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

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. Interest Rate in Philippines averaged 9.02 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 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.

The central bank also left unchanged 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 latest baseline forecasts show higher inflation outturns for 2018, the inflation path is expected to moderate and settle within the inflation target range of 3.0 percent ± 1.0 percentage point in 2019. The Monetary Board also noted that prospects for domestic activity continue to be firm on the back of robust domestic demand, manageable growth in credit and liquidity, and a sustained recovery in global economic growth. The higher inflation in January is also due to better enforcement of tax laws on tobacco as well as temporary increases in prices of selected food items, such as fish and vegetables.

Nevertheless, the Monetary Board observed that the risks to the inflation outlook remain weighted toward the upside owing mainly to price pressures emanating from possible further increases in global oil prices. At the same time, the Monetary Board saw that inflation expectations continue to be anchored within the inflation target band over the policy horizon. The BSP is watchful against any signs of second-round effects and inflation becoming broader based.

Given these considerations, the Monetary Board reiterates that it remains committed to the BSP’s price stability objective and will continue to closely monitor the evolving conditions for prices and output for any threats to the inflation target. The Monetary Board stands ready to take appropriate measures as necessary to ensure that the monetary policy stance continues to support price and financial stability.


Bangko Sentral NG Pilipinas | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/8/2018 8:54:55 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-11-09 08:10 AM Interest Rate Decision 3.00% 3% 3% 3%
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 08:00 AM Interest Rate Decision 3% 3%
2018-05-10 08:00 AM Interest Rate Decision 3%
2018-06-21 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 3.06 3.06 102.63 0.00 percent [+]
Money Supply M0 1063042.66 961103.29 1063042.66 1918.00 PHP Million [+]
Money Supply M1 3556885.69 3446508.30 3556885.69 14600.00 PHP Million [+]
Money Supply M2 10215773.10 9938108.13 10215773.10 44456.00 PHP Million [+]
Money Supply M3 10641733.94 10351566.10 10641733.94 56544.00 PHP Million [+]
Foreign Exchange Reserves 81200.00 81470.00 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1115.00 1104.00 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 243037.69 235670.67 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 6384185.75 6154285.87 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 February 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 Jan/18
Mexico 7.50 Feb/18
Russia 7.50 Feb/18
Brazil 6.75 Feb/18
India 6.00 Feb/18
China 4.35 Jan/18
Indonesia 4.25 Feb/18
Australia 1.50 Feb/18
South Korea 1.50 Jan/18
United States 1.50 Jan/18
Canada 1.25 Jan/18
United Kingdom 0.50 Feb/18
Euro Area 0.00 Jan/18
France 0.00 Jan/18
Germany 0.00 Jan/18
Italy 0.00 Jan/18
Netherlands 0.00 Jan/18
Spain 0.00 Jan/18
Japan -0.10 Jan/18
Switzerland -0.75 Jan/18


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