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. source: Bangko Sentral ng Pilipinas

Interest Rate in Philippines averaged 7.53 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 October 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
2021-05-12 08:00 AM 2% 2% 2% 2%
2021-06-24 08:00 AM 2% 2% 2% 2%
2021-08-12 08:00 AM 2% 2% 2% 2%
2021-09-23 08:00 AM 2% 2% 2% 2%
2021-11-11 08:00 AM 2% 2%
2021-12-16 08:00 AM 2%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
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 Leaves Key Rates Unchanged
The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on June 24th 2021, as expected, citing lingering downside risks to the economy as the country continues to struggle to curb the pandemic domestically. 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 bank should continue to support the economy through the recovery and will maintain its accommodative stance as long as necessary. In May, headline inflation was unchanged at 4.5% from the previous month, slightly above the upper limit of the central bank’s target band of 2% - 4%, underpinned by transportation prices. Looking ahead, policymakers revised higher their 2021 inflation forecasts to 4% from a prior 3.9% and see a gradual easing to around 3% in 2022 and 2023.
2021-06-24
Philippines Leaves Rates Steady
The central bank of the Philippines left the key overnight repo rate steady at 2% on May 12th 2021, in line with forecasts. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. Policymakers said risks to the inflation outlook are broadly balanced and inflation is likely to settle within the 2%-4% target in 2021 and 2022. Inflation is expected to average near 4 percent in 2021, as price pressures on food commodities are abating while inflation in 2022 is seen to remain near 3 percent but forecast has increased slightly owing in part to rising international crude oil prices.
2021-05-12

Philippines Last Unit Reference Previous Highest Lowest
Interest Rate 2.00 percent Sep/21 2.00 31.00 2.00
Interbank Rate 1.66 percent Oct/21 1.66 102.63 0.00
Money Supply M1 5683451.70 PHP Million Aug/21 5616697.43 5683451.70 14600.00
Money Supply M0 1657861.14 PHP Million Aug/21 1654320.87 1734011.23 1918.00
Money Supply M2 13800146.63 PHP Million Aug/21 13720812.74 13800146.63 44456.00
Money Supply M3 14449777.19 PHP Million Aug/21 14374090.06 14449777.19 56544.00
Foreign Exchange Reserves 107160.00 USD Million Sep/21 107960.00 110117.43 44.07
Deposit Interest Rate 1.50 percent Sep/21 1.50 4.25 1.50
Lending Rate 2.00 percent Sep/21 2.50 45.00 2.00
Loans To Private Sector 8140463.82 PHP Million Aug/21 8045491.63 8239837.69 3584899.00
Loans To Banks 364222.61 PHP Million Aug/21 350480.25 364222.61 132599.00
Cash Reserve Ratio 12.00 percent Apr/21 12.00 25.00 12.00


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.