The central bank of the Philippines left the key overnight repo rate steady at a record low of 2% on June 24th 2021, as expected, citing lingering downside risks to the economy as the country continues to struggle to curb the pandemic domestically. The interest rates on the overnight deposit and lending facilities were also kept at 1.5 percent and 2.5 percent, respectively. The monetary board said the bank should continue to support the economy through the recovery and will maintain its accommodative stance as long as necessary. In May, headline inflation was unchanged at 4.5% from the previous month, slightly above the upper limit of the central bank’s target band of 2% - 4%, underpinned by transportation prices. Looking ahead, policymakers revised higher their 2021 inflation forecasts to 4% from a prior 3.9% and see a gradual easing to around 3% in 2022 and 2023. source: Bangko Sentral ng Pilipinas
Interest Rate in Philippines averaged 7.55 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 August of 2021.
Interest Rate in Philippines is expected to be 2.25 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.