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

The Philippine central bank held its benchmark interest rate at 3.0 percent on March 22nd, 2018, as expected, saying inflation is expected to remain within its target for 2018 and 2019, despite some upside risks arise. Policymakers also observed that economic growth remains robust enough to absorb some policy tightening if needed. As a result, the bank lowered its 2018 inflation forecast to 3.9 percent from 4.3 percent previously estimated. The projection for 2019 was also reduced to 3 percent from 3.5 percent. Interest Rate in Philippines averaged 9 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 Leaves Key Rate Unchanged at 3%


The Philippine central bank held its benchmark interest rate at 3.0 percent on March 22nd, 2018, as expected, saying inflation is expected to remain within its target for 2018 and 2019, despite some upside risks arise. Policymakers also observed that economic growth remains robust enough to absorb some policy tightening if needed. As a result, the bank lowered its 2018 inflation forecast to 3.9 percent from 4.3 percent previously estimated. The projection for 2019 was also reduced to 3 percent from 3.5 percent.

The central bank also kept unchaged the interest rates on its overnight lending and deposit facilities.

Statement by the Bangko Sentral NG Pilipinas:

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

The Monetary Board's decision is based on its assessment that while recent inflation outturns show an elevated path in 2018, the latest baseline forecasts continue to show inflation remaining within the inflation target in 2018 and moderating further in 2019. The Monetary Board also considered that prospects for domestic activity continue to be firm on the back of robust domestic demand, strong growth in credit and liquidity, and a sustained recovery in global economic growth.

At the same time, the Monetary Board observed that the risks to the inflation outlook remain weighted toward the upside owing mainly to price pressures emanating from pending petitions for adjustments in minimum wages and transportation fares. Nevertheless, non-monetary measures such as institutional arrangements in setting transportation fares and minimum wages, unconditional cash transfers, as well as transport subsidies are expected to help mitigate these inflationary impulses. In addition, the proposed reforms in the rice industry could also help temper price pressures.

Meanwhile, the Monetary Board noted that inflation expectations have started to rise and will therefore need to be monitored closely in the coming months. It was also observed that economic growth remains solid enough to absorb some policy tightening if warranted.

Given these considerations, the Monetary Board reiterates that it remains watchful against any signs of second-round effects and inflation becoming broader based. The Monetary Board stands firm in its intent to take immediate and appropriate measures to ensure that the monetary policy stance continues to support the BSP's price and financial stability objectives.


Bangko Sentral NG Pilipinas | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
3/22/2018 9:53:36 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-12-14 08:10 AM Interest Rate Decision 3% 3% 3.00% 3%
2018-02-08 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2018-03-22 08:05 AM Interest Rate Decision 3% 3% 3% 3%
2018-05-10 08:00 AM Interest Rate Decision 3%
2018-06-21 08:00 AM Interest Rate Decision 3%
2018-08-09 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 3.19 3.19 102.63 0.00 percent [+]
Money Supply M0 991911.89 981608.84 1063042.66 1918.00 PHP Million [+]
Money Supply M1 3581354.45 3540871.21 3581354.45 14600.00 PHP Million [+]
Money Supply M2 10294206.93 10156660.94 10294206.93 44456.00 PHP Million [+]
Money Supply M3 10724160.23 10582894.69 10724160.23 56544.00 PHP Million [+]
Foreign Exchange Reserves 80127.00 80620.00 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1139.60 1099.80 1189.10 459.52 PHP Billion [+]
Deposit Interest Rate 2.50 2.50 2.50 2.50 percent [+]
Lending Rate 3.50 3.50 45.00 3.50 percent [+]
Loans To Banks 261955.04 320071.10 320071.10 132599.00 PHP Million [+]
Loans To Private Sector 6381843.46 6304558.47 6384185.75 3584899.00 PHP Million [+]
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 April of 2018.

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




interest rate by Country
Country Last
Turkey 8.00 Mar/18
Mexico 7.50 Apr/18
Russia 7.25 Mar/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Mar/18
Indonesia 4.25 Apr/18
United States 1.75 Mar/18
Australia 1.50 Apr/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Mar/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18


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