Bangko Sentral Ng Pilipinas

Filipino Monetary Policy

June 13, 2013

Officials at this year’s fourth interest rate policy meeting voted to leave the overnight borrowing and lending rates at 3.5% and 5.5%, respectively, and did not cut the Special Deposit Rate any further.  Such was sliced on January 24, March 13, and April 25 to the current 2.0% level, and policymakers are pausing to assess […] More

Filipino Central Bank Engineers a Third 2013 Cut of Special Deposit Rate

April 25, 2013

Officials at Bangko Sentral ng Pilipinas left the main monetary policy signals unchanged.  The overnight borrowing rate (reverse repo) stays at 3.5%, while the overnight lending rate (repo) was held at 5.5%.  These rates had been cut four times in 2012 (January, May, July and October) but not subsequently.  As officials had done at previous […] More

Filipino Central Bank Maintains Key Policy Rates but Fine Tunes SDA Facility

January 24, 2013

The overnight borrowing and lending rates of Bangko Sentral ng Pilipinas were left at 3.5% and 5.5%.  These were cut four times during 2012 — in January, March, July and October most recently — each time by 25 basis points.  The Monetary Committee’s statement called inflation prospects “manageable, noting inflation is in the lower half […] More

Filipino Central Bank Interest Rates Cut by 25 Basis Points

October 25, 2012

Policymakers at Bangko Sentral ng Pilipinas have reduced the overnight borrowing and lending rates by 25 basis points to 3.5% and 5.5%, respectively.  This easing follows three similarly-sized adjustments made this year in January, March and July.  A new statement calls the inflation outlook “manageable”, with the 12-month CPI projected to stay within the 3-5% […] More

A Filipino Central Bank Rate Cut Catches Most but Not All Analysts by surprise

July 26, 2012

Bangko Sentral ng Pilipinas has implemented a third 25-basis point cut of its overnight repo and reverse repo rates.  The new levels are respectively 3.75% and 5.75%.  Similar reductions were announced earlier this year on January 19 and March 1.  Policy was not changed at the immediately prior meeting on June 14, but today’s move […] More

First Filipino Interest Rate Cut Since July 2009

January 19, 2012

The Monetary Board at Bangko Sentral ng Pilipinas cut its key overnight borrowing and lending rates by 25 basis points to 4.25% and 6.25%, respectively.  A statement from central bank officials first projected that CPI inflation this year would settled into the lower half of a 3-5% target range and also observed that "the Euro […] More

Unchanged Central Bank Rate in The Philippines as Expected

December 1, 2011

The Filipino Monetary Board left its overnight policy rate unchanged at 4.5%, which was what analysts had anticipated.  Two hikes of 25 basis points were implemented in March and May of this year, and reserve requirements were raised in June and July.  Those were the last policy changes of any sort, and now officials are […] More

Rate Hikes in The Philippines and Malaysia

May 5, 2011

Bangko Sentral Ng Pilipinas has implemented a second tightening of its monetary policy interest rates, following up on an initial move on March 24.  The reverse repo rate for borrowing was lifted 25 basis points to 4.5%, and the repo lending rate was increased to 6.5% from 6.25%.  During the recession, rates were cut by […] More