19 SELECTED DOMESTIC INTEREST RATES                                                                   19 SELECTED DOMESTIC INTEREST RATES (CONT'D)                                  
      in percent per annum                                                                     in percent per annum                                  
      for periods indicated                                                                     for periods indicated                                  
                                                                                                               
                                                                                                               
  2021 2022 2023 2023       2024    
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec       Jan Feb Mar Apr May Jun Jul Aug    
                                                                                                               
                                       
  Time Deposit Rates1       Time Deposit Rates1    
  Short-term (1 Year and below)      0.458  p         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       Short-term (1 Year and below)       4.273  p        4.392  p        4.369  p       4.408  p        4.536  p        4.463  p       4.548  p   -   
  Long-term (above 1 Year)       1.668  p        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       Long-term (above 1 Year)      4.670  p        5.241  p       4.680  p         4.917  p       4.878  p        4.944  p       4.826  p   -   
           
  Savings Deposit Rates1,2        0.121  p       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       Savings Deposit Rates1,2        1.671  p        1.649  p         1.733  p         1.673  p        1.989  p         1.757  p        1.995  p   -     
           
  Bank Average Lending Rates1,3      6.066  p       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       Bank Average Lending Rates1,3        7.916  p        7.410  p         7.971  p       7.905  p        8.132  p        7.839  p        8.168  p   -     
           
  Lending Rates1,4       Lending Rates1,4    
  High      9.964  p     10.699  p      12.056  p      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      12.279  p       12.314       High     12.588  p       12.103  p       12.196  p      12.495  p      12.572  p      12.556  p      12.407  p   -   
  Low       5.579  p        5.691  p       7.446  p       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        7.218  p         7.421       Low        7.761  p        7.727  p       7.606  p        7.748  p        7.754  p        7.707  p       7.708  p   -   
           
  Overnight Lending Facility (OLF) Rates5      2.500      2.664      6.695     6.000       6.441       6.519      6.750      6.750      6.750      6.750      6.750      6.750      6.750      7.000      7.000       Overnight Lending Facility (OLF) Rates5      7.000      7.000      7.000      7.000      7.000      7.000  ..       6.750    
           
  Target Reverse Repurchase (RRP) Rate (as of end of period)5      2.000      5.500      6.500      5.500     6.000      6.250      6.250      6.250      6.250      6.250      6.250      6.250      6.500      6.500      6.500       Target Reverse Repurchase (RRP) Rate (as of end of period)5      6.500      6.500      6.500      6.500      6.500      6.500      6.500      6.250    
           
  Overnight Reverse Repurchase Rates (ON RRP)5      2.000       3.071        6.161      5.500        5.714      6.065      6.250      6.250      6.250      6.250      6.250       6.185        6.161       6.387      6.388       Overnight Reverse Repurchase Rates (ON RRP)5       6.423       6.452       6.496       6.495      6.498      6.500       6.492       6.378    
           
  Overnight Deposit Facility (ODF) Rates5       1.500       2.369       5.635     5.000       5.219       5.579      5.750      5.750      5.750      5.750      5.750      5.750       5.793     6.000     6.000       Overnight Deposit Facility (ODF) Rates5     6.000     6.000     6.000     6.000     6.000     6.000     6.000      5.865    
           
  Term Deposit Facility (TDF) Rates5        1.753      2.920       6.538      6.360       6.366      6.550      6.468       6.492      6.505      6.585       6.594       6.533       6.446       6.618       6.672       Term Deposit Facility (TDF) Rates5        6.611      6.606      6.580      6.568       6.561      6.560       6.542      6.482    
  7 - Day        1.715        3.217        6.531       6.323       6.359       6.557       6.601       6.592      6.586       6.578       6.592      6.498       6.434       6.639       6.654       7 - Day      6.589      6.580       6.557      6.540       6.533       6.529       6.512       6.389    
  14 - Day       1.762      2.888       6.551       6.385       6.379      6.586       6.626      6.606       6.596      6.586       6.597       6.510       6.449       6.653       6.667       14 - Day       6.618      6.607       6.592      6.580       6.574       6.573       6.553       6.447    
           
  BSP Securities6       BSP Securities6    
  28 - Day       1.770       3.342      6.664       6.379       6.435       6.691       6.757       6.723       6.655       6.673        6.717        6.719       6.756      6.830       6.785       28 - Day       6.758       6.768       6.729       6.693       6.676       6.675      6.602       6.478    
  56 - Day  …   …       6.746  …   …   …   …   …        6.644       6.669       6.728       6.724       6.770       6.851       6.758       56 - Day       6.756       6.763        6.715      6.690       6.673       6.665       6.597       6.526    
           
  Interbank Call Loan Rates       1.626       3.282      6.297       5.516       5.810        6.319       6.362      6.400       6.324        6.313       6.318       6.293       6.221      6.406       6.410       Interbank Call Loan Rates      6.480      6.500      6.500       6.515       6.518       6.526       6.518      6.500    
                                                                                                               
                                                   
  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 9 September 2024 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.       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 9 September 2024 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.    
           
           
  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.          
  3 Refers to the interest rate based on reporting UK/Bs' interest income and outstanding peso-denominated loans       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.    
  4 Refers to the average of UK/Bs' reported quoted or indicative high/low lending rates          
  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 6.25 percent effective 16 August 2024. The ODF rate and OLF rate were adjusted to 5.75 percent and 6.75 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.       3 Refers to the interest rate based on reporting UK/Bs' interest income and outstanding peso-denominated loans    
        4 Refers to the average of UK/Bs' reported quoted or indicative high/low lending rates    
        5 On 3 June 2016, the 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 6.25 percent effective 16 August 2024. The ODF rate and OLF rate were adjusted to 5.75 percent and 6.75 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.    
  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.           
           
            p Preliminary          
        ...      Blank       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.     
  Source: BSP          
                                                                           
              p Preliminary    
      .. No transaction/no quotation/no issue    
         -      Not available    
  Source: BSP