target range of 3.0 percent ± 1 percentage point for 2017-2019. Inflation expectations also continue to be firmly anchored to the target over the policy horizon.

At the same time, the assessment of risks to the inflation outlook remains tilted toward the upside. While there may be potential transitory impact of the proposed tax reform program, the social safety nets are expected to mitigate the resulting inflationary pressures. The long-run effects on productivity will improve overall supply and further dampen inflation. Meanwhile, prospects for the global economy have improved, but risks to external demand remain tilted to the downside. Nonetheless, the Monetary Board emphasized that while global economic conditions remain challenging, prospects for domestic economic activity continue to be firm owing to buoyant consumer and business sentiment, ample liquidity, and sustained credit growth. In addition, the Monetary Board has considered the potential impact on global financial market conditions of the ongoing monetary policy adjustment in the US, noting that maintaining monetary policy settings at this time would allow the BSP to continue 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 remain vigilant against any risks to the inflation outlook and will adjust its policy settings as needed to ensure that future inflation remains consistent with the medium-term target while being supportive of sustainable economic growth.

Bangko Sentral NG Pilipinas | Yekaterina Guchshina | yekaterina@tradingeconomics.com
6/22/2017 8:40:46 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.59 2.59 102.63 0.00 percent [+]
Money Supply M0 899756.40 882919.23 922967.97 1918.00 PHP Million [+]
Money Supply M1 3173319.87 3107901.04 3173319.87 14600.00 PHP Million [+]
Money Supply M2 9171016.46 9152967.33 9171016.46 44456.00 PHP Million [+]
Money Supply M3 9521175.61 9495952.28 9521175.61 56544.00 PHP Million [+]
Foreign Exchange Reserves 82066.00 81817.00 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1074.00 1069.60 1074.00 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 224835.96 224900.95 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5515852.32 5458025.73 5515852.32 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4559.10 4598.80 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 June 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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