Philippines Interest Rate

Recent Releases

Philippines Lifts Key Rate by 25 Bps to 4.75%
The central bank of the Philippines raised its key overnight reverse repurchase rate by 25bps to 4.75 percent on November 15th, 2018, as widely expected. It is the fifth straight hike in borrowing costs this year, bringing interest rate to the highest since 2009. The decision was primarily driven by intensifying inflationary pressures, especially after higher wages and transport costs were approved recently. Also, the BSP increased its inflation forecasts for 2018 to 5.3% from 5.2% while cut its forecast for 2019 to 3.5% from 4.3%. For 2020, inflation is seen at 3.3%. The interest rates on the overnight lending and deposit facilities were likewise lifted accordingly.
Published on 2018-11-15

Philippines Hikes Key Interest Rate for 4th Consecutive Time
The central bank of Philippines raised its key overnight reverse repurchase rate by 50bps to 4.5 percent on September 27th, 2018, in line with market expectations. It was the fourth straight hike in borrowing costs and the second consecutive 50 bps rate increase in a decade, as the central bank tries to contain inflationary pressures and support the falling currency. The interest rates on the overnight lending and deposit facilities were likewise raised accordingly.
Published on 2018-09-27

Philippines Hikes Key Rate by 50 Bps to 4%
The central bank of Philippines raised its key overnight reverse repurchase rate by 50 bps to 4 percent on August 9th, 2018, in line with market expectations. It follows two consecutive 25bps hikes earlier this year, 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.
Published on 2018-08-09

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.
Published on 2018-06-20

Philippines Hikes Key Rate for 1st Time since 2014
The Philippines central bank raised its overnight reverse repurchase (RRP) facility by 25bps to 3.25 percent on May 10th, 2018, in line with market expectations. It is the first rate hike since September 2014, as the central bank tries to contain inflationary pressures. The corresponding interest rates on the overnight lending and deposit facilities were also raised accordingly.
Published on 2018-05-10

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.
Published on 2018-03-22

Philippines Holds Policy Interest Rate at 3%
The Philippine central bank held its benchmark interest rate at 3.0 percent on February 8th, 2018, as widely expected, saying that inflation expectations continue to be anchored within the inflation target band over the policy horizon. Meanwhile, the bank raised its 2018 inflation forecast to 4.3 percent from 3.4 percent previously estimated, due to rising global oil prices. The projection for 2019 was also increased to 3.5 percent from 3.2 percent.
Published on 2018-02-08

Philippines Holds Interest Rate at 3% as Expected
The Philippine central bank held its benchmark interest rate at 3.0 percent on December 14th, as widely expected, saying inflation has been within its 2-4 percent inflation target despite robust economic growth. The bank maintained its 2018 inflation forecast at 3.4 percent and the projections for 2017 and 2019 were kept at 3.2 percent.
Published on 2017-12-14

Philippines Holds Policy Interest Rate at 3%
The Philippine central bank held its benchmark interest rate at 3.0 percent on November 9th, as widely expected, saying inflation remains manageable despite continuing robust growth. The bank also raised its inflation forecast for 2018 to 3.4 percent from 3.2 percent previously estimated on higher crude oil prices, a weaker peso and an increase in domestic liquidity. The projections for 2017 and 2019 were maintained at 3.2 percent.
Published on 2017-11-09

Philippines Keeps Key Rate Unchanged
The central bank of Philippines left its key overnight borrowing rate at 3 percent on September 21st, as widely expected, arguing that inflation expectations remain firmly close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon. Policymakers also underscored that latest forecasts show future inflation path will continue to be within the target range for 2017-2019.
Published on 2017-09-21

Philippines Holds Key Interest Rate at 3%
The central bank of Philippines held its key overnight borrowing rate at 3 percent on August 10th, as widely expected, saying inflation expectations remain firmly anchored close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon. Meanwhile, the central bank raised its inflation forecasts for this year to 3.2 percent from 3.1 percent, on higher oil prices. The estimate for 2018 was also increased to 3.2 percent from 3 percent.
Published on 2017-08-10

