19 PHILIPPINES: SELECTED DOMESTIC INTEREST RATES                                
    weighted averages in percent per annum                                                        
    for periods indicated                                                          
      2015 2016 2017     2017   2018  
                Jan Feb Mar April May Jun Jul Aug Sep Oct Nov Dec   Jan Feb Mar Apr May Jun Jul Aug Sep Oct  
                                                               
  Treasury Bill Rates  
  91 - Day 1.772 1.500 2.147 1.780 2.104 2.367 2.347 2.177 2.094 2.152 2.160 2.060 1.958 2.148 .. 2.277 2.670 3.008 3.440 3.407 3.356 3.297 3.239 3.349 4.778  
  182 - Day 1.924 1.583 2.502 2.037 2.354 2.600 2.623 2.548 2.439 2.496 2.566 2.543 2.457 2.563 .. 2.544 2.854 3.186 3.894 3.868 3.745 4.154 4.109 4.350 5.855  
  364 - Day 2.077 1.761 2.879 2.276 2.697 2.781 2.970 2.901 2.863 2.968 2.951 2.891 2.837 2.952 .. 2.877 3.040 3.393 3.906 4.235 4.348 4.760 4.885 5.112 6.126  
  All Maturities 1.894 1.595 2.449 1.963 2.296 2.551 2.594 2.494 2.414 2.463 2.506 2.442 2.359 2.478 .. 2.484 2.779 3.125 3.600 3.769 3.864 4.125 4.187 4.502 5.763  
   
  Time Deposit Rates  
  S - T < 360 days 1.462 1.509 1.780 1.605 1.617 1.739 1.659 1.760 1.734 1.784 1.724 1.746 1.801 1.824 2.204 2.416 2.578 2.602 2.573 2.717 2.574 3.071 3.241 3.309 3.562  
  L - T > 360 days 3.131 3.034 2.816 3.130 3.106 2.956 2.789 2.825 2.829 2.780 3.027 2.598 2.575 2.489 2.757 2.548 2.640 2.768 2.224 3.251 2.566 3.039 2.756 2.962 3.195  
   
  Savings Deposit Rates 1 0.710 0.720 0.685 0.738 0.635 0.693 0.670 0.679 0.647 0.707 0.713 0.674 0.704 0.651 0.709 0.798 0.670 0.758 0.747 0.811 0.795 0.877 0.896 0.983 1.081  
   
  Bank Average Lending Rates 2 5.580 5.642 5.630 5.639 5.208 5.772 5.473 5.783 5.609 5.673 5.687 5.609 5.730 5.566 5.778 5.726 5.353 5.842 5.749 6.025 5.901 6.199 6.212 6.149 6.602  
   
  Lending Rates 3  
  High 6.877 6.671 6.492 6.426 6.527 6.562 6.523 6.466 6.382 6.446 6.473 6.513 6.527 6.494 6.569 6.566 6.625 6.671 6.837 6.928 6.985 7.002 7.031 7.136 7.554  
  Low 4.470 4.300 4.137 4.178 4.217 4.209 4.209 4.169 4.143 4.092 4.085 4.086 4.059 4.066 4.137 4.117 4.167 4.212 4.214 4.306 4.399 4.470 4.575 4.725 5.049  
   
  RP Rates  
  Overnight ..  
  Term ..  
  Overnight Lending Facility (OLF) Rates 4 3.500 3.500 .. .. 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.727 3.863 4.000 4.499 4.572 5.000  
   
  RRP Rates  
  Overnight 4.000  
  Term 4.000  
  Overnight RRP Rates 4 4.000 3.417 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.185 3.334 3.500 3.854 4.066 4.500  
   
  Special Deposit Account Rates 2.500  
  Overnight Deposit Facility (ODF) Rates 4 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.710 2.794 3.000 3.387 3.527 4.000  
   
  Term Deposit Facility (TDF) Rates 4  
  7 - Day 2.661 3.234 3.047 3.016 2.991 3.246 3.232 3.051 3.235 3.324 3.355 3.354 3.392 3.418 3.064 2.838 3.177 3.347 3.545 3.711 3.760 4.038 4.380 4.721  
  14 - Day . 3.006 3.229 3.417 3.566 3.750 3.922 4.158 4.425 4.761  
  28 - Day 2.761 3.446 3.395 3.409 3.347 3.441 3.467 3.487 3.492 3.495 3.493 3.493 3.493 3.495 .. 3.044 3.327 3.427 3.550 3.760 3.942 4.220 4.467 4.843  
   
  Interbank Call Loan Rates 2.526 2.525 2.730 2.532 2.535 2.538 2.592 2.583 2.575 2.586 2.574 2.586 2.699 2.707 3.068 3.090 3.076 3.073 3.165 3.300 3.501 3.643 3.990 4.221 4.645  
                                                               
  1 Refer to the annual percentage equivalent of commercial banks' actual monthly interest expenses on peso-savings deposits to the total outstanding levels of these deposits.                            
  2 Monthly rates reflect the annual percentage equivalent of all commercial banks' actual monthly interest income on their peso-denominated loans to the total outstanding levels of their peso-denominated loans, bills discounted,  
  mortgage contract receivables and restructured loans.  
  3 Average of all high/low values.  
  4 Beginning 3 June 2016, the BSP shifted its monetary operations to an interest rate corridor (IRC) system. The repurchase (RP) and Special Deposit Account (SDA) windows were replaced by standing overnight lending and
overnight deposit facilities, respectively. The reverse repurchase (RRP) facility was modified to a purely overnight RRP. In addition, the term deposit facility (TDF) will serve as the main tool for absorbing liquidity.
 
  Starting 3 June 2016, the interest rates for these facilities were set as follows:  
  3.5 percent in the OLF (a reduction from 6.0 percent); 3.0 percent in the overnight RRP rate (an adjustment from 4.0 percent); and 2.5 percent in the ODF (no change from the current SDA rate). The OLF and ODF will serve as  
  upper and lower bound, respectively, of the IRC system.  
  r Revised  
  - Not Available  
  .. No Transaction/No Quotation/No Issue  
  ... Blank  
  Source: Bangko Sentral ng Pilipinas