The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on June 24th 2021, as expected, citing lingering downside risks to the economy as the country continues to struggle to curb the pandemic domestically. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. The monetary board said the bank should continue to support the economy through the recovery and will maintain its accommodative stance as long as necessary. In May, headline inflation was unchanged at 4.5% from the previous month, slightly above the upper limit of the central bank’s target band of 2% - 4%, underpinned by transportation prices. Looking ahead, policymakers revised higher their 2021 inflation forecasts to 4% from a prior 3.9% and see a gradual easing to around 3% in 2022 and 2023. source: Bangko Sentral ng Pilipinas

Interest Rate in Philippines averaged 7.55 percent from 1985 until 2021, reaching an all time high of 31 percent in January of 1985 and a record low of 2 percent in November 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 July of 2021.

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 2.50 percent in 2022, according to our econometric models.

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Philippines Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.00 31.00 2.00 1985 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-02-11 08:00 AM 2% 2% 2% 2%
2021-03-25 08:00 AM 2% 2% 2% 2%
2021-05-12 08:00 AM 2% 2% 2% 2%
2021-06-24 08:00 AM 2% 2% 2% 2%
2021-08-12 08:00 AM 2% 2%
2021-09-23 08:00 AM 2%
2021-11-11 08:00 AM
2021-12-16 08:00 AM
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Philippines Leaves Key Rates Unchanged
The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on June 24th 2021, as expected, citing lingering downside risks to the economy as the country continues to struggle to curb the pandemic domestically. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. The monetary board said the bank should continue to support the economy through the recovery and will maintain its accommodative stance as long as necessary. In May, headline inflation was unchanged at 4.5% from the previous month, slightly above the upper limit of the central bank’s target band of 2% - 4%, underpinned by transportation prices. Looking ahead, policymakers revised higher their 2021 inflation forecasts to 4% from a prior 3.9% and see a gradual easing to around 3% in 2022 and 2023.
2021-06-24
Philippines Leaves Rates Steady
The central bank of the Philippines left the key overnight repo rate steady at 2% on May 12th 2021, in line with forecasts. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. Policymakers said risks to the inflation outlook are broadly balanced and inflation is likely to settle within the 2%-4% target in 2021 and 2022. Inflation is expected to average near 4 percent in 2021, as price pressures on food commodities are abating while inflation in 2022 is seen to remain near 3 percent but forecast has increased slightly owing in part to rising international crude oil prices.
2021-05-12
Philippines CB Revises Inflation Forecasts
The central bank of the Philippines left the key overnight repo rate steady at 2% on March 25th 2021, in line with expectations. The overnight deposit rate and lending facilities were also left on hold at 1.5% and 2.5%, respectively. Policymakers revised inflation forecasts higher. In 2021, the inflation is seen at 4.2 percent, above the upper end of the target range of 2-4 percent, amid supply-side constraints for meat as well as the continuing uptick in international oil prices. In 2022, inflation is expected to slow to 2.8 percent.
2021-03-25
Philippines Leaves Rates Unchanged
The Philippine central bank held its key overnight borrowing rate steady at a record low of 2% during its February 2021 meeting, as expected. Policymakers said the current policy stance remains appropriate as inflation is expected to stay firmly within target over the policy horizon. The bank noted that the annual inflation rate hit a two-year high of 4.2% in January of 2021, above the central bank’s 2-4% target, saying it is expected to remain elevated but manageable in the coming months. Meanwhile, data showed the economy remained in recession in the last quarter of 2020 with a GDP contraction of 8.3%. Also, the BPS increased its inflation forecasts for 2021 to 4% from 3.2% but it lowered them for 2022 to 2.7% from 2.9%. The interest rates on the overnight deposit and lending facilities were also left unchanged at 1.5% and 2.5%, respectively.
2021-02-11

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.