Central Bank of The Philippines

Central Bank of The Philippines

May 11, 2017

Officials at Bangko Sentral ng Pilipinas left all its interest rates unchanged including the key overnight reverse repo rate, which has been at 3.0% since 25-basis point hikes in July and September of 2014. A released statement projects in-target (2-4%) inflation in both 2017 and 2018, while conceding that higher administered prices and proposed tax reforms […] More

No Changes to Filipino Monetary Policy After Latest Board Meeting

June 25, 2015

Not only did the Monetary Board leave the 4.0% overnight borrowing rate, 6.0% overnight lending rate and reserve requirements unchanged after its latest policy meeting, but it also released a statement that reiterates virtually identically the points summarized in my review of the prior meeting held on May 14.  Officials at Bangko Sentral ng Pilipinas […] More

Bangko Sentral ng Pilipinas Retains 4.0% Overnight Borrowing Rate

March 26, 2015

The Filipino Monetary Policy Board engineered its first interest rate hike since May 2011 in July 2014 and followed up that move with a second 25-basis point increase to 4.0% in September 2014.  Those increases reversed half the easing done in 2012.  No changes were done in 2013.  A statement released today after the latest […] More

Central Bank of The Philippines Keeps Policy Interest Rates Unchanged

February 12, 2015

The last two interest rate changes at Bangko Sentral ng Pilipinas, each a hike of 25 basis points, were done last July and September.  These were the first tightenings of policy since May 2011.  There had been four cuts in 2012 and no changes in 2013.  Since September, the overnight borrowing rate has been 4.0%, […] More

Filipino Monetary Policy Settings Kept Steady

June 14, 2012

The Monetary Board of Bangko Sentral ng Pilipinas agreed to retain a 4.0% overnight borrowing rate and a 6.0% overnight lending rate.  These were reduced earlier this year in January by 25 basis points and again by the same amount in March but left unchanged at the April meeting.  Officials “believe that the benign inflation […] More

A Second Central Bank Interest Rate Cut in the Philippines

March 1, 2012

Monetary policy easing, the first since July 2009, announced January 19 has been followed up with a second 25-basis point reduction of the Filipino overnight borrowing and lending rates to 4.0% and 6.0%, respectively. In taking today’s action, Monetary Board officials at Bangko Sentral ng Pilipinas restored the cyclical lows that had prevailed from July […] More

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