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.

Interest Rate in Philippines averaged 7.72 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 June 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 2.25 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 2.75 31.00 2.25 1985 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-02-06 08:00 AM 3.75% 4% 3.75% 3.75%
2020-03-19 06:30 AM 3.25% 3.75% 3.50% 3.25%
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%
2020-10-01 08:00 AM
2020-11-19 08:00 AM
2020-12-17 08:00 AM


News Stream
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 Cuts Reserve Requirement Ratio by 200Bps
The Philippine central bank slashed the reserve requirement ratio by 200 bps to 12 percent on March 24th 2020, as policymakers sought to calm investors amid the COVID-19 global pandemic, while encouraging banks to continue lending to both retail and corporate sectors. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a statement that the cut will take effect on March 30th.
2020-03-24
Philippines Cuts Key Rates
The Philippine central bank lowered its benchmark interest rate by 50bps to 3.25 percent on Thursday, surprising markets that had forecast a smaller 25bps and bringing borrowing costs to the lowest level since May 2018, in an attempt to soften the economic fallout from the coronavirus outbreak. The interest rates on the overnight lending and deposit facilities were also reduced to 3.75 percent and 2.75 percent, respectively. The board also approved a temporary reduction in the term spread on rediscounting loans relative to the overnight lending rate to zero. Meantime, latest forecasts indicate a lower path of inflation in 2020 and 2021, with inflation expectations remaining firmly anchored within the target range of 3 percent ± 1 percentage point. The latest reading are below the February's projections of 3 percent for 2020 and 2.9 percent for 2021 due to lower-than-projected inflation out turns in recent months, a sharp fall in oil prices, and the impact of the pandemic.
2020-03-19

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.