Philippines Interest Rate  1985-2017 | Data | Chart | Calendar | Forecast

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. Interest Rate in Philippines averaged 9.12 percent from 1985 until 2017, 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 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.

Statement by the Bangko Sentral NG Pilipinas:

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

The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable. While inflation forecasts have risen slightly due to the recent increase in global oil prices, the future inflation path continues to be within the target for 2017-2019. Meanwhile, inflation expectations also remain firmly anchored close to the midpoint of the Government’s 3 percent ± 1 percentage point target over the policy horizon.

The Monetary Board also recognizes that the balance of risks to the inflation outlook continues to be on the upside. While the proposed tax reform program may exert potential transitory pressures on prices, various social safety nets and the resulting improvement in productivity will likely temper the impact on inflation over the medium term.

At the same time, while output prospects for the global economy have improved, downside risks to external demand remain, due in part to geopolitical tensions and lingering uncertainty over macroeconomic policies in advanced economies. The outlook for domestic economic activity continues to be firm, supported by buoyant consumer and business sentiment and ample liquidity. Moreover, as credit activity expands in line with output growth, the economy’s improving absorptive capacity is likewise seen to be sustained, thus mitigating inflation pressures over the long run. Nonetheless, the Monetary Board continues to pay close attention to the evolving economic growth and liquidity conditions and their implications for price and financial stability.

With these considerations, the Monetary Board believes that prevailing monetary policy settings continue to be appropriate. Looking ahead, the BSP will remain vigilant against any risks to the inflation outlook and will adjust its policy settings as needed to ensure that future inflation stays aligned with the medium-term target while being supportive of sustainable economic growth.

Bangko Sentral NG Pilipinas | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/10/2017 9:41:56 AM



Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-11 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2017-06-22 08:10 AM Interest Rate Decision 3% 3% 3% 3%
2017-08-10 08:00 AM Interest Rate Decision 3% 3% 3% 3%
2017-09-21 08:00 AM Interest Rate Decision 3% 3.25%
2017-11-09 08:00 AM Interest Rate Decision 3.5%
2017-12-14 08:00 AM Interest Rate Decision 3.5%


Philippines Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.00 56.60 3.00 percent [+]
Interbank Rate 2.53 2.56 102.63 0.00 percent [+]
Money Supply M0 901326.60 894044.65 922967.97 1918.00 PHP Million [+]
Money Supply M1 3240238.96 3175165.24 3240238.96 14600.00 PHP Million [+]
Money Supply M2 9513710.68 9280619.64 9513710.68 44456.00 PHP Million [+]
Money Supply M3 9877540.45 9630331.14 9877540.45 56544.00 PHP Million [+]
Foreign Exchange Reserves 80786.67 81321.21 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1074.00 1069.60 1074.00 459.52 PHP Billion [+]
Deposit Interest Rate 1.60 1.66 21.17 1.23 percent [+]
Loans To Banks 228770.80 202907.13 287768.92 132599.00 PHP Million [+]
Loans To Private Sector 5694973.09 5595936.46 5694973.09 3584899.00 PHP Million [+]
Central Bank Balance Sheet 4559.10 4598.80 4760.70 479.78 PHP Billion [+]


Philippines Interest Rate Notes

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 August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.00 56.60 3.00 1985 - 2017 percent Daily



interest rate by Country

Last
Brazil 9.25 Jul/17
Russia 9.00 Jul/17
Turkey 8.00 Jul/17
Mexico 7.00 Aug/17
India 6.00 Aug/17
Indonesia 4.75 Aug/17
China 4.35 Jun/17
Australia 1.50 Aug/17
South Korea 1.25 Jul/17
United States 1.25 Jul/17
Canada 0.75 Jul/17
United Kingdom 0.25 Aug/17
Euro Area 0.00 Aug/17
France 0.00 Aug/17
Germany 0.00 Aug/17
Italy 0.00 Aug/17
Netherlands 0.00 Aug/17
Spain 0.00 Aug/17
Japan -0.10 Jul/17
Switzerland -0.75 Jul/17