Philippines Holds Key Rate At 3%
The central bank of Philippines left its key overnight borrowing rate steady at 3 percent on June 22nd, 2017 as widely expected, saying that the inflation environment continues to be manageable. Policymakers kept its inflation forecasts for 2017-2019 unchanged at 3.0 percent ± 1 percentage point but said upside risks persist.
Published on 2017-06-22

Philippines Leaves Benchmark Rate At 3%
The central bank of Philippines hold its key overnight borrowing rate steady at 3 percent on May 11th, 2017 as widely expected, mentioning a manageable inflation. Policymakers kept its inflation forecasts for 2017-2018 unchanged at 3.0 percent ± 1 percentage point but said upside risks persist.
Published on 2017-05-11

Philippines Leaves Monetary Policy Unchanged
The central bank of Philippines left its benchmark overnight borrowing rate steady at 3 percent on March 23rd, 2017 as widely expected, saying inflation is expected to remain within the target of 3.0 percent ± 1 percentage point in 2017-2018. However, policymakers slightly lowered inflation forecasts for this year to 3.4 percent from 3.5 percent. In February, consumer prices went up 3.3 percent year-on-year, the highest since November of 2014.
Published on 2017-03-23

Philippines Holds Key Interest Rate At 3%
The Philippine central bank held its benchmark overnight borrowing rate at 3 percent on February 9th, 2017, as widely expected, saying inflation is expected to remain within its comfort zone for some time. Although annual inflation rate hit a two-year high of 2.7 percent in January, it remained within the central bank's 2-4 percent comfort range. Meanwhile, the central bank raised its inflation forecast for 2017 to 3.5 percent from 3.3 percent, and for 2018 to 3.1 percent from 3 percent.
Published on 2017-02-09

Philippines Holds Key Rate Steady at 3% in December
The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on December 22nd, 2016 as widely expected. The interest rate on short-term special deposit accounts (SDA) and the overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. The central bank said inflation was expected to remain within its comfort range of 2 percent to 4 percent in 2017 and 2018.
Published on 2016-12-22

Philippines Leaves Rates on Hold; Raises Inflation Forecasts
The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on November 10th 2016 as widely expected. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. Policymakers said inflation continues to be manageable although upside risks arise. As a result, inflation forecasts were raised to 1.8 percent from 1.7 percent for this year. Estimates for 2017 were also increased by 10bps to 3 percent and by 30bps to 2.9 percent in 2018.
Published on 2016-11-10

Philippines Holds Key Rate at 3%
The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on September 22nd, 2016, as widely expected. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. Policymakers said trends in domestic economic activity show sustained firmness, supported by solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity. Also, inflation is expected to settle slightly below the 3.0 percent ± 1.0 percentage point target range in 2016 and rise toward the mid-point of the target range in 2017 and 2018.
Published on 2016-09-22

Philippines Holds Key Rate at 3%
The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on August 11th, 2016, as widely expected. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. Policymakers said domestic demand conditions remain firm while lowered their average inflation forecasts to 1.8 percent from 2.0 percent in 2016, and to 2.9 percent from 3.1 percent in 2017.
Published on 2016-08-11

Philippines Leaves Key Rate Steady at 3%
The central bank of Philippines kept its benchmark overnight borrowing rate unchanged at 3 percent on June 23rd, 2016 after shifting to an interest rate corridor system of 100bps on June 3rd. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 3.5 percent, respectively. Policymakers said higher fiscal spending is expected to further boost domestic demand while slightly lowered their average inflation forecast to 2.0 percent from 2.1 percent in 2016.
Published on 2016-06-23

Philippines Holds Key Rate at 4%
The central bank of Philippines left its benchmark overnight borrowing rate unchanged at 4 percent for the 13th straight meeting on May 12th, 2016 as widely expected. The interest rates on short-term special deposit accounts (SDA) and overnight repo rate were also kept steady at 2.5 percent and 6 percent, respectively. Policymakers said that economic growth remains strong while inflation expectations declined slightly.
Published on 2016-05-12

