Philippines Interest Rate  1985-2018 | Data | Chart | Calendar | Forecast

The central bank of Philippines raised its key overnight reverse repurchase rate by 50bps to 4.5 percent on September 27th, 2018, in line with market expectations. It was the fourth straight hike in borrowing costs and the second consecutive 50 bps rate increase in a decade, as the central bank tries to contain inflationary pressures and support the falling currency. In August, the inflation jumped to 6.4 percent from 5.7 percent in the previous month, reaching the highest level since March of 2009. The interest rates on the overnight lending and deposit facilities were raised accordingly. Interest Rate in Philippines averaged 7.92 percent from 1985 until 2018, reaching an all time high of 31 percent in January of 1985 and a record low of 3 percent in June of 2016.

Philippines Interest Rate
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Philippines Hikes Key Interest Rate for 4th Consecutive Time


The central bank of Philippines raised its key overnight reverse repurchase rate by 50bps to 4.5 percent on September 27th, 2018, in line with market expectations. It was the fourth straight hike in borrowing costs and the second consecutive 50 bps rate increase in a decade, as the central bank tries to contain inflationary pressures and support the falling currency. The interest rates on the overnight lending and deposit facilities were likewise raised accordingly.

In August, the inflation jumped to 6.4 percent from 5.7 percent in the previous month, remaining at the highest level since March of 2009.

Excerpts from the Statement by the Bangko Sentral NG Pilipina:

“The Monetary Board recognized that a further tightening of monetary policy was warranted by persistent signs of sustained and broadening price pressures. Latest baseline forecasts have shifted higher for both 2018 and 2019, with risks to the outlook still leaning toward the upside. With supply-side forces expected to continue to drive inflation in the coming months, inflation expectations have remained elevated amid indications of second-round effects. Meanwhile, domestic demand conditions have generally held firm, even as the previous monetary policy responses continue to work their way through the economy. 

The Monetary Board, therefore, decided to raise the BSP policy interest rate anew to further anchor inflation expectations and to safeguard the inflation target over the policy horizon. The Monetary Board believed that a tighter monetary policy stance will help steer inflation toward a target-consistent path over the medium term by reducing further risks to the inflation outlook, including those emanating from exchange rate volatility given the continued uncertainty in the external environment amid geopolitical tensions and the normalization of monetary policy in advanced economies.

At the same time, the Monetary Board emphasized the need for timely and appropriate non-monetary measures that will further mitigate the impact of supply-side factors on inflation, including rice tariffication. The BSP reassures the public of its strong commitment to take all necessary policy actions to address the threat of high inflation and deliver on its primary mandate of price stability.”


Bangko Sentral NG Pilipinas | Gabriela Costa | gabriela.costa@tradingeconomics.com
9/27/2018 9:22:22 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-06-20 08:00 AM Interest Rate Decision 3.5% 3.25% 3.5% 3.25%
2018-08-09 08:00 AM Interest Rate Decision 4% 3.5% 4% 3.75%
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 4.5% 4.5%
2018-12-13 08:00 AM Interest Rate Decision 5%


Philippines Money Last Previous Highest Lowest Unit
Interest Rate 4.50 4.00 31.00 3.00 percent [+]
Interbank Rate 4.63 4.66 102.63 0.00 percent [+]
Money Supply M0 1041409.07 1029049.56 1063042.66 1918.00 PHP Million [+]
Money Supply M1 3682954.00 3727219.84 3752451.00 14600.00 PHP Million [+]
Money Supply M2 10686792.67 10638540.33 10686792.67 44456.00 PHP Million [+]
Money Supply M3 11154831.31 11103178.87 11154831.31 56544.00 PHP Million [+]
Foreign Exchange Reserves 75161.00 77933.94 86139.11 44.07 USD Million [+]
Banks Balance Sheet 1181.50 1136.30 1189.10 459.52 PHP Billion [+]
Deposit Interest Rate 4.00 3.50 4.00 2.50 percent [+]
Lending Rate 5.00 4.50 45.00 3.50 percent [+]
Loans To Banks 219768.57 211367.05 320071.10 132599.00 PHP Million [+]
Loans To Private Sector 6953852.13 6862360.57 6953852.13 3584899.00 PHP Million [+]
Cash Reserve Ratio 18.00 18.00 25.00 12.00 percent [+]
Central Bank Balance Sheet 4653.90 4726.60 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 October of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
4.50 4.00 31.00 3.00 1985 - 2018 percent Daily




interest rate by Country
Country Last
Argentina 72.54 Oct/18
Turkey 24.00 Sep/18
Mexico 7.75 Oct/18
Russia 7.50 Sep/18
Brazil 6.50 Sep/18
India 6.50 Oct/18
South Africa 6.50 Sep/18
Indonesia 5.75 Sep/18
China 4.35 Sep/18
Saudi Arabia 2.75 Sep/18
United States 2.25 Sep/18
Australia 1.50 Oct/18
Canada 1.50 Sep/18
South Korea 1.50 Oct/18
Singapore 1.11 Sep/18
United Kingdom 0.75 Sep/18
Euro Area 0.00 Sep/18
France 0.00 Sep/18
Germany 0.00 Sep/18
Italy 0.00 Sep/18
Netherlands 0.00 Sep/18
Spain 0.00 Sep/18
Japan -0.10 Sep/18
Switzerland -0.75 Sep/18


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