The Philippine central bank left its key overnight reverse repurchase facility rate unchanged at 4.75 percent on March 21st 2019, as widely expected. Policymakers said that the decision remains consistent with the price stability objective and that they will continue to monitor developments affecting the inflation outlook. Interest Rate in Philippines averaged 7.87 percent from 1985 until 2019, reaching an all time high of 31 percent in January of 1985 and a record low of 3 percent in June of 2016.

Interest Rate in Philippines is expected to be 4.75 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 4.00 in 12 months time. In the long-term, the Philippines Interest Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.

Philippines Interest Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-15 08:00 AM Interest Rate Decision 4.75% 4.5% 4.75% 4.5%
2018-12-13 08:00 AM Interest Rate Decision 4.75% 4.75% 4.75% 4.75%
2019-02-07 08:00 AM Interest Rate Decision 4.75% 4.75% 4.75% 4.75%
2019-03-21 08:00 AM Interest Rate Decision 4.75% 4.75% 4.75% 4.75%
2019-05-09 08:00 AM Interest Rate Decision 4.75% 4.5%
2019-06-20 08:00 AM Interest Rate Decision 4.5%
2019-08-08 08:00 AM Interest Rate Decision 4.5%



Philippines Leaves Monetary Policy Unchanged

The Philippine central bank left its key overnight reverse repurchase facility rate unchanged at 4.75 percent on March 21st 2019, as widely expected. Policymakers said that the decision remains consistent with the price stability objective and that they will continue to monitor developments affecting the inflation outlook.

Statement by the Bangko Sentral NG Pilipinas:

At its meeting on monetary policy today, the Monetary Board decided to keep the interest rate on the BSP’s overnight reverse repurchase (RRP) facility unchanged at 4.75 percent. The interest rates on the overnight lending and deposit facilities were likewise held steady.

The Monetary Board’s decision is based on its assessment that prevailing monetary policy settings remain appropriate.  Latest baseline inflation forecasts show inflation settling within the target range of 3.0 percent ± 1.0 percentage point for both 2019 and 2020, while inflation expectations continue to stabilize within the target band.  Inflation pressures have eased further since the previous monetary policy meeting, reflecting mainly the decline in food prices amid improved supply conditions.

Meanwhile, the Monetary Board observed that overall prospects for domestic activity continue to be firm, supported by a projected recovery in household spending and the continued implementation of the government’s infrastructure program. However, there are risks to economic growth in 2019 if the current budget impasse in Congress is not resolved soon.

The Monetary Board also noted that the risks to the inflation outlook remained broadly balanced for 2019 even as it observed that further risks could emerge from prolonged El Niño and higher-than-expected increases in global oil and food prices.  For 2020, the risks lean toward the downside as tighter global financial conditions and geopolitical risks temper global economic activity and potential upward pressures on commodity prices.

Given these considerations, the Monetary Board is of the view that the within-target inflation outlook and firm domestic growth support keeping monetary policy settings steady at this time. Looking ahead, the BSP will continue to monitor developments affecting the inflation outlook to ensure that the monetary policy stance remains consistent with its price stability objective.


Bangko Sentral NG Pilipinas | Stefanie Moya | stefanie.moya@tradingeconomics.com
3/21/2019 9:05:34 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 4.75 4.75 31.00 3.00 percent [+]
Money Supply M0 1142899.95 1138641.39 1233502.92 1918.00 PHP Million [+]
Money Supply M1 3829135.39 3788734.31 3887379.42 14600.00 PHP Million [+]
Interbank Rate 5.22 5.22 102.63 0.00 percent [+]
Money Supply M2 10907469.01 10864396.66 11065704.62 44456.00 PHP Million [+]
Money Supply M3 11497070.04 11407396.28 11612149.07 56544.00 PHP Million [+]
Foreign Exchange Reserves 83198.90 82780.80 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1230.40 1236.00 1248.90 459.52 PHP Billion [+]
Deposit Interest Rate 4.25 4.25 4.25 2.50 percent [+]
Lending Rate 5.25 5.25 45.00 3.50 percent [+]
Loans To Banks 255056.49 240647.13 320071.10 132599.00 PHP Million [+]
Loans To Private Sector 7251537.52 7277978.83 7395572.61 3584899.00 PHP Million [+]
Cash Reserve Ratio 18.00 18.00 25.00 12.00 percent [+]
Central Bank Balance Sheet 4613.29 4624.62 4781.70 479.78 PHP Billion [+]


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. 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.75 4.75 31.00 3.00 1985 - 2019 percent Daily




Country Last Previous
Argentina 67.12 Apr/19
Turkey 24.00 Mar/19
Mexico 8.25 Mar/19
Russia 7.75 Mar/19
South Africa 6.75 Mar/19
Brazil 6.50 Mar/19
India 6.00 Apr/19
Indonesia 6.00 Mar/19
China 4.35 Mar/19
Saudi Arabia 3.00 Mar/19
United States 2.50 Mar/19
Singapore 2.24 Mar/19
Canada 1.75 Mar/19
South Korea 1.75 Apr/19
Australia 1.50 Apr/19
United Kingdom 0.75 Mar/19
Euro Area 0.00 Apr/19
France 0.00 Apr/19
Germany 0.00 Apr/19
Italy 0.00 Apr/19
Netherlands 0.00 Apr/19
Spain 0.00 Apr/19
Japan -0.10 Mar/19
Switzerland -0.75 Mar/19


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