Philippines Holds Key Rate Steady for 12th Month
The central bank of Philippines left its benchmark overnight borrowing rate on hold at 4 percent for the 12th straight meeting on March 23rd, 2016 as widely expected, amid subdued inflation and robust economic growth. Policymakers also kept the short-term special deposit accounts (SDAs) facility rate at 2.5 percent and the overnight repo rate at 6 percent.
Published on 2016-03-23

Philippines Leaves Key Rate Steady at 4%
The central bank of Philippines left its benchmark overnight borrowing rate on hold at 4 percent for the eleventh straight meeting on February 11th, 2016 as widely expected, saying manageable inflation and robust growth conditions continue to support steady monetary policy settings. It also kept the short-term special deposit accounts (SDAs) facility rate at 2.5 percent and the overnight repo rate at 6 percent.
Published on 2016-02-11

Philippines Leaves Rates on Hold
The central bank of Philippines left its benchmark overnight borrowing rate steady at 4 percent for the tenth consecutive meeting on December 17th, 2015 as widely expected. It also kept the short-term special deposit accounts (SDAs) facility rate at 2.5 percent and the overnight repo rate at 6 percent. Policymakers consider that leaving rates steady at this juncture would give more room to continue to assess global economic conditions and calibrate policy tools as appropriate.
Published on 2015-12-17

Philippines Leaves Monetary Policy Unchanged
Philippines central bank remained its overnight borrowing rate unchanged at 4 percent for the ninth consecutive time on November 12th, as widely expected. The 2015 average inflation forecast was cut to 1.4 percent from 1.6 percent and lowered for 2016 to 2.3 percent from 2.6 percent.
Published on 2015-11-12

Philippines Keeps Rates Steady at 4%
Philippines central bank remained its overnight borrowing rate unchanged at 4 percent for the eighth consecutive time on September 24th, as widely expected. The average inflation forecast was cut to 1.6 percent from 1.8 percent in spite of the increased risks coming from stronger and protracted El Niño dry weather conditions.
Published on 2015-09-24

Philippines Leaves Monetary Policy Unchanged in August
Philippines central bank kept its overnight borrowing rate on hold at 4 percent for the seventh consecutive time on August 13th, as widely expected. Policymakers expect the inflation rate to remain within target over the rest of the policy horizon.
Published on 2015-08-13

Philippines Keeps Rates Steady
Philippines central bank left its key policy rate unchanged for the sixth consecutive meeting at 4 percent in June of 2015 as widely expected.
Published on 2015-06-25

Philippines Leaves Key Interest Rate Steady at 4%
Philippines’ central bank left its key policy rate unchanged for the fifth consecutive meeting at 4 percent in May, saying that current monetary policy continues to be appropriate as inflation risks remain balanced.
Published on 2015-05-14

Philippines Leaves Monetary Policy Unchanged
Philippines’ central bank kept its key policy rate for the fourth consecutive meeting at 4 percent as expected, saying inflation risks remain balanced and economic growth is expected to remain strong.
Published on 2015-03-26

Philippines Leaves Monetary Policy on Hold
Philippines’ central bank left its key policy rate on hold at 4 percent in February as expected, saying inflation expectations have moderated.
Published on 2015-02-12

Philippines Leaves Interest Rate Steady at 4%
Philippines’ central bank kept its key policy rate at 4 percent in December as expected, saying inflation risks remain balanced. Yet, policymakers cut price forecasts for 2014 to 2016.
Published on 2014-12-11

Philippines Leaves Monetary Policy Unchanged
Philippines’ central bank left its key policy rate on hold at 4 percent on October 23rd, following a 25 bps hike in September, saying the inflation rate is expected to be within-target in the near-term.
Published on 2014-10-23

Philippines Raises Interest Rate to 4%
Philippines’ central bank decided to raise its key policy rate for the second straight time by 25 bps to 4 percent, aiming to curb rising inflation. It is the highest rate in two years.
Published on 2014-09-11

