Bangko Sentral ng Pilipinas (BSP) raised its key overnight borrowing rate by 75bps to 3.25% in a surprise move on July 14th and signaled its readiness to tighten further monetary policy to cool surging prices. Thursday's move came ahead of the central bank's regular policy meeting scheduled for August. 18th, and followed two back-to-back rate hikes of 25 bps each, in May and June. Governor Felipe Medalla said in an announcement via Facebook that the central bank was ready "to take further necessary actions to steer inflation towards a target-consistent path over the medium term in keeping with its price stability mandate". The annual inflation in the Philippines surged to the highest level in nearly four years of 6.1% in June, and is widely expected to stay elevated, pushing the full-year average beyond the 2%-4% target band. source: Bangko Sentral ng Pilipinas
Interest Rate in Philippines averaged 7.42 percent from 1985 until 2022, 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 August of 2022.
Interest Rate in Philippines is expected to be 3.00 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 3.50 percent in 2023, according to our econometric models.