The Bangko Sentral ng Pilipinas raised its benchmark interest rate by 25 bps to 4.75% at its May 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. source: Bangko Sentral ng Pilipinas

The benchmark interest rate in Philippines was last recorded at 4.75 percent. Interest Rate in Philippines averaged 7.23 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 July of 2026.

The benchmark interest rate in Philippines was last recorded at 4.75 percent. Interest Rate in Philippines is expected to be 4.75 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
2026-03-26 07:00 AM Interest Rate Decision 4.25% 4.25%
2026-04-23 06:30 AM Interest Rate Decision 4.50% 4.25% 4.25% 4.25%
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 4.75%
2026-10-22 06:30 AM Interest Rate Decision
2026-12-17 06:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 5.00 5.00 percent Jun 2026
Deposit Interest Rate 4.25 4.00 percent Jun 2026
Foreign Exchange Reserves 104000.00 104300.00 USD Million May 2026
Interest Rate 4.75 4.50 percent Jun 2026
Lending Rate 5.25 5.00 percent Jun 2026
Loans To Banks 387972.18 444781.22 PHP Million Apr 2026
Loans to Private Sector 12462986.85 12322246.14 PHP Million Apr 2026
Money Supply M0 2442123.10 2431327.20 PHP Million Apr 2026
Money Supply M1 7911455.90 7983404.60 PHP Million Apr 2026
Money Supply M2 19799249.20 19882078.30 PHP Million Apr 2026
Money Supply M3 20347981.19 20383185.65 PHP Million Apr 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
4.75 4.50 31.00 2.00 1985 - 2026 percent Daily

News Stream
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 May 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
Philippine Central Bank Raises Key Rate to 4.5%
The Bangko Sentral ng Pilipinas raised its benchmark rate by 25 basis points to 4.5% at its April 2026 meeting, its first tightening move in more than two years. The Monetary Board cited a worsening inflation outlook, driven by rising global oil and fertilizer prices amid the ongoing Middle East conflict, which have begun feeding into domestic fuel and food costs. Core inflation also continued to rise, signaling broader underlying price pressures. The BSP now projects inflation to exceed the 4.0% upper bound in both 2026 and 2027, with inflation expectations also increasing, raising risks of de-anchoring. Policymakers said the rate hike was a preemptive move to anchor expectations and contain second-round effects, while supporting economic recovery over the medium term. Looking ahead, the central bank reiterated it will remain data-dependent and stands ready to take further action to bring inflation back to its 3% target.
2026-04-23
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