Filipino monetary policy

Central Bank Interest Rate Hike in the Philippines

July 31, 2014

The Filipino key borrowing and lending rates were increased today by 25 basis points each to 3.75% and 5.75%.  Opinion ahead of the Monetary Board meeting and Bangko Sentral ng Pilipinas had been mixed between those anticipating the tightening and those looking for no change.  The move was described in a released statement as “preemptive” […] More

Filipino Monetary Policy Tweaked as SDA Interest Rate is Raised to 2.25%

June 19, 2014

Inflation risks in the Philippines are skewed to the upside because of El Nino, which has generated weather extremes that could elevate food and utility costs.  The baseline inflation forecast sees consumer prices hovering in the upper part of this year’s 3-5% target band and falling within next year’s corridor of 2.4%.  Accordingly, the overnight […] More

Central Bank of the Philippines Authorizes Another Hike in Reserve Requirements

May 8, 2014

The last interest rate changes at Bangko Sentral ng Pilipinas were done in 2012, four cuts that left the overnight borrowing and lending rates at 3.5% and 5.5%, respectively.  At the March 27 previous meeting, however, reserve requirements were tightened to 19% from 18%, and that move was followed up by announcement today of a […] More

Bangko Sentral ng Pilipinas Hikes its Reserve Requirement Ratio

March 27, 2014

Although the Filipino overnight lending and borrowing rates were left at 5.5% and 3.5% as expected, the reserve ratio was tightened to 19% from 18%.  Interest rates were cut four times, each by 25 basis points, during 2012 but not subsequently, and this was the first reserve ratio change since a cut 25 months ago.  […] More

Central Bank of the Philippines

February 6, 2014

Officials at Bangko Sentral ng Pilipinas kept their key reverse repo rate at 3.5%, its level since October 2012.  The repo rate stays at 5.5%, and reserve ratios were not changed, either.  A released statement today reads very similarly to the previous one from December 12.  Inflation is called manageable even though currently higher “due […] More

Central Bank of the Philippines Leaves Overnight Lending and Borrowing Rates at 5.5% and 3.5%

December 12, 2013

Trust but verify is the message of the latest interest rate policy statement from officials at Bangko Sentral ng Pilipinas.  Each of the past four rate changes was a cut of 25 basis points, and all four were administered in 2012.  The statement calls inflation “manageable” but concedes that price risks are skewed to the […] More

Filipino Interest Rates Left Unchanged

October 24, 2013

The overnight lending and borrowing rates were last changed a year ago.  Officials at Bangko Sentral ng Pilipinas implemented cuts of 25 basis points each in January, April, July and October 2012.  The lending and borrowing rate levels will remain at 5.5% and 3.5%, respectively, officials announced after today’s policy meeting had concluded.  A statement […] More

Bangko Sentral ng Pilipinas: Policy Unchanged but…

September 12, 2013

The Monetary Board, whose statement after the prior policy meeting in July had explicitly called the existing stance “appropriate,” did not make a similar claim in today’s statement.  Instead, “the Monetary Board noted that the balance of risks to the inflation outlook has shifted slightly toward the upside as oil prices have become more volatile […] More

No Changes in Filipino Central Bank Rates

July 25, 2013

The Monetary Board of Bangko Sentral ng Pilipinas released a statement after this year’s fifth scheduled interest rate policy meeting that concludes, “that prevailing monetary policy settings remain appropriate. The manageable inflation outlook and strong domestic growth support keeping policy settings steady given renewed market volatility.” The overnight lending repo rate and overnight borrowing reverse […] More

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

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