The central bank of the Philippines left the key overnight repo rate steady at a record low of 2 percent on November 18th 2021, in line with expectations, citing manageable inflation and the responsibility to support the domestic economic recovery. The interest rates on the overnight deposit and lending facilities were also kept unchanged at 1.5 percent and 2.5 percent, respectively. Policymakers said the risks to the inflation outlook have tilted towards the upside for 2022, linked to the potential impact of severe weather on food prices, petitions for transport fare hikes, and a prolonged recovery of domestic pork supply, but remained broadly balanced for 2023. The Board added that potential delays in lifting COVID-19 restrictions and the emergence of more virulent virus strains could dampen prospects for domestic demand and temper inflationary pressures. Also, growth appeared to be gaining momentum, driven by the ongoing reopening process and vaccination efforts. source: Bangko Sentral ng Pilipinas

Interest Rate in Philippines averaged 7.51 percent from 1985 until 2021, reaching an all time high of 31 percent in January of 1985 and a record low of 2 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 November of 2021.

Interest Rate in Philippines is expected to be 2.00 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 2.50 percent in 2022, according to our econometric models.

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Philippines Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-08-12 08:00 AM 2% 2% 2% 2%
2021-09-23 08:00 AM 2% 2% 2% 2%
2021-11-18 07:00 AM 2% 2% 2% 2%
2021-12-16 08:00 AM 2% 2%


Related Last Previous Unit Reference
Interest Rate 2.00 2.00 percent Nov/21
Interbank Rate 1.81 1.81 percent Nov/21
Money Supply M1 5758368.53 5683451.70 PHP Million Sep/21
Money Supply M0 1680864.10 1657861.14 PHP Million Sep/21
Money Supply M2 14003724.70 13800146.63 PHP Million Sep/21
Money Supply M3 14610564.84 14449777.19 PHP Million Sep/21
Foreign Exchange Reserves 107890.00 107950.00 USD Million Nov/21
Deposit Interest Rate 1.50 1.50 percent Nov/21
Lending Rate 2.00 2.00 percent Nov/21
Loans To Private Sector 8195930.48 8140463.82 PHP Million Sep/21
Loans To Banks 371406.88 364222.61 PHP Million Sep/21
Cash Reserve Ratio 12.00 12.00 percent Sep/21

News Stream
Philippines Leaves Rates Unchanged
The central bank of the Philippines left the key overnight repo rate steady at a record low of 2 percent on November 18th 2021, in line with expectations, citing manageable inflation and the responsibility to support the domestic economic recovery. The interest rates on the overnight deposit and lending facilities were also kept unchanged at 1.5 percent and 2.5 percent, respectively. Policymakers said the risks to the inflation outlook have tilted towards the upside for 2022, linked to the potential impact of severe weather on food prices, petitions for transport fare hikes, and a prolonged recovery of domestic pork supply, but remained broadly balanced for 2023. The Board added that potential delays in lifting COVID-19 restrictions and the emergence of more virulent virus strains could dampen prospects for domestic demand and temper inflationary pressures. Also, growth appeared to be gaining momentum, driven by the ongoing reopening process and vaccination efforts.
2021-11-18
Philippines Leaves Key Interest Rates Unchanged, Sees Higher Inflation
The central bank of the Philippines left the key overnight repo rate steady at a record low of 2 percent on September 23rd 2021, in line with expectations, and aiming to manage high inflation and uncertain growth outlook. Policymakers said the risks to the inflation outlook have tilted towards the upside for 2021 but remain broadly balanced for 2022 and 2023. Inflation forecasts were revised higher to 4.4 percent in 2021 from a prior 4.1 percent; 3.3 percent in 2022 and 3.2 percent in 2023, both previously expected at 3.1 percent. The interest rates on the overnight deposit and lending facilities were also kept unchanged at 1.5 percent and 2.5 percent, respectively. Meanwhile, the central bank also said it stands ready to take appropriate measures as necessary to ensure that the monetary policy stance remains in line with its price and financial stability mandates.
2021-09-23
Philippines Monetary Policy Rates Left Unchanged
The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on August 12th 2021, as expected, amid a resurgence in coronavirus infections and COVID-19 deaths. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. The monetary board said the reimposition of quarantine restrictions posed a risk to the ongoing recovery and the bank should continue to support the economy through the recovery and will maintain its accommodative stance as long as necessary. In July, headline inflation moderated further to 4% from 4.1% in the previous month, touching the upper limit of the central bank’s target band of 2% - 4%. Looking ahead, policymakers revised higher their inflation forecasts to 4.1% in 2021 from a prior 4%, and 3.1% in 2022 and 2023, previously expected at 3%.
2021-08-12

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.