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Stable prices mean stronger purchasing power for Filipinos.

The BSP’s monetary policy keeps inflation low and predictable to support economic growth. Using a structured decision-making process, transparent reporting, and active communication, the BSP keeps inflation expectations anchored.

 
 

Monetary Policy

The primary objective of the BSP's monetary policy is to promote a low and stable inflation conducive to a balanced and sustainable economic growth.


Monetary Policy Report

 

The Monetary Policy Report (MPR) offers detailed forecasts and short-term policy guidance.

Full Report | Snapshots | Archives

Monetary Policy Decisions

 



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Calendar of Monetary Policy Meetings

 

Starting 2025, the Monetary Board shall hold monetary policy meetings six (6) times a year to deliberate and decide on the appropriate monetary policy stance to keep inflation within the target.


Calendar

The Advisory Commitee
Quiet Period For Monetary Policy Meetings
Press Release: 2025 Schedule of Monetary Policy Meetings

Highlights of MB meetings on monetary policy

 

The BSP publishes the highlights of the meetings of the Monetary Board on monetary policy to help the public gauge the BSP's commitment to achieve the inflation target.

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Open Letter to the President

 

In cases where the inflation target is missed, the BSP Governor issues an Open Letter to the President outlining the reasons why actual inflation did not fall within the target, along with the steps that will be taken to bring inflation towards the target.

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Inflation Targeting

 

Inflation targeting is the BSP’s way of conducting monetary policy to achieve its primary objective of price stability.

The Inflation Target

Monetary Operations

To ensure that the monetary policy decision is transmitted to the financial market and the economy in general, the BSP uses its suite of monetary instruments to influence the underlying demand and supply conditions for central bank money. Read more

Monetary Operations under the Interest Rate Corridor Framework


Overnight Reverse Repurchase Facility

 

The RRP facility is the primary monetary instrument of the BSP. The Target RRP Rate signals the policy stance of the BSP. Read more

Auction Schedule | O/N RRP Rate

Issuance of BSP Securities

 

BSP Securities are issued by the BSP to steer short-term market interest rates toward the policy rate and influence liquidity conditions in the financial system. Read more

Auction Schedule | Auction Result | Historical Excel

Term Deposit Facility

 

The TDF is commonly used by CBs for liquidity management. Currently, three tenors— 7 days, 14 days and 28 days—are offered in weekly auction. Read more

Auction Schedule | Auction Result | Historical Excel

Standing Liquidity Facilities

 

These standing overnight facilities (lending and deposit) are available on demand to qualified counterparties during BSP business hours to help them adjust their liquidity positions at the end of the day. Read more

 

OLF Rate | ODF Rate