Philippines Raises Policy Rate to 3.75%
At its July 30th meeting, Philippines’ central bank raised its key policy rate by 25 basis points to 3.75% to stop price pressures.
Published on 2014-07-31

Philippines Leaves Key Rate On Hold
At its June 19th, 2014 meeting, Philippines’ central bank kept its key policy rate unchanged at 3.5 percent, but raised the short-term special deposit account facility by 25 bps to 2.25 percent, aiming to contain liquidity growth and eventual risks to price and financial stability.
Published on 2014-06-19

Philippines Keeps Rates Steady
At its May 8th, 2014 meeting, Philippines' Central Bank left its key policy rate unchanged at 3.50 percent, but raised the banks' reserve requirements by 1 percentage point for the second straight meeting, aiming to reduce liquidity growth.
Published on 2014-05-08

Philippines Leaves Rates on Hold, Raises Bank Reserve Requirements
At its March 27th, 2014 meeting, Philippines' Central Bank decided to leave the key policy rate steady at 3.50 percent, but raised banks' reserve requirements by 1 percentage point effective on April 4th, 2014 to curb excess liquidity.
Published on 2014-03-27

Philippines Monetary Policy Unchanged in February
At its February 2nd meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent as recent inflationary pressures are mainly due to adverse weather conditions.
Published on 2014-02-06

Philippines Holds Rate at 3.5% in December
At its December 12th meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent to support the economy's recovery from Typhoon Haiyan.
Published on 2013-12-12

Philippines Monetary Policy Unchanged in October
Bankgo Sentral NG Pilipinas decided on October 24th to leave its key policy rate rate unchanged at 3.5 percent, in line with market expectations, citing benign inflation and robust domestic activity.
Published on 2013-10-24

Philippines Central Bank Holds Key Rate at 3.5%
Bankgo Sentral NG Pilipinas decided on September 12th to leave the benchmark interest rate unchanged at 3.5 percent for the 12th straight meeting, citing benign inflation and strong growth.
Published on 2013-09-12

Philippines Monetary Policy Unchanged in July
In its July meeting, Bankgo Sentral NG Pilipinas left the benchmark interest rate unchanged at 3.5 percent, citing upside risks to the inflation, including pending utility rate adjustments as well as the recent depreciation of the peso.
Published on 2013-07-25

Philippines Holds Policy Rate at a Record Low of 3.5%
The Monetary Board of Philippines Central Bank decided on June 13th, to maintain the key interest rate at 3.5 percent, as the country enjoys strong economic growth and moderate inflation.
Published on 2013-06-13

Philippines Monetary Policy Unchanged in April
The Monetary Board of Philippines decided to maintain the key interest rate fixed at 3.5 percent, as inflation expectations remain in the Central Bank's target.
Published on 2013-04-25

Philippines Monetary Policy Unchanged in March
The Monetary Board of Philippines decided to maintain the key interest rate fixed at 3.5 percent, as inflation expectations remain in the Central Bank's target
Published on 2013-03-14

Philippines Monetary Policy Remains Unchanged in January
The Monetary Board of Philippines decided to mantain interest rates fixed at 3.5 percent, as inflation expectations remain in the Central Bank's target
Published on 2013-01-24

Monetary Board Maintains Policy Rates in December
At its meeting today, the Monetary Board decided to maintain the BSP's key policy interest rates at 3.50 percent for the overnight borrowing or reverse repurchase (RRP) facility and 5.50 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also maintained accordingly. The reserve requirement ratios were kept steady as well.
Published on 2013-01-18

Philippines Cuts Interest Rate by 0.25 Percent
At its meeting on October 10, the Monetary Board decided to reduce the BSP's key policy interest rates by 25 basis points to 3.50 percent for the overnight borrowing or reverse repurchase (RRP) facility and 5.50 percent for the overnight lending or repurchase (RP) facility.
Published on 2012-12-21