Table 19 |
Selected
Domestic Interest Rates |
in percent
per annum |
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2022 |
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2023 |
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2024 |
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2023 |
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Jan |
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Feb |
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Mar |
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Apr |
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May |
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Jun |
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Jul |
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Aug |
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Sep |
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Oct |
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Nov |
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Dec |
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Time deposit rates1 |
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Short-term (1 Year and below) |
1.615 |
p |
4.190 |
p |
- |
|
3.751 |
p |
3.725 |
p |
4.081 |
p |
4.192 |
p |
4.248 |
p |
4.298 |
p |
4.322 |
p |
4.313 |
p |
4.327 |
p |
4.371 |
p |
4.294 |
p |
4.364 |
p |
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Long-term (above 1 Year) |
3.636 |
p |
4.355 |
p |
- |
|
5.402 |
p |
5.091 |
p |
4.532 |
p |
4.597 |
p |
4.525 |
p |
4.194 |
p |
4.216 |
p |
4.760 |
p |
3.459 |
p |
4.608 |
p |
4.974 |
p |
4.821 |
p |
|
Savings deposit rate1,2 |
0.269 |
p |
1.581 |
p |
- |
|
1.187 |
p |
1.240 |
p |
1.444 |
p |
1.481 |
p |
1.600 |
p |
1.561 |
p |
1.754 |
p |
1.830 |
p |
1.657 |
p |
1.887 |
p |
1.645 |
p |
1.719 |
p |
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Bank average lending rate1,3 |
5.994 |
p |
7.551 |
p |
- |
|
7.046 |
p |
6.546 |
p |
7.356 |
p |
7.290 |
p |
7.660 |
p |
7.557 |
p |
7.828 |
p |
8.034 |
p |
7.656 |
p |
7.802 |
p |
7.795 |
p |
7.947 |
p |
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Lending rates1,4 |
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High |
10.699 |
p |
12.066 |
p,r |
- |
|
11.802 |
p |
11.965 |
p |
11.927 |
p |
12.103 |
p |
12.022 |
p |
11.846 |
p |
12.002 |
p |
12.089 |
p |
12.060 |
p |
12.264 |
p |
12.392 |
p,r |
12.314 |
p |
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Low |
5.691 |
p |
7.462 |
p,r |
- |
|
7.440 |
p |
7.602 |
p |
7.728 |
p |
7.587 |
p |
7.446 |
p |
7.441 |
p |
7.521 |
p |
7.507 |
p |
7.223 |
p |
7.216 |
p |
7.418 |
p,r |
7.421 |
p |
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Overnight lending facility (OLF) Rate5 |
2.664 |
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6.695 |
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6.770 |
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6.000 |
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6.441 |
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6.519 |
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6.750 |
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6.750 |
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6.750 |
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6.750 |
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6.750 |
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6.750 |
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6.750 |
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7.000 |
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7.000 |
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Target reverse repurchase (RRP) rate (as of end
of period)5 |
5.500 |
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6.500 |
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5.750 |
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5.500 |
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6.000 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.500 |
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6.500 |
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6.500 |
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Overnight reverse repurchase rate (ON RRP)5 |
3.071 |
|
6.161 |
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6.327 |
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5.500 |
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5.714 |
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6.065 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.250 |
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6.185 |
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6.161 |
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6.387 |
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6.388 |
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Overnight deposit facility (ODF) rate5 |
2.369 |
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5.635 |
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5.826 |
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5.000 |
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5.219 |
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5.579 |
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5.750 |
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5.750 |
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5.750 |
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5.750 |
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5.750 |
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5.750 |
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5.793 |
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6.000 |
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6.000 |
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Term deposit facility (TDF) rates5 |
2.920 |
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6.538 |
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6.453 |
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6.360 |
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6.366 |
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6.550 |
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6.468 |
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6.492 |
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6.505 |
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6.585 |
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6.594 |
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6.533 |
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6.446 |
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6.618 |
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6.672 |
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7-day |
3.217 |
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6.531 |
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6.409 |
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6.323 |
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6.359 |
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6.557 |
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6.601 |
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6.592 |
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6.586 |
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6.578 |
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6.592 |
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6.498 |
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6.434 |
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6.639 |
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6.654 |
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14-day |
2.888 |
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6.551 |
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6.472 |
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6.385 |
