2004
12 February, 11 March, 15 April, 6May, 3 June, 1 July, 29 July, 26 August, 23 September, 21 October, 18 November, 16 December 2004.
The Monetary Board opted to maintain the key rates steady at 6.75 percent and 9.0 percent for the overnight RRP rate and overnight RP rate, respectively.
5 February 2004
(Special Monetary Board Meeting)
The Monetary Board decided to increase the liquidity reserve requirement for universal banks and commercial banks by two percentage points to 10 percent effective 6 February 2004.
15 January 2004
The Monetary decided to keep monetary policy settings unchanged. The overnight RRP and RP rate were maintained at 6.75 percent and 9.0 percent, respectively.
2003
2 October, 23 October, 20 November, 18 December 2003
The Monetary Board voted unanimously to leave the BSP’s policy rates unchanged at 6.75 percent for the overnight RRP rate and 9.0 percent for the overnight RP rate.
28 August 2003
The Monetary Board opted to keep the BSP’s policy rates unchanged at 6.75 percent for the overnight RRP rate and 9.0 percent for the overnight RP rate.
The Monetary Board also decided to lift the tiering scheme for banks’ placements with the BSP. Thus, effective 28 August 2003, overnight RRP transactions with the BSP were accepted at a flat rate of 6.75 percent.
31 July 2003
The Monetary Board left unchanged the overnight RRP and RP rates at 6.75 percent and 9.0 percent, respectively.
2 July 2003
The Monetary Board voted to reduce the BSP’s key policy interest rates by 25 basis points each to 6.75 percent for the overnight RRP rate and 9.0 percent for the overnight RP rate effective 2 July 2003.
The interest rates on banks’ placements under the tiered system were also adjusted as follows: 6.75 percent for the first P5 billion, 3.75 percent for amounts in excess of P5 billion up to P10 billion and 0.75 percent in excess of P10 billion.
5 June 2003
The Monetary Board decided to leave the overnight RRP and RP rates unchanged at 7.0 percent and 9.25 percent, respectively.
The Monetary Board also decided to restore the tiering scheme on banks’ placements with the BSP under the RRP and SDA windows effective 5 June 2003. In particular, overnight RRP placements would be subject to the following interest rates: 7.0 percent for the first P5 billion, 4.0 percent for additional amounts in excess of P5 billion but below P10 billion and 1.0 percent for amounts in excess of P10 billion.
10 April, 8 May 2003
The Monetary Board maintained the overnight RRP and RP rates steady at 7.0 percent and 9.25 percent, respectively.
19 March 2003
(Special Monetary Board Meeting)
The Monetary Board decided to lift the three-tiered scheme on banks’ placements with the BSP. Thus, overnight placements under the RRP window would be accepted at a flat rate of 7.0 percent effective 20 March 2003.
The Monetary Board also raised the liquidity reserve requirement against peso demand, savings, time deposit and deposit liabilities of universal banks and commercial banks by one-percentage point to 8.0 percent effective 21 March 2003.
12 February, 13 March 2003
The Monetary Board kept the BSP’s policy rates unchanged at 7.0 percent for the overnight RRP rate and 9.25 percent for the overnight RP rate.
7 February 2003
The BSP announced the Government’s official target for the average annual inflation for 2004 at 4-5 percent.
16 January 2003
The Monetary Board voted to keep the BSP’s policy rates unchanged at 7.0 percent for the overnight RRP rate and 9.25 percent for the overnight RP rate.
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