The Philippine central bank unexpectedly lowered its benchmark interest rate by 25 bps to 2.0 percent during its November meeting, defying market expectations of an unchanged rate. The interest rates on the overnight deposit and lending facilities were also reduced to 1.5 percent and 2.5 percent, respectively. Policymakers voiced concerns about the resurgence of COVID-19 cases globally, while muted business and household sentiment in the Philippines and the impact of recent natural calamities could pose strong headwinds to the recovery of the economy in the coming months. Meanwhile, inflation expectations remaining firmly anchored within the target range of 2-4 percent. source: Bangko Sentral ng Pilipinas
Interest Rate in Philippines averaged 7.66 percent from 1985 until 2020, 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 December of 2020.
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. Looking forward, we estimate Interest Rate in Philippines to stand at 2.25 in 12 months time. In the long-term, the Philippines Interest Rate is projected to trend around 2.25 percent in 2021 and 2.50 percent in 2022, according to our econometric models.