Philippines Interest Rate

Last Release

Dec 19, 2024

Actual

5.75

Units In

Frequency

Daily

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
31 Jan 1985	2 Nov 2020	7.33 %	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 lowered its benchmark interest rate by 25 basis points to 5.75% during its December 2024 policy meeting, marking the third consecutive rate cut and meeting market expectations. Recent data showed that the country's annual inflation rate rose to a three-month high of 2.5% in November 2024, up from 2.3% in the previous month and in line with market expectations. Inflation is projected to remain within the target range over the policy horizon, with a slight upward revision in the 2025 forecast to 3.4% from 3.3%, while the 2026 estimate remains steady at 3.7%. Meanwhile, domestic demand remained resilient, bolstered by easing inflation and an improving labor market. However, external challenges could weigh on growth prospects. Nevertheless, the Monetary Board emphasized its commitment to a cautious approach to monetary easing, aiming to ensure price stability while fostering sustainable economic growth and employment.