Policy Interest Rate (BSP) in Philippines

Banco Central de Filipinas · Per meeting · Importance 95

4.75% (18 Jun) ABS · % · Diario · CSV

About this indicator

Source	Bangko Sentral ng Pilipinas (BSP)
Frequency	Per meeting
Release	En cada reunion del Monetary Board del BSP (calendario en bsp.gov.ph/Pages/PriceStability/ScheduleOfMeetingsOfTheAdvisoryCommitteeAndMonetaryBoardOnMonetaryPolicy.aspx), normalmente jueves por la tarde hora de Manila
What it is	The Philippines' official interest rate: the Target Reverse Repurchase (RRP) Rate set by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP). Since September 2023 it has been the primary rate signalling the BSP's monetary policy stance.
How it's calculated	It is not a statistic: the BSP's Monetary Board decides the level at its regular meetings (six a year in 2026), guided by inflation and the cycle. The decision is announced on the meeting day, usually on a Thursday afternoon Manila time.
Market implications	A hike raises borrowing costs to curb inflation and tends to strengthen the Philippine peso (PHP); a cut cheapens credit to support the economy. It is the BSP's main policy benchmark and moves market rates and the currency.
Limitations	It changes only on decision dates (a step function), and the BSP can also call off-cycle meetings not on the annual calendar. Its impact on the real economy works with lags.