The Bangko Sentral ng Pilipinas kept its benchmark rate unchanged at 4.25% in an unscheduled meeting on March 23, 2026, pausing after a 25bp cut in February that brought total easing since August 2024 to 225bps. Policymakers signaled they are weighing the lagged effects of earlier moves on growth and inflation before adjusting further. “As a data-driven monetary authority, and in light of fast-changing developments and uncertain economic conditions, the Monetary Board met today and decided to maintain the policy rate,” the BSP said. Inflation is projected to breach the 4.0% ceiling this year, likely around 5.1%, as Middle East tensions lift commodity prices, though it may return to target by 2027. Risks remain largely supply-driven and less responsive to monetary policy. The annual inflation rose to 2.4% in February, a 13-month high and the third consecutive monthly acceleration. The BSP also flagged weak growth in 2026, warning that raising rates now “would delay the recovery". source: Bangko Sentral ng Pilipinas

The benchmark interest rate in Philippines was last recorded at 4.25 percent. Interest Rate in Philippines averaged 7.24 percent from 1985 until 2026, reaching an all time high of 31.00 percent in January of 1985 and a record low of 2.00 percent in November of 2020. 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 - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

The benchmark interest rate in Philippines was last recorded at 4.25 percent. Interest Rate in Philippines is expected to be 4.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Interest Rate is projected to trend around 4.75 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-11 06:30 AM Interest Rate Decision 4.5% 4.75% 4.5% 4.5%
2026-02-19 06:30 AM Interest Rate Decision 4.25% 4.5% 4.25% 4.25%
2026-03-26 07:00 AM Interest Rate Decision 4.25% 4.25%
2026-06-18 06:30 AM Interest Rate Decision 4.25%
2026-08-27 06:30 AM Interest Rate Decision
2026-10-22 06:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 5.00 5.00 percent Feb 2026
Deposit Interest Rate 3.75 4.00 percent Feb 2026
Foreign Exchange Reserves 112700.00 112500.00 USD Million Feb 2026
Interest Rate 4.25 4.25 percent Apr 2026
Lending Rate 4.75 5.00 percent Feb 2026
Loans To Banks 482189.31 440250.74 PHP Million Jan 2026
Loans to Private Sector 11999634.19 12162234.13 PHP Million Jan 2026
Money Supply M0 2368033.50 2515583.70 PHP Million Jan 2026
Money Supply M1 7579535.70 7922964.70 PHP Million Jan 2026
Money Supply M2 19277402.70 19755063.80 PHP Million Jan 2026
Money Supply M3 19710862.34 20151092.91 PHP Million Jan 2026


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.
Actual Previous Highest Lowest Dates Unit Frequency
4.25 4.25 31.00 2.00 1985 - 2026 percent Daily

News Stream
Philippine Central Bank Holds Rates in Off-Cycle Meeting
The Bangko Sentral ng Pilipinas kept its benchmark rate unchanged at 4.25% in an unscheduled meeting on March 23, 2026, pausing after a 25bp cut in February that brought total easing since August 2024 to 225bps. Policymakers signaled they are weighing the lagged effects of earlier moves on growth and inflation before adjusting further. “As a data-driven monetary authority, and in light of fast-changing developments and uncertain economic conditions, the Monetary Board met today and decided to maintain the policy rate,” the BSP said. Inflation is projected to breach the 4.0% ceiling this year, likely around 5.1%, as Middle East tensions lift commodity prices, though it may return to target by 2027. Risks remain largely supply-driven and less responsive to monetary policy. The annual inflation rose to 2.4% in February, a 13-month high and the third consecutive monthly acceleration. The BSP also flagged weak growth in 2026, warning that raising rates now “would delay the recovery".
2026-03-26
Philippine Central Bank Cuts Rate as Expected
The Central Bank of the Philippines reduced its benchmark interest rate by 25 bps to 4.25% during its February 2026 meeting, bringing total easing since August 2024 to 225 bps. The move, widely expected, comes as manageable inflation allowed policymakers to support an economy weakened by softer domestic demand and fallout from a major corruption scandal tied to infrastructure spending. Economic growth slowed to about 3% last quarter, among the weakest in Southeast Asia, as confidence deteriorated. While the inflation outlook remains contained, forecasts for 2026 were revised slightly higher due mainly to temporary supply-side pressures, with inflation still projected to return close to the 3% target by 2027. The central bank said activity could recover in the second half of the year if confidence improves, stressing that future policy decisions will remain data-dependent. Overnight deposit and lending rates were adjusted to 3.75% and 4.75%, respectively.
2026-02-19
Philippine Central Bank Cuts Rate in Final 2025 Meeting
The Central Bank of the Philippines cut its benchmark interest rate by 25 bps to 4.5% during its final meeting of the year, marking the fifth straight reduction and bringing total cuts this year to 125 bps. The move aligns with market expectations and lowers borrowing costs to their lowest since October 2022, as a benign inflation outlook allows policymakers room to support growth. Inflation forecasts for 2026 and 2027 were slightly raised to 3.2% and 3.0%, remaining within the BSP’s 2%-4% target. The Monetary Board noted that domestic growth has weakened amid softer business sentiment, governance concerns, and lingering global trade uncertainty, though demand is expected to recover gradually as the effects of monetary easing and improved public spending take hold. The BSP also indicated that the easing cycle is nearing its end, with any additional cuts likely limited and guided by incoming data. Overnight deposit and lending rates were also adjusted to 4.00% and 5.00%, respectively.
2025-12-11