2010
28 January
The Monetary Board decided to keep the BSP’s key policy interest rates steady at 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged.
2009
01 October, 05 November
The Monetary Board decided to keep the BSP’s key policy interest rates steady at 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged.
20 August
The Monetary Board decided to keep the BSP’s key policy interest rates steady at 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged. The decision to maintain the monetary policy stance comes after a series of policy rate cuts since December 2008 totaling 200 basis points and other liquidity enhancing measures.
09 July
The Monetary Board decided to reduce the BSP's key policy interest rates by 25 basis points to 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility, effective immediately. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were reduced accordingly. This is the sixth time since December 2008 that the BSP has cut its policy interest rates.
28 May
The Monetary Board decided to reduce the BSP’s key policy interest rates by another 25 basis points to 4.25 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.25 percent for the overnight lending or repurchase (RP) facility, effective immediately. This is the fifth rate cut since December 2008, and represents a cumulative reduction of 175 basis points in the BSP’s key policy rates. This RRP rate is the lowest since 15 May 1992. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also reduced accordingly.
16 April
The Monetary Board decided to reduce the BSP’s key policy interest rates by another 25 basis points to 4.5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.5 percent for the overnight lending or repurchase (RP) facility, effective immediately. This rate cut brings the cumulative reduction in the BSP’s key policy rates to 150 basis points since December last year. The current RRP rate is the lowest since 15 May 1992. Meanwhile, the interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also reduced accordingly.
05 March
The Monetary Board decided to reduce the BSP’s key policy interest rates by 25 basis points to 4.75 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6.75 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also reduced accordingly.
12 February
The Monetary Board decided to further liberalize the peso rediscounting guidelines and increase the peso rediscounting budget to P60 billion effective 2 March 2009.
29 January
The Monetary Board decided to reduce, effective immediately, the BSP’s key policy interest rates by 50 basis points to 5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also adjusted accordingly.
2008
18 December
The Monetary Board decided to reduce the BSP’s key policy interest rates to 5.5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7.5 percent for the overnight lending or repurchase (RP) facility, effective immediately. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also adjusted accordingly.
20 November
The Monetary Board decided to keep the BSP’s key policy interest rates steady at 6 percent for the overnight borrowing or reverse repurchase (RRP) facility and 8 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged.
06 November
The Monetary Board decided to reduce the regular reserve requirement on bank deposits and deposit substitutes by two percentage points effective 14 November. At the same time, the Board also increased the BSP budget for the peso rediscounting facility from P20 billion to P40 billion effective immediately.
06 October
The Monetary Board decided to maintain the BSP’s key policy interest rates at 6 percent for the overnight borrowing or reverse repurchase (RRP) facility and 8 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged.
28 August
The Monetary Board decided to increase by 25 basis points the BSP’s key policy interest rates to 6 percent for the overnight borrowing or reverse repurchase (RRP) facility and 8 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were adjusted accordingly.
17 July
The Monetary Board decided to increase by 50 basis points the BSP’s key policy interest rates to 5.75 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7.75 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and SDAs were also increased accordingly.
5 June
The Monetary Board decided to increase by 25 basis points the BSP’s key policy interest rates to 5.25 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7.25 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and SDAs were also increased accordingly.
24 April
The Monetary Board decided to keep the BSP’s key policy interest rates at 5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs and RPs were also left unchanged.
13 March
The Monetary Board decided to keep policy interest rates at 5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7 percent for the overnight lending or repurchase (RP) facility. The Monetary Board also decided to implement refinements in the Special Deposit Account (SDA) facility.
31 January
The Monetary Board decided to reduce by 25 basis points the BSP’s key policy interest rates to 5 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts were also reduced accordingly.
2007
20 December
The Monetary Board decided to reduce by 25 basis points the BSP’s key policy interest rates to 5.25 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7.25 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts were also reduced accordingly.
15 November
The Monetary Board decided to reduce by 25 basis points the BSP’s key policy interest rates to 5.50 percent for the overnight borrowing or reverse repurchase (RRP) facility and 7.50 percent for the overnight lending or repurchase (RP) facility, effective Friday, 16 November 2007. The interest rates on term RRPs, RPs, and special deposit accounts were also reduced accordingly.
04 October
The Monetary Board decided to reduce by 25 basis points the BSP’s key policy interest rates to 5.75 percent for the overnight borrowing or reverse repurchase (RRP) rate and 7.75 percent for the overnight lending or repurchase (RP) rate, effective Friday, 5 October 2007.
23 August
The Monetary Board decided to maintain the BSP’s key policy interest rates at 6.0 percent for the overnight borrowing or reverse repurchase (RRP) rate and 8.0 percent for the overnight lending or repurchase (RP) rate.
12 July
The Monetary Board decided to maintain a neutral monetary policy stance by implementing two complementary moves. Effective Friday, 13 July 2007, the tiering system on placements with the BSP will be lifted and the BSP’s key policy interest rates will be adjusted to 6.0 percent for the overnight borrowing or reverse repurchase (RRP) rate and 8.0 percent for the overnight lending or repurchase (RP) rate. The removal of the tiering scheme and the adjustment in interest rates will also apply to placements in the special deposit account (SDA) facility of the BSP.
25 January, 08 March, 19 April, 31 May
The Monetary Board decided to keep the BSP’s key policy interest rates steady at 7.5 percent for the overnight borrowing or reverse repurchase (RRP) rate and 9.75 percent for the overnight lending or repurchase (RP) rate. The tiering scheme on bank placements with the BSP was also maintained.
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