The Bangko Sentral ng Pilipinas (BSP) raised its benchmark interest rate by 50 basis points to 5.50% at its October 2026 meeting, its fourth consecutive increase and larger than market expectations, as it sought to curb renewed inflationary pressures and support the peso that had fallen to a record low. Headline inflation accelerated to 7.2% in September and is expected to remain elevated in 2027 before approaching the BSP’s 3.0% target in 2028. Core inflation is also projected to rise further. The central bank warned that inflation risks are mounting as renewed tensions in the Middle East push global oil prices higher and rising transportation fares add to costs. El Niño conditions also threaten agricultural production. Meanwhile, domestic economic activity is anticipated to recover, supported by fiscal measures. Rates on the overnight deposit and lending facilities were also raised to 5% and 6%, respectively. source: Bangko Sentral ng Pilipinas

The benchmark interest rate in Philippines was last recorded at 5.50 percent. Interest Rate in Philippines averaged 7.21 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 November of 2026.

The benchmark interest rate in Philippines was last recorded at 5.50 percent. Interest Rate in Philippines is expected to be 5.50 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 5.00 percent in 2027 and 4.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-18 06:30 AM Interest Rate Decision 4.75% 4.50% 4.75% 4.75%
2026-08-27 06:30 AM Interest Rate Decision 5% 4.75% 5% 5.0%
2026-10-22 06:30 AM Interest Rate Decision 5.50% 5% 5.25% 5.25%
2026-12-17 06:30 AM Interest Rate Decision 5.50% 5.5%


Related Last Previous Unit Reference
Cash Reserve Ratio 5.00 5.00 percent Oct 2026
Deposit Interest Rate 5.00 4.50 percent Oct 2026
Foreign Exchange Reserves 97350.40 99494.20 USD Million Oct 2026
Interest Rate 5.50 5.00 percent Oct 2026
Lending Rate 6.00 5.50 percent Oct 2026
Loans To Banks 519488.52 473284.01 PHP Million Sep 2026
Loans to Private Sector 12837304.92 12731385.03 PHP Million Sep 2026
Money Supply M0 2384752.20 2380073.60 PHP Million Sep 2026
Money Supply M1 7959952.80 7936019.70 PHP Million Sep 2026
Money Supply M2 20061945.70 19958494.30 PHP Million Sep 2026
Money Supply M3 20701758.86 20613962.28 PHP Million Sep 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
5.50 5.00 31.00 2.00 1985 - 2026 percent Daily

News Stream
Philippine Central Bank Hikes Interest Rate to 5.5%
The Bangko Sentral ng Pilipinas (BSP) raised its benchmark interest rate by 50 basis points to 5.50% at its October 2026 meeting, its fourth consecutive increase and larger than market expectations, as it sought to curb renewed inflationary pressures and support the peso that had fallen to a record low. Headline inflation accelerated to 7.2% in September and is expected to remain elevated in 2027 before approaching the BSP’s 3.0% target in 2028. Core inflation is also projected to rise further. The central bank warned that inflation risks are mounting as renewed tensions in the Middle East push global oil prices higher and rising transportation fares add to costs. El Niño conditions also threaten agricultural production. Meanwhile, domestic economic activity is anticipated to recover, supported by fiscal measures. Rates on the overnight deposit and lending facilities were also raised to 5% and 6%, respectively.
2026-10-22
Philippine Central Bank Delivers Expected Rate Hikes
The Bangko Sentral ng Pilipinas raised its benchmark interest rate by 25 basis points to 5% at its August 2026 policy meeting, in line with market expectations and marking its third consecutive rate hike as it seeks to rein in persistent inflationary pressures. Headline inflation eased to 6.2% in July from 6.4% in June, while core inflation slowed to 4.2% from 4.4%. Despite the moderation, volatile oil prices, the impact of severe El Niño on agricultural costs, and potential wage adjustments pose upside risks that demand close monitoring by the BSP. Average headline inflation is still expected to breach the 4.0% tolerance ceiling in 2026 and 2027, before easing toward the 3.0% target by 2028. Meanwhile, growth fundamentals remain intact despite weak first-half performance, with fiscal support expected to bolster activity in the second half. The overnight deposit and lending facility rates were also raised to 4.5% and 5.5%, respectively.
2026-08-27
Philippine Central Bank Hikes Rates as Expected
The Bangko Sentral ng Pilipinas raised its benchmark interest rate by 25 bps to 4.75% at its June 2026 policy meeting, matching market expectations and marking a second consecutive rate hike as it moves to contain persistent inflationary pressures. The Monetary Board said inflation risks remain elevated, driven by sustained high global oil and fertilizer prices, which continue to feed into domestic fuel and food costs amid ongoing tensions in the Middle East. The BSP projects that average headline inflation will breach its 4.0% target ceiling in both 2026 and 2027, before easing slightly but remaining above the 3.0% midpoint target in 2028. Annual inflation slowed to 6.8% in May 2026 from a three-year high of 7.2% in April, but it remains above the central bank’s 2%–4% target band, as the country is particularly exposed due to its heavy reliance on imported energy from the Middle East. The overnight deposit and lending facilities were also adjusted to 4.25% and 5.25%, respectively.
2026-06-18