19 PHILIPPINES: SELECTED DOMESTIC INTEREST RATES                          
    weighted averages in percent per annum                                      
    for periods indicated                                        
      2016   2017 2018     2018     2019
                  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec   Jan
                                             
  Treasury Bill Rates  
  91 - Day 1.500 2.147 3.539 2.277 2.670 3.008 3.440 3.407 3.356 3.297 3.239 3.349 4.778 5.181 5.356 5.444
  182 - Day 1.583 2.502 4.489 2.544 2.854 3.186 3.894 3.868 3.745 4.154 4.109 4.350 5.855 6.253 6.325 6.096
  364 - Day 1.761 2.879 5.144 2.877 3.040 3.393 3.906 4.235 4.348 4.760 4.885 5.112 6.126 6.527 6.546 6.207
  All Maturities 1.595 2.449 4.389 2.484 2.779 3.125 3.600 3.769 3.864 4.125 4.187 4.502 5.763 6.144 6.061 6.019
   
  Time Deposit Rates  
  S - T < 360 days 1.509 1.780 3.157 2.416 2.578 2.602 2.573 2.717 2.574 3.071 3.241 3.309 3.562 4.521 4.171 4.728
  L - T > 360 days 3.034 2.816 3.456 2.548 2.640 2.768 2.224 3.251 2.566 3.039 2.756 2.962 3.195 4.811 5.293 5.482
   
  Savings Deposit Rates 1 0.720 0.685 0.899 0.798 0.670 0.758 0.747 0.811 0.795 0.877 0.896 0.983 1.081 1.126 1.196 -
   
  Bank Average Lending Rates 2 5.642 5.630 6.139 5.726 5.353 5.842 5.749 6.025 5.901 6.199 6.212 6.149 6.602 6.640 7.024 -
   
  Lending Rates 3  
  High 6.671 6.492 7.109 6.566 6.625 6.671 6.837 6.928 6.985 7.002 7.031 7.136 7.554 7.876 8.098 8.249
  Low 4.300 4.137 4.573 4.117 4.167 4.212 4.214 4.306 4.399 4.470 4.575 4.725 5.049 5.260 5.376 5.500
   
  RP Rates  
  Overnight  
  Term  
  Overnight Lending Facility (OLF) Rates 4 .. r 3.500 4.323 r 3.500 3.500 3.500 3.500 3.727 3.863 4.000 4.499 4.572 5.000 5.097 5.250 ..
   
  RRP Rates  
  Overnight  
  Term  
  Overnight RRP Rates 4 3.417 3.000 3.729 r 3.000 3.000 3.000 3.000 3.185 3.334 3.500 3.854 4.066 4.500 4.628 4.750 4.750
   
  Special Deposit Account Rates  
  Overnight Deposit Facility (ODF) Rates 4 2.500 2.500 3.229 r 2.500 2.500 2.500 2.500 2.710 2.794 3.000 3.387 3.527 4.000 4.081 4.250 4.250
   
  Term Deposit Facility (TDF) Rates 4 2.638 3.443 3.964 3.220 2.890 3.160 3.372 3.499 3.684 3.890 4.310 4.450 4.780 5.000 5.190 5.150
  7 - Day 2.661 3.234 3.840 3.064 2.838 3.177 3.347 3.545 3.711 3.760 4.038 4.380 4.721 4.860 5.105 5.063
  14 - Day 3.921 3.006 3.229 3.417 3.566 3.750 3.922 4.158 4.425 4.761 4.930 5.169 5.149
  28 - Day 2.761 3.446 3.938 .. 3.044 3.327 3.427 3.550 3.760 3.942 4.220 4.467 4.843 4.995 5.185 5.161
   
  Interbank Call Loan Rates 2.525 2.730 3.734 3.090 3.076 3.073 3.165 3.300 3.501 3.643 3.990 4.221 4.645 4.772 4.948 5.098
                                             
  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.  
  The Overnight Lending Facility (OLF) and Overnight Deposit Facility (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