Philippines Interest Rate
2023 Data – 1985-2022 Historical – 2024 Forecast
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The central bank of the Philippines held its benchmark interest rate for the second straight meeting at 6.25% in June 2023, in line with market expectations, as inflation continued on an easing trend.The country’s headline inflation slowed for the fourth month to 6.1% in May, the lowest since June 2022.Also, the latest baseline projections showed a gradual return of inflation to a target range of 2-4%.The inflation forecast was lowered for 2023, expecting an average of 5.4% (vs 5.5% previously), while it went up for 2024 at 2.9% (vs 2.8%).However, risks to inflation were still on the upside, due mainly to transport fare and wage adjustments and food supply constraints.
Moreover, the economy is expected to remain flat as economic activities are seen to moderate, suggesting an unlikely rate cut in the near future.
source:
Bangko Sentral ng Pilipinas
Interest Rate in Philippines averaged 7.36 percent from 1985 until 2023, 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 June of 2023.
Interest Rate in Philippines is expected to be 6.25 Philippines Interest Rate is projected to trend around 5.00 percent in 2024 and 4.00 percent in 2025, //tradingeconomics.com/embed/?s=philippinesintrate&v=202306220820v20230410&h=300&w=600&ref=/philippines/interest-rate’ height=’300′ width=’600′ frameborder=’0′ scrolling=’no’>
source: tradingeconomics.com
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Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-03-23
07:00 AM
Interest Rate Decision
6.25%
6%
6.25%
6.25%
2023-05-18
07:00 AM
Interest Rate Decision
6.25%
6.25%
6.25%
6.25%
2023-06-22
07:00 AM
Interest Rate Decision
6.25%
6.25%
6.25%
6.25%
2023-08-17
07:00 AM
Interest Rate Decision
6.25%
6.25%
2023-09-21
07:00 AM
Interest Rate Decision
6.25%
2023-11-16
07:00 AM
Interest Rate Decision
Related
Last
Previous
Unit
Reference
Interest Rate
6.25
6.25
percent
Jun 2023
Interbank Rate
6.31
6.31
percent
Jun 2023
Money Supply M1
6460515.71
6467113.88
PHP Million
Apr 2023
Money Supply M0
1958943.62
1934866.32
PHP Million
Apr 2023
Money Supply M2
15787124.92
15702638.64
PHP Million
Apr 2023
Money Supply M3
16251351.36
16184028.70
PHP Million
Apr 2023
Foreign Exchange Reserves
101300.00
101510.00
USD Million
May 2023
Deposit Interest Rate
5.75
5.75
percent
Jun 2023
Lending Rate
6.75
6.75
percent
Jun 2023
Cash Reserve Ratio
9.50
12.00
percent
Jun 2023
Loans to Private Sector
9471346.36
9407919.33
PHP Million
Apr 2023
Loans To Banks
375245.45
333928.72
PHP Million
Apr 2023
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
6.25
6.25
31.00
2.00
1985 – 2023
percent
Daily
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Interest Rate by Country
News Stream
Philippines Central Bank Holds Key Rate at 6.25%
The central bank of the Philippines held its benchmark interest rate for the second straight meeting at 6.25% in June 2023, in line with market expectations, as inflation continued on an easing trend.
The country’s headline inflation slowed for the fourth month to 6.1% in May, the lowest since June 2022.Also, the latest baseline projections showed a gradual return of inflation to a target range of 2-4%.
The inflation forecast was lowered for 2023, expecting an average of 5.4% (vs 5.5% previously), while it went up for 2024 at 2.9% (vs 2.8%).However, risks to inflation were still on the upside, due mainly to transport fare and wage adjustments and food supply constraints.Moreover, the economy is expected to remain flat as economic activities are seen to moderate, suggesting an unlikely rate cut in the near future.
2023-06-22
Philippines Central Bank Pauses Rate Hikes
The central bank of the Philippines held its benchmark interest rate at 6.25% during its May 2023 meeting, confirming market forecasts and pausing from a year-long tightening cycle, saying the current monetary policy stance is appropriate as inflation is easing.The country’s headline inflation slowed for the third month to 6.6% in April, the lowest level since September 2022.
Meanwhile, the inflation forecasts were both revised lower for 2023, expecting an average of 5.5% (vs 6% previously) and for 2024 at 2.8% (vs 2.9%).The latest baseline projections continue to reflect a gradual return of inflation to the target range of 2-4% over the policy horizon, suggesting policymakers’ to most likely hold the key rate for two or three meetings.The central bank also decided to keep its overnight deposit and the lending rate at 5.75% and 6.75%, respectively.
2023-05-18
Philippines Lifts Key Interest Rate to 6.25%
The central bank of the Philippines raised its overnight borrowing rate by 25bps to 6.25% during its March 2023 meeting, confirming market expectations and pushing borrowing costs to its highest since 2007.It was the second consecutive hike this year amid persistent high inflation, which stood at 8.6% in February, holding close to a 14-year high of 8.7% recorded in the previous month.The latest inflation rate was still well-above the policymakers’ target of 2%-4%.
Meanwhile, the inflation forecasts were both revised lower for 2023, expecting an average of 6% (vs 6.1% previously) and for 2024 at 2.9% (vs 3.1%).
2023-03-23
Related
Philippines Central Bank Holds Key Rate at 6.25%
Philippine Peso Muted as BSP Stands Pat
FDI into the Philippines Plunges 30.7% in March
Philippines Jobless Rate Falls to 4-Month Low
Philippines Imports Drop the Most in Near 3 Years
Philippines Exports Fall the Most in 35 Months
Philippines Trade Gap Narrows in April
Philippines Cuts RRR for Big Banks to 9.5%
Philippines Manufacturing Output Grows the Most in 3 Months
Philippines Inflation Rate Falls to 11-Month Low
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