The Philippine central bank held its benchmark interest rate at 2.25 percent during its October meeting, with policymakers taking a wait-and-see approach to monetary policy after delivering four rate cuts this year in response to the severe economic disruption caused by the spread of Covid-19. The interest rates on the overnight deposit and lending facilities were also kept at 1.75 percent and 2.75 percent, respectively.

Interest Rate in Philippines averaged 7.67 percent from 1985 until 2020, reaching an all time high of 31 percent in January of 1985 and a record low of 2.25 percent in June 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 2020. source: Bangko Sentral ng Pilipinas

Interest Rate in Philippines is expected to be 2.25 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 2.75 in 12 months time. In the long-term, the Philippines Interest Rate is projected to trend around 3.00 percent in 2021 and 3.50 percent in 2022, according to our econometric models.

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Philippines Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 31.00 2.25 1985 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-04-16 06:00 AM 2.75% 3.25% 2.75%
2020-06-25 08:00 AM 2.25% 2.75% 2.75% 2.75%
2020-08-20 08:00 AM 2.25% 2.25% 2.25% 2.25%
2020-10-01 08:00 AM 2.25% 2.25% 2.25% 2.25%
2020-11-19 08:00 AM 2.25% 2.25%
2020-12-17 08:00 AM


News Stream
Philippines Central Bank Holds Policy Rate at 2.25%
The Philippine central bank held its benchmark interest rate at 2.25 percent during its October meeting, with policymakers taking a wait-and-see approach to monetary policy after delivering four rate cuts this year in response to the severe economic disruption caused by the spread of Covid-19.
2020-10-01
Philippines Pauses on Rate Cuts
The central bank of the Philippines left its key overnight borrowing rate steady at 2.25% on August 20th 2020, in line with market forecasts. Policymakers said the current policy stance remains appropriate, after cutting rates by a total of 175bps during last 4 sessions. The overnight reverse repurchase facility rate was left at a record-low of 2.25% and the overnight deposit and lending facilities were also kept steady at 1.75% and 2.75%, respectively. Policymakers added that the balance of risks remains to the downside and early signs of economic recovery were observed. Inflation forecasts were revised higher for both 2020 (2.6% vs 2.3%) and 2021 (3% vs 2.6%). The central bank added that there is no need to adjust reserve requirements as the country has ample liquidity and remains committed to using a full range of instruments to help the economy if necessary.
2020-08-20
Philippines Cuts Key Rate to 2.25%
The central bank of the Philippines lowered its key reverse repo rate by 50bps to 2.25 percent on June 25th 2020, the third rate cut so far this year and bringing borrowing costs to a record low. Markets were expecting no changes. The Governor mentioned downside risks to inflation between 2020 and 2022 and said there remain a critical need for continuing measures to bolster economic activity and support financial conditions, amid the coronavirus pandemic. Policymakers added that further reductions in interest rates would help mitigate the downside risks to growth.
2020-06-25
Philippines Unexpectedly Cuts Key Rate by 50 Bps to 2.75%
The Philippine central bank unexpectedly lowered its benchmark interest rate by 50 basis points to 2.75 percent on 16th April 2020, ahead of a 21st May policy meeting, as policymakers try to support the economy battling with the COVID-19 outbreak. The bank said that the reduction will be the last rate adjustment this year.
2020-04-16

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.