Philippines Interest Rate

Last Release

Oct 17, 2024

Actual

Units In

6.25

Frequency

Daily

Next Release

Dec 19, 2024

Time to Release

2 Months 1 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
31 Jan 1985	2 Nov 2020	7.34 %	1985-2024	N/A

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.

Latest Updates

The Central Bank of the Philippines trimmed its benchmark interest rate by 25 basis points to 6% during its October 2024 policy meeting, marking the second consecutive rate cut and aligning with market expectations. BSP Governor Eli Remolona emphasized that the decision was driven by the central bank's assessment that price pressures remained manageable. Recent data showed that the country's annual inflation rate slowed sharply to 1.9% in September 2024, from 3.3% in the previous month and falling short of market expectations of 2.5%. This also marked the lowest inflation reading since May 2020. The BSP lowered its risk-adjusted inflation forecast for 2024 to 3.1% from the previous estimate of 3.3%. Conversely, the bank raised its inflation forecasts for 2025 and 2026 to 3.3% and 3.7%, up from previous estimates of 2.9% and 3.3%. This revision is mainly due to potential adjustments in electricity rates and higher minimum wages outside Metro Manila.