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. source: Bangko Sentral ng Pilipinas
Interest Rate in Philippines averaged 7.63 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 March of 2021.
Interest Rate in Philippines is expected to be 2.00 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.