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6.379 |
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6.586 |
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6.626 |
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6.606 |
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6.596 |
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6.586 |
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6.597 |
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6.510 |
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6.449 |
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6.653 |
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6.667 |
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BSP securities6 |
… |
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6.668 |
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6.589 |
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… |
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… |
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… |
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… |
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… |
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6.686 |
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6.654 |
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6.690 |
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6.715 |
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6.728 |
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6.792 |
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6.811 |
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28-day |
3.342 |
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6.664 |
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6.584 |
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6.379 |
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6.435 |
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6.691 |
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6.757 |
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6.723 |
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6.655 |
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6.673 |
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6.717 |
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6.719 |
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6.756 |
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6.830 |
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6.785 |
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56-day |
… |
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6.746 |
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6.536 |
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… |
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… |
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… |
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… |
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… |
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6.644 |
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6.669 |
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6.728 |
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6.724 |
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6.770 |
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6.851 |
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6.758 |
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Interbank call loan rate |
3.282 |
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6.297 |
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6.390 |
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5.516 |
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5.810 |
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6.319 |
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6.362 |
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6.400 |
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6.324 |
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6.313 |
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6.318 |
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6.293 |
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6.221 |
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6.406 |
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6.410 |
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1 |
Starting
1 January 2020, universal and commercial banks (UK/Bs) are required to submit
the amended reporting templates on banks' lending and deposit rates or
Interest Rates on Loans and Deposits (IRLD) in accordance with Circular Nos.
1029 and 1037, series of 2019. Data are preliminary estimates as of 15
January 2025 given the ongoing refinements of the IRLD reporting system. Bank
submissions with interest rates of 100% and above were excluded per account
code from the computation per the Department of Supervisory Analytics (DSA)
and Supervisory Policy and Research Department's (SPRD) definition of
outliers. |
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2 |
Refers to the
interest rate based on reporting UK/Bs' interest expense and outstanding
peso-denominated deposits. There is a break in the series beginning August
2022 given data updates. The series will be linked once data prior to August
2022 become available. |
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3 |
Refers to the interest rate based on reporting
UK/Bs' interest income and outstanding peso-denominated loans |
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4 |
Refers to the average of UK/Bs' reported
quoted or indicative high/low lending rates |
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5 |
On 3
June 2016, the Bangko Sentral ng Pilipinas (BSP) adopted the interest rate
corridor (IRC) to guide short-term market rates towards the BSP policy
interest rate, which is the overnight RRP rate. The interest rates for the
standing liquidity facilities–the OLF and the ODF, form the corridor's upper
and lower bound, respectively. In addition, the TDF serves as the main tool
for absorbing liquidity. On 8 September 2023, the BSP shifted to a
variable-rate format with a pre-determined offer volume in the auction for
the overnight RRP facility. In this regard, the BSP signals its monetary
policy stance through the Target RRP rate, which was set at 5.75 percent
effective 20 December 2024. The ODF rate and OLF rate were adjusted to 5.25
percent and 6.25 percent, respectively. Also, the BSP introduced a formal
operational target–the ON RRP rate. An operational target is a
market-determined, short-term interest rate that central banks can guide on a
day-to-day basis using their monetary instruments to reflect the prevailing
monetary policy stance. |
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6 |
Beginning
18 September 2020, the BSP has offered BSP Securities as part of its
initiative to shift to more market-based monetary operations. The inclusion
of BSP Securities issuance in the standard monetary operations of the BSP
provides an additional instrument for managing liquidity in the financial
system and support the implementation of monetary policy under the IRC
framework. On 30 June 2023, the BSP started offering 56-day BSP Bills. The
introduction of the 56-day BSP Bill expands the range of BSP’s term
instruments and increases the BSP’s flexibility to respond to changing
liquidity conditions while providing additional guidance to short-term market
interest rates. |
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p |
preliminary |
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r |
revised |
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… |
blank |
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- |
not available |
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Source: Bangko Sentral ng
Pilipinas |
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