More Dovish Statement by Bangko Sentral ng Pilipinas

October 20, 2011

The central bank in The Philippines left its key overnight borrowing rate at 4.5% and overnight lending rate at 6.5%.  Reserve requirements were kept at current levels as well.  A progressive and considerable shift from hawkish toward dovish thinking has occurred since back-to-back interest rate hikes of 25 basis points apiece on March 24 and […] More


September 8, 2011

Bangho Sentral ng Pilipinas also has put policy tightening on pause.  Only a quarter of 200 basis points of ease from December 2008 to July 2009 has been reversed following hikes of 25 bps each on March 24 and May 5 of 2011 in both the key borrowing and lending rates, which are presently at […] More

Philippines’ Reserve Ratios Tightened

July 28, 2011

Bankgo Sentral Ng Pilipinas will raise reserve requirements by a whole percentage point effective August 5.  This decision was not expected and matches one at the June 16 policy meeting and implemented on June 24.  Interest rates were not changed at this time.  Previously, the Filipino official borrowing and lending rates, that is the reverse […] More

A More Hawkish Filipino Monetary Policy Statement

February 12, 2011

Bangko Sentral ng Pilipinas again left its key repo rate at 6.0% and reverse repo rate at 4%.  The central bank is one of very few in Asia not to have begun raising rates, and the point is made in a released statement last Thursday that food price inflation has affected overall Filipino inflation by […] More

Unchanged Monetary Policy in the Philippines

December 29, 2010

Bangko Sentral Ng Pilipinas retained its key 6.0% overnight lending and 4.0% overnight borrowing rates.  When the economy was contracting those rates were cut six times by a total of 200 basis points between December 2008 and July 2009, but no changes have occurred subsequently unlike the case at many other Asian central banks.  A […] More

Monetary Policy in the Philippines Left Unchanged

October 7, 2010

As expected Bankgo Sentral Pilipinas has retained a 4.0% reverse repo rate and a 6.0% repo rate.  Despite strengthening domestic demand and robust GDP growth of about 8% in the year to 2Q, a statement from central bank officials observed that consumer price inflation remains low and within target and moreover that price expectations continued […] More

Philippines’ Central Bank Rates Unchanged

August 26, 2010

The overnight borrowing rate of Bangko Sentral ng Pilipinas will remain at 4.0% as analysts expected.  A fairly sanguine statement released today by officials called monetary policy settings, which were last changed in July 2009, appropriate because of contained inflation and anchored inflation expectations.  The CPI is expected to stay confined to its target ranges […] More

Unchanged Central Bank Policy in The Philippines Continues

July 15, 2010

Several Asian central banks, but not yet Bangko Sentral NG Pilipinas, have started to raise their interest rates.  The Filipino overnight borrowing and lending rates were left at 4% and 6%, respectively, where such have been since cuts of 25 basis points in July 2009.  Those reductions had been the eighth by the central bank […] More

Record Low 4.0% Overnight Borrowing Rate Retained in the Philippines

June 3, 2010

A significant minority of analysts had thought Bangko Sentral ng Pilipinas would begin tightening this month, but a statement released by monetary policy makers defended the status quo with downwardly revised inflation forecasts based on lower energy prices, slower domestic liquidity expansion, and the potential growth-dampening effects of the European debt crisis.  Filipino officials now […] More

Filipino Central Bank Moves Closer to an Interest Rate Rise

April 22, 2010

Bangko Sentral ng Pilipinas left its overnight borrowing rate at 4.0% after this month’s meeting but, as at the prior meeting on March 11, cut rediscounting window quotas by P20 billion to just P20 billion.  The move becomes effective May 3.  The quota at the start of March had been P60 billion.  Furthermore, Assistant Governor […] More