Monetary Policy

Calendar of Monetary Policy Meetings

2023 Schedule of Monetary Policy Meetings and Publication of MB Highlights and Monetary Policy Report*

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Monetary Policy Report (MPR)
Jan			12 (Thu) (15 Dec 2022 MB meeting)
Feb	13 (Mon) (AC Meeting No. 1)	16 (Thu) (MB Meeting No. 1)		17 (Fri) (MPR I - 2023)
Mar	20 (Mon) (AC Meeting No. 2)	23 (Thu) (MB Meeting No. 2)	16 (Thu) (16 Feb 2023 MB meeting)
Apr			20 (Thu) (23 Mar 2023 MB meeting)
May	15 (Mon) (AC Meeting No. 3)	18 (Thu) (MB Meeting No. 3)		19 (Fri) (MPR II - 2023)
Jun	19 (Mon) (AC Meeting No. 4)	22 (Thurs) (MB Meeting No. 4)	15 (Thu) (18 May 2023 MB meeting)
Jul			20 (Thu) (22 Jun 2023 MB meeting)
Aug	14 (Mon) (AC Meeting No. 5)	17 (Thu) (MB Meeting No. 5)		18 (Fri) (MPR III - 2023)
Sep	18 (Mon) (AC Meeting No. 6)	21 (Thu) (MB Meeting No. 6)	14 (Thu) (17 Aug 2023 MB meeting)
Oct			19 (Thu) (21 Sep 2023 MB meeting)
Nov	13 (Mon) (AC Meeting No. 7)	16 (Thu) (MB Meeting No. 7)		17 (Fri) (MPR IV - 2023)
Dec	11 (Mon) (AC Meeting No. 8)	14 (Thu) (MB Meeting No. 8)	14 (Thu) (16 Nov 2023 MB meeting)

* 2023 Schedule of Monetary Policy Meetings considers the 2023 FOMC meetings and preliminary release dates of the PSA’s National Income Accounts and inflation, and DES data on M3.

2022 Schedule of Monetary Policy Meetings, and Publication of MB Highlights and Monetary Policy Report

2022	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Monetary Policy Report
Jan			13 (Thu) (16 Dec 2021 MB meeting)
Feb	14 (Mon) (AC Meeting No. 1)	17 (Thu) (MB Meeting No. 1)		18 (Fri) (MPR I - 2022)
Mar	21 (Mon) (AC Meeting No. 2)	24 (Thu) (MB Meeting No. 2)	17 (Thu) (17 Feb 2022 MB meeting)
Apr			21 (Thu) (24 Mar 2022 MB meeting)
May	16 (Mon) (AC Meeting No. 3)	19 (Thu) (MB Meeting No. 3)		20 (Fri) (MPR II - 2022)
Jun	20 (Mon) (AC Meeting No. 4)	23 (Thurs) (MB Meeting No. 4)	16 (Thu) (19 May 2022 MB meeting)
Jul			21 (Thu) (23 Jun 2022 MB meeting)
Aug	15 (Mon) (AC Meeting No. 5)	18 (Thu) (MB Meeting No. 5)		19 (Fri) (MPR III - 2022)
Sep	19 (Mon) (AC Meeting No. 6)	22 (Thu) (MB Meeting No. 6)	15 (Thu) (18 Aug 2022 MB meeting)
Oct			20 (Thu) (22 Sep 2022 MB meeting)
Nov	14 (Mon) (AC Meeting No. 7)	17 (Thu) (MB Meeting No. 7)		18 (Fri) (MPR IV - 2022)
Dec	12 (Mon) (AC Meeting No. 8)	15 (Thu) (MB Meeting No. 8)	15 (Thu) (17 Nov 2022 MB meeting)

2021 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights*

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan			14 (Thu) (17 Dec 2020 MB meeting)	21 (Thu) (Q4 2020 IR)
Feb	8 (Mon) (AC Meeting No. 1)	11 (Thu) (MB Meeting No. 1)
Mar	22 (Mon) (AC Meeting No. 2)	25 (Thu) (MB Meeting No. 2)	4(Thu) (11 Feb 2021 MB meeting)
Apr			22 (Thu) (25 Mar 2021 MB meeting)	22 (Thu) (Q1 2021 IR)
May	10 (Mon)2 (AC Meeting No. 3)	13 (Thu)¹ (MB Meeting No. 3)
Jun	21 (Mon) (AC Meeting No. 4)	24 (Thurs) (MB Meeting No. 4)	10 (Thu) (13 May 2021 MB meeting)
Jul			22 (Thu) (24 Jun 2021 MB meeting)	22 (Thu) (Q2 2021 IR)
Aug	9 (Mon) (AC Meeting No. 5)	12 (Thu) (MB Meeting No. 5)
Sep	20 (Mon) (AC Meeting No. 6)	23 (Thu) (MB Meeting No. 6)	2 (Thu) (12 Aug 2021 MB meeting)
Oct			28 (Thu) (23 Sep 2021 MB meeting)	21 (Thu) (Q3 2021 IR)
Nov	15 (Mon) (AC Meeting No. 7)	18 (Thu) (MB Meeting No. 7)
Dec	13 (Mon) (AC Meeting No. 8)	16 (Thu) (MB Meeting No. 8)	9 (Thu) (18 Nov 2021 MB meeting)

* 2021 Schedule of Monetary Policy Meetings was based on the 2021 FOMC meetings and release dates of the PSA’s National Income Accounts and inflation, and DES data on M3.

