The Philippine central bank held the rate on its overnight reverse repurchase facility at 4.75 percent on February 7th, as widely expected, saying inflation expectations declined further while economic growth moderates. The central bank paused its tightening cycle in December following five straight rate hikes in previous meetings. Interest Rate in Philippines averaged 7.88 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 5.00 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 4.50 in 12 months time. In the long-term, the Philippines Interest Rate is projected to trend around 3.75 percent in 2020, according to our econometric models.

Philippines Interest Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-27 08:00 AM Interest Rate Decision 4.5% 4% 4.5% 4.5%
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%
2019-05-09 08:00 AM Interest Rate Decision
2019-06-20 08:00 AM Interest Rate Decision



Philippines Holds Key Interest Rate at 4.75%

The Philippine central bank held the rate on its overnight reverse repurchase facility at 4.75 percent on February 7th, as widely expected, saying inflation expectations declined further while economic growth moderates. The central bank paused its tightening cycle in December following five straight rate hikes in previous meetings.

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 of a more manageable inflation environment. Latest baseline inflation forecasts show inflation settling within the target band of  3.0 percent ± 1.0 percentage point for 2019-2020, as price pressures continue to recede due to the decline in international crude oil prices and the normalization of supply conditions for key food items. Inflation expectations have also declined further and are now aligned to the inflation target for 2019-2020. At the same time, domestic demand conditions have remained firm, supported by a projected recovery in household spending and the sustained implementation of the government’s infrastructure program.

Meanwhile, the risks to the inflation outlook are seen to remain evenly balanced for 2019 while leaning toward the downside for 2020 given a more uncertain global economic environment, which in turn could temper potential upward pressures from commodity prices in the coming months.

Given these considerations, the Monetary Board deems the prevailing monetary policy settings to be appropriate, as previous monetary responses continue to work their way through the economy. The Monetary Board also emphasized that the BSP remains vigilant against developments that could affect the outlook for inflation and is prepared to take appropriate policy action as necessary to safeguard its price and financial stability objectives.


Bangko Sentral NG Pilipinas | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/7/2019 8:55:08 AM



Philippines Money Last Previous Highest Lowest Unit
Interest Rate 4.75 4.75 31.00 3.00 percent [+]
Money Supply M0 1233502.92 1125055.12 1233502.92 1918.00 PHP Million [+]
Money Supply M1 3887379.42 3773018.62 3887379.42 14600.00 PHP Million [+]
Interbank Rate 5.13 5.13 102.63 0.00 percent [+]
Money Supply M2 11065704.62 10764346.00 11065704.62 44456.00 PHP Million [+]
Money Supply M3 11612149.07 11250727.43 11612149.07 56544.00 PHP Million [+]
Foreign Exchange Reserves 82130.00 78460.00 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 252759.94 248846.25 320071.10 132599.00 PHP Million [+]
Loans To Private Sector 7395572.61 7213720.84 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 February 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 43.94 Feb/19
Turkey 24.00 Jan/19
Mexico 8.25 Feb/19
Russia 7.75 Feb/19
South Africa 6.75 Jan/19
Brazil 6.50 Feb/19
India 6.25 Feb/19
Indonesia 6.00 Jan/19
China 4.35 Jan/19
Saudi Arabia 3.00 Jan/19
United States 2.50 Jan/19
Singapore 1.90 Jan/19
Canada 1.75 Jan/19
South Korea 1.75 Jan/19
Australia 1.50 Jan/19
United Kingdom 0.75 Feb/19
Euro Area 0.00 Jan/19
France 0.00 Jan/19
Germany 0.00 Jan/19
Italy 0.00 Jan/19
Netherlands 0.00 Jan/19
Spain 0.00 Jan/19
Japan -0.10 Jan/19
Switzerland -0.75 Jan/19


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