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 Feb Mar   Apr
                                                 
  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 5.575 5.754 5.606
  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 5.926 5.953 5.978
  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 5.978 6.036 6.023
  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 5.842 5.938 5.851
   
  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 4.864 4.613 4.455
  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 5.374 5.190 5.637
   
  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 1.403 1.239 1.409  
   
  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 7.267 6.680 7.424  
   
  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 8.380 8.486 r 8.615
  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 5.686 5.797 r 5.899
   
  RP Rates  
  Overnight  
  Term  
  Overnight Lending Facility (OLF) Rates 4, 5 3.500 4.323 3.500 3.500 3.500 3.500 3.727 3.863 4.499 4.572 5.000 5.097 5.250 5.250 5.250 5.250
   
  RRP Rates  
  Overnight  
  Term  
  Overnight RRP Rates 4, 5 3.417 3.000 3.729 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 4.750 4.750 4.750
   
  Special Deposit Account Rates  
  Overnight Deposit Facility (ODF) Rates 4, 5 2.500 2.500 3.229 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 4.250 4.250 4.250
   
  Term Deposit Facility (TDF) Rates 4, 5 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 5.160 5.073 4.950
  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 5.131 5.005 4.865
  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 5.173 5.108 4.897
  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 5.187 5.137 5.099
   
  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 5.114 5.175 5.223
                                                 
  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  
  5 The weighted average interest rates (WAIR) of BSP rates are based on outstanding balance as of month-end. Blank entries () refer to transactions within the month that have matured by month-end,  
  hence there were no outstanding balance and WAIR.  
  - Not Available  
  .. No Transaction/No Quotation/No Issue  
  ... Blank  
  Source: Bangko Sentral ng Pilipinas