¹ 13 May 2021 (tentative date of Eid al-Fitr) may be declared a regular holiday.

2020 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights*

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan	31 (Fri) (AC Meeting No. 1)		9 (Thu) (12 Dec 2019 MB meeting)	24 (Fri) (Q4 2019 IR)
Feb		6 (Thu) (MB Meeting No. 1)
Mar	13 (Fri) (AC Meeting No. 2)	19 (Thu) (MB Meeting No. 2)	5(Thu) (6 Feb 2020 MB meeting)
Apr			16 (Thu) (19 Mar 2020 MB meeting)	24 (Fri) (Q1 2020 IR)
May	15 (Fri)2 (AC Meeting No. 3)	21 (Thu) (MB Meeting No. 3)
Jun	19 (Fri) (AC Meeting No. 4)	25 (Thu) (MB Meeting No. 4)	18 (Thu) (21 May 2020 MB meeting)
Jul			23 (Thu) (25 Jun 2020 MB meeting)	24 (Fri)3 (Q2 2020 IR)
Aug	14 (Fri) (AC Meeting No. 5)	20 (Thu) (MB Meeting No. 5)
Sep	25 (Fri) (AC Meeting No. 6)		17 (Thu) (20 Aug 2020 MB meeting)
Oct		1 (Thu) (MB Meeting No. 6)	29 (Thu) (1 Oct 2020 MB meeting)	30 (Fri) (Q3 2020 IR)
Nov	13 (Fri) (AC Meeting No. 7)	19 (Thu) (MB Meeting No. 7)
Dec	11(Fri) (AC Meeting No. 8)	17 (Thu) (MB Meeting No. 8)	17 (Thu) (19 Nov 2020 MB meeting)

* 2020 Schedule of Monetary Policy Meetings was based on the preliminary 2020 FOMC meetings and preliminary release dates of the NSCB’s National Income Accounts, PSA’s inflation and DES data on M3 (Annex A).
1 Inflation Report press conference scheduled on the last Friday of January (31 January 2020) will be moved a week earlier (24 January 2020) due to a scheduled AC meeting on 31 January 2020 and MB meeting on 6 February 2020.

2 9 week-interval from the previous AC meeting (13 March 2020). Regular Holidays on 9 April 2020 (Araw ng Kagitingan and Maundy Thursday); 10 April 2020 (Good Friday); and 11 April 2020 (Black Saturday).

3 Inflation Report press conference scheduled on the last Friday of July (31 July 2020) will be moved a week earlier (24 July 2020) due to a scheduled AC meeting on 14 August 2020 and MB meeting on 20 August 2020, and 31 July 2020 (Eid al-Adha) may be declared a holiday.

2019 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan			10 (Thu) (13 Dec 2018 MB meeting)	18 (Fri) (Q4 2018 IR)
Feb	1 (Fri) (AC Meeting No. 1)	7 (Thu) (MB Meeting No. 1)
Mar	15 (Fri) (AC Meeting No. 2)	21 (Thu) (MB Meeting No. 2)	7 (Thu) (7 Feb 2019 MB meeting)
Apr			17 (Thu) (21 Mar 2019 MB meeting)	26 (Fri) (Q1 2019 IR)
May	3 (Fri) (AC Meeting No. 3)	9 (Thu) (MB Meeting No. 3)
Jun	14 (Fri) (AC Meeting No. 4)	20 (Thu) (MB Meeting No. 4)	6 (Thu) (9 May 2019 MB meeting)
Jul			18 (Thu) (20 Jun 2019 MB meeting)	19 (Fri) (Q2 2019 IR)
Aug	2 (Fri) (AC Meeting No. 5)	8 (Thu) (MB Meeting No. 5)
Sep	20 (Fri) (AC Meeting No. 6)	26 (Thu) (MB Meeting No. 6)	5 (Thu) (8 Aug 2019 MB meeting)
Oct			24 (Thu) (26 Sep 2019 MB meeting)	25 (Fri) (Q3 2019 IR)
Nov	8 (Fri) (AC Meeting No. 7)	14 (Thu) (MB Meeting No. 7)
Dec	6 (Fri) (AC Meeting No. 8)	12 (Thu) (MB Meeting No. 8)	12 (Thu) (14 Nov 2019 MB meeting)

