The central bank of the Philippines raised its key overnight reverse repo rate by 50bps to 5.5% during its December 2022 meeting, in line with market expectations. It is a seventh consecutive rate hike, pushing borrowing costs to a new high since early-2009, aiming to control inflation which stands at 14-year high and bring it back to 2%-4%. The central bank sees inflation peaking in December and to reach 2% in Q4 next year. The central bank now sees inflation higher in both 2023 (average of 4.5% vs 4.3%) and 2024 (average of 2.8% vs 3.1%). Policymakers also added they could not rule out further policy actions in 2023 and that there's a low probability that the terminal rate will remain the same as now. source: Bangko Sentral ng Pilipinas

Interest Rate in Philippines averaged 7.37 percent from 1985 until 2022, reaching an all time high of 31.00 percent in January of 1985 and a record low of 2.00 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 January of 2023.

Interest Rate in Philippines is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Interest Rate is projected to trend around 5.00 percent in 2024 and 5.50 percent in 2025, according to our econometric models.

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Philippines Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-22 07:00 AM 4.25% 3.75% 4.25% 4.25%
2022-11-17 07:00 AM 5% 4.25% 5% 5%
2022-12-15 07:00 AM 5.5% 5% 5.5% 5.5%
2023-02-16 07:00 AM 5.5%
2023-03-23 07:00 AM
2023-05-18 07:00 AM


Related Last Previous Unit Reference
Interest Rate 5.50 5.00 percent Dec 2022
Interbank Rate 5.50 5.50 percent Jan 2023
Money Supply M1 6361173.47 6281377.17 PHP Million Nov 2022
Money Supply M0 1864456.54 1836541.26 PHP Million Nov 2022
Money Supply M2 15141366.75 14949666.20 PHP Million Nov 2022
Money Supply M3 15628266.33 15442308.61 PHP Million Nov 2022
Foreign Exchange Reserves 96000.00 95100.00 USD Million Dec 2022
Deposit Interest Rate 5.00 4.50 percent Dec 2022
Lending Rate 5.50 5.00 percent Dec 2022
Cash Reserve Ratio 12.00 12.00 percent Dec 2022
Loans to Private Sector 9317441.29 9227488.82 PHP Million Nov 2022
Loans To Banks 293600.10 289257.20 PHP Million Nov 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.50 5.00 31.00 2.00 1985 - 2022 percent Daily

News Stream
Philippines Raises Key Interest Rate to 5.5%
The central bank of the Philippines raised its key overnight reverse repo rate by 50bps to 5.5% during its December 2022 meeting, in line with market expectations. It is a seventh consecutive rate hike, pushing borrowing costs to a new high since early-2009, aiming to control inflation which stands at 14-year high and bring it back to 2%-4%. The central bank sees inflation peaking in December and to reach 2% in Q4 next year. The central bank now sees inflation higher in both 2023 (average of 4.5% vs 4.3%) and 2024 (average of 2.8% vs 3.1%). Policymakers also added they could not rule out further policy actions in 2023 and that there's a low probability that the terminal rate will remain the same as now.
2022-12-15
Philippines Delivers 6th Straight Rate Hike
The central bank of the Philippines raised its key overnight reverse repo rate by 75bps to 5% on November 17th 2022, a sixth consecutive rate hike and pushing borrowing costs to the highest since early-2009. Policymakers said the increase aims to tackle inflation and prevent the peso to weaken further. The move was line with market forecasts after governor Medalla said early in the month he would favour a 75bps increase to match the latest Fed move. Meanwhile, inflation forecasts were increased to 2022 (5.8% vs 5.6%), 2023 (4.3% vs 4.1%) and 2024 (3.1% vs 3%). Inflation in the Philippines topped 7.7% in October. The central bank added that it stands ready to take all necessary actions to tame inflation towards the target of 2% to 4% in the medium term.
2022-11-17
Philippines Lifts Key Rate to 4.25%
The central bank of the Philippines raised its key overnight borrowing rate by 50 bps to 4.25% at its September meeting, in line with market expectations. It was the fifth rate hike this year, as the Bangko Sentral ng Philipinas aims to curb inflation and support the Philippine peso, which is at a record low level against the USD. Consumer prices rose 6.3% from a year earlier in August, as expected and remained close to its highest level since October 2018 of 6.4% touched in July.
2022-09-22