Philippines Interest Rate  1985-2018 | Data | Chart | Calendar | Forecast

The central bank of Philippines raised its key overnight reverse repurchase rate by 25bps to 3.5 percent on June 20th, 2018, in line with market expectations. It follows a similar 25bps hike in the previous meeting, saying inflation expectations remain elevated for 2018 and upside risks continue to dominate. In May, the inflation edged up to 4.6 percent from 4.5 percent, reaching the highest since November of 2011. The central bank expects average inflation at 4.5 percent in 2018 (4.6 percent in the previous estimate) and at 3.3 percent in 2019 (3.4 percent in the previous estimate). Interest Rate in Philippines averaged 8.96 percent from 1985 until 2018, 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 Raises Interest Rate to 3.5%


The central bank of Philippines raised its key overnight reverse repurchase rate by 25bps to 3.5 percent on June 20th, 2018, in line with market expectations. It follows a similar 25bps hike in the previous meeting, saying inflation expectations remain elevated for 2018 and upside risks continue to dominate. The corresponding interest rates on the overnight lending and deposit facilities were also raised accordingly.

In May, the inflation edged up to 4.6 percent from 4.5 percent, reaching the highest since November of 2011. The central bank expects average inflation at 4.5 percent in 2018 (4.6 percent in the previous estimate) and at 3.3 percent in 2019 (3.4 percent in the previous estimate).

Excerpts from the Statement by the Bangko Sentral NG Pilipina:

In deciding to raise the BSP’s policy interest rate anew, the Monetary Board noted that inflation expectations remained elevated for 2018 and that the risk of possible second-round effects from ongoing price pressures argued for follow-through monetary policy action. Although inflation expectations remain within the target range for 2019, elevated expectations for 2018 highlight the risk posed by sustained price pressures on future wage and price outcomes. Equally important, while latest baseline forecasts have shifted lower for 2018-2019, upside risks continue to dominate the inflation outlook, even as various measures of core inflation continue to rise. Moreover, the impact of international oil and commodity price movements on overall inflation is expected to be stronger given prevailing robust aggregate demand conditions.

Given these considerations, the Monetary Board believes that further policy action enables the BSP to reinforce its signal on safeguarding macroeconomic stability in an environment of rising commodity prices and ongoing normalization of monetary policy in advanced economies. The Monetary Board likewise reiterates its support for carefully coordinated efforts with other government agencies in implementing non-monetary measures to mitigate the impact of supply-side factors on inflation.

The Monetary Board also emphasized the BSP’s continued vigilance against developments, including excessive peso volatility, that could affect the outlook for inflation. The BSP is prepared to take further policy action as needed to achieve its price and financial stability objectives.


Bangko Sentral NG Pilipinas | Gabriela Costa | gabriela.costa@tradingeconomics.com
6/20/2018 9:18:24 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-03-22 08:05 AM Interest Rate Decision 3% 3% 3% 3%
2018-05-10 08:00 AM Interest Rate Decision 3.25% 3% 3.25% 3.25%
2018-06-20 08:00 AM Interest Rate Decision 3.5% 3.25% 3.5% 3.25%
2018-08-09 08:00 AM Interest Rate Decision 3.5% 3.5%
2018-09-27 08:00 AM Interest Rate Decision 3.75%
2018-11-15 08:00 AM Interest Rate Decision 3.75%


Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.50 3.25 56.60 3.00 percent [+]
Interbank Rate 3.44 3.44 102.63 0.00 percent [+]
Money Supply M0 1053827.34 1052546.22 1063042.66 1918.00 PHP Million [+]
Money Supply M1 3721313.90 3656396.95 3721313.90 14600.00 PHP Million [+]
Money Supply M2 10460449.95 10484059.17 10484059.17 44456.00 PHP Million [+]
Money Supply M3 10900073.60 10918724.99 10918724.99 56544.00 PHP Million [+]
Foreign Exchange Reserves 78970.00 79608.80 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1117.20 1142.80 1189.10 459.52 PHP Billion [+]
Deposit Interest Rate 3.00 2.75 3.00 2.50 percent [+]
Lending Rate 4.00 3.75 45.00 3.50 percent [+]
Loans To Banks 260425.10 217671.11 320071.10 132599.00 PHP Million [+]
Loans To Private Sector 6598468.39 6468810.94 6598468.39 3584899.00 PHP Million [+]
Cash Reserve Ratio 18.00 19.00 25.00 12.00 percent [+]
Central Bank Balance Sheet 4601.30 4728.60 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 June of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
3.50 3.25 56.60 3.00 1985 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 4.75 May/18
China 4.35 May/18
United States 2.00 Jun/18
Australia 1.50 Jun/18
South Korea 1.50 May/18
Canada 1.25 May/18
United Kingdom 0.50 Jun/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18


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