2018 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan			11 (Thu) (14 Dec 2017 MB meeting)	19 (Fri) (Q4 2017 IR)
Feb	2 (Fri) (AC Meeting No. 1)	8 (Thu) (MB Meeting No. 1)
Mar	16 (Fri) (AC Meeting No. 2)	22 (Thu) (MB Meeting No. 2)	8 (Thu) (8 Feb 2018 MB meeting)
Apr			19 (Thu) (22 Mar 2018 MB meeting)	20 (Fri) (Q1 2018 IR)
May	4 (Fri) (AC Meeting No. 3)	10 (Thu) (MB Meeting No. 3)
Jun	15 (Fri) 1 (AC Meeting No. 4)	20 (Wed) (MB Meeting No. 4)	7 (Thu) (10 May 2018 MB meeting)
Jul			19 (Thu) (20 Jun 2018 MB meeting)	20 (Fri) (Q2 2018 IR)
Aug	3 (Fri) (AC Meeting No. 5)	9 (Thu) (MB Meeting No. 5)
Sep	21 (Fri) (AC Meeting No. 6)	27 (Thu) (MB Meeting No. 6)	6 (Thu) (9 Aug 2018 MB meeting)
Oct			25 (Thu) (27 Sep 2018 MB meeting)	19 (Fri) (Q3 2018 IR)
Nov	9 (Fri) (AC Meeting No. 7)	15 (Thu) (MB Meeting No. 7)
Dec	7 (Fri) (AC Meeting No. 8)	13 (Thu) (MB Meeting No. 8)	6 (Thu) (15 Nov 2018 MB meeting)

1 15 June 2018 (Friday) may be declared a national holiday in observance of Eidul Fitr. The National Commission on Muslim Filipinos (NCMF) shall inform the Office of the President of the actual date on which the holiday shall fall. The approximate dates shall be determined in accordance with the Islamic calendar (Hijra) or the lunar calendar, or upon Islamic astronomical calculations, whichever is possible or convenient.

2017 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan			19 (Thu) (22 Dec 2016 MB meeting)	20 (Fri) (Q4 2016 IR)
Feb	3 (Fri) AC Meeting No. 1	9 (Thu) MB Meeting No. 1
Mar	17 (Fri) AC Meeting No. 2	23 (Thu) MB Meeting No. 2	9 (Thu) (9 Feb 2017 MB meeting)
Apr			20 (Thu) (23 Mar 2017 MB meeting)	21 (Fri) (Q1 2017 IR)
May	5 (Fri) AC Meeting No. 3	11 (Thu) MB Meeting No. 3
Jun	16 (Fri) AC Meeting No. 4	22 (Thu) MB Meeting No. 4	8 (Thu) (11 May 2017 MB meeting)
Jul			20 (Thu) (22 Jun 2017 MB meeting)	21 (Fri) (Q2 2017 IR)
Aug	4 (Fri) AC Meeting No. 5	10 (Thu) MB Meeting No. 5
Sep	15 (Fri) AC Meeting No. 6	21 (Thu) MB Meeting No. 6	7 (Thu) (10 Aug 2017 MB meeting)
Oct			19 (Thu) (21 Sep 2017 MB meeting)	20 (Fri) (Q3 2017 IR)
Nov	3 (Fri) AC Meeting No. 7	9 (Thu) MB Meeting No. 7
Dec	8 (Fri) AC Meeting No. 8	14 (Thu) MB Meeting No. 8	7 (Thu) (9 Nov 2017 MB meeting)

2016 Schedule of Monetary Policy Meetings, Inflation Report Press Conference and Publication of MB Highlights

Period	Advisory Committee (AC) Meeting	Monetary Board (MB) Meeting	MB Highlights Publication	Inflation Report (IR) Press Conference
Jan			14 (Thu) (17 Dec 2015 MB meeting)	22 (Fri) (Q4 2015 IR)
Feb	5 (Fri) AC Meeting No. 1	11 (Thu) MB Meeting No. 1
Mar	18 (Fri) AC Meeting No. 2	23 (Wed) MB Meeting No. 2	10 (Thu) (11 Feb 2016 MB meeting)
Apr			21 (Thu) (23 Mar 2016 MB meeting)	22 (Fri) (Q1 2016 IR)
May	6 (Fri) AC Meeting No. 3	12 (Thu) MB Meeting No. 3
Jun	17 (Fri) AC Meeting No. 4	23 (Thu) MB Meeting No. 4	9 (Thu) (12 May 2016 MB meeting)
Jul			21 (Thu) (23 Jun 2016 MB meeting)	22 (Fri) (Q2 2016 IR)
Aug	5 (Fri) AC Meeting No. 5	11 (Thu) MB Meeting No. 5
Sep	16 (Fri) AC Meeting No. 6	22 (Thu) MB Meeting No. 6	8 (Thu) (11 Aug 2016 MB meeting)
Oct			20 (Thu) (22 Sep 2016 MB meeting)	21 (Fri) (Q3 2016 IR)
Nov	4 (Fri) AC Meeting No. 7	10 (Thu) MB Meeting No. 7
Dec	16 (Fri) AC Meeting No. 8	22 (Thu) MB Meeting No. 8	8 (Thu) (10 Nov 2016 MB meeting)

​​​​​​​​​​​​​​Calendar of Monetary ​​Policy Meetings​​​​