Table 19
Selected Domestic Interest Rates
in percent per annum
			2022		2023		2024		2023
									Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec
	Time deposit rates1
		Short-term (1 Year and below)	1.615	p,r	4.190	p,r	4.490	p,r	3.751	p	3.725	p	4.081	p	4.192	p	4.248	p	4.298	p	4.322	p,r	4.313	p	4.327	p	4.371	p	4.294	p	4.364	p
		Long-term (above 1 Year)	3.636	p	4.355	p,r	4.864	p	5.402	p	5.091	p	4.532	p	4.597	p	4.525	p	4.194	p	4.216	p,r	4.760	p	3.459	p	4.608	p	4.974	p	4.821	p
	Savings deposit rate1,2		0.623	p,r	1.581	p	1.832	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
	Bank average lending rate1,3		5.994	p	7.551	p	7.894	p,r	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
	Lending rates1,4
		High	10.699	p	12.066	p	12.462	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	12.314	p
		Low	5.691	p	7.462	p	7.630	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	7.421	p
	Overnight lending facility (OLF) Rate5		2.664		6.695		6.770		6.000		6.441		6.519		6.750		6.750		6.750		6.750		6.750		6.750		6.750		7.000		7.000
	Target reverse repurchase (RRP) rate (as of end of period)5		5.500		6.500		5.750		5.500		6.000		6.250		6.250		6.250		6.250		6.250		6.250		6.250		6.500		6.500		6.500
	Overnight reverse repurchase rate (ON RRP)5		3.071		6.161		6.327		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 deposit facility (ODF) rate5		2.369		5.635		5.826		5.000		5.219		5.579		5.750		5.750		5.750		5.750		5.750		5.750		5.793		6.000		6.000
	Term deposit facility (TDF) rates5		2.920		6.538		6.453		6.360		6.366		6.550		6.468		6.492		6.505		6.585		6.594		6.533		6.446		6.618		6.672
		7-day	3.217		6.531		6.409		6.323		6.359		6.557		6.601		6.592		6.586		6.578		6.592		6.498		6.434		6.639		6.654
		14-day	2.888		6.551		6.472		6.385		6.379		6.586		6.626		6.606		6.596		6.586		6.597		6.510		6.449		6.653		6.667
	BSP securities6		…		6.668		6.589		…		…		…		…		…		6.686		6.654		6.690		6.715		6.728		6.792		6.811
		28-day	3.342		6.664		6.584		6.379		6.435		6.691		6.757		6.723		6.655		6.673		6.717		6.719		6.756		6.830		6.785
		56-day	…		6.746		6.536		…		…		…		…		…		6.644		6.669		6.728		6.724		6.770		6.851		6.758
	Interbank call loan rate		3.282		6.297		6.390		5.516		5.810		6.319		6.362		6.400		6.324		6.313		6.318		6.293		6.221		6.406		6.410
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 10 April 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.
2	Refers to the interest rate based on reporting UK/Bs' interest expense and outstanding peso-denominated deposits
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 Bangko Sentral ng Pilipinas (BSP) implemented the interest rate corridor (IRC) system to align short-term market rates with the BSP's policy interest rate, specifically the overnight reverse repurchase (RRP) rate. The interest rates for the standing liquidity facilities—the overnight lending facility (OLF) and the overnight deposit facility (ODF)—establish the corridor's upper and lower bounds, respectively. Additionally, the term deposit facility (TDF) serves as the primary tool for absorbing excess liquidity. On 8 September 2023, the BSP transitioned to a variable-rate format with a predetermined offer volume for the overnight RRP facility auction. Two significant changes were introduced: 1) the BSP’s monetary policy rate is now referred to as the “Target RRP Rate,” and 2) a formal operational target, known as the “Overnight (ON) RRP Rate,” was also established.
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
r	revised
…	blank
Source: Bangko Sentral ng Pilipinas
Table 19 (cont'd)
Selected Domestic Interest Rates
in percent per annum
			2024																								2025
			Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar
	Time deposit rates1
		Short-term (1 Year and below)	4.274	p	4.392	p	4.386	p	4.449	p	4.557	p	4.476	p	4.556	p	4.568	p	4.512	p	4.514	p	4.737	p	4.459	p,r	4.300	p	4.241	p
		Long-term (above 1 Year)	4.670	p	5.241	p	4.679	p	4.914	p	4.876	p	4.942	p	4.824	p	4.952	p	4.948	p	4.783	p	4.702	p	4.670	p	4.639	p	4.640	p
	Savings deposit rate1,2		1.671	p	1.649	p	1.733	p	1.673	p	1.989	p	1.757	p	1.995	p	2.008	p	1.896	p	1.947	p	1.899	p	1.801	p	1.948	p	1.784	p
	Bank average lending rate1,3		7.916	p	7.410	p	7.971	p	7.905	p	8.132	p	7.839	p	8.168	p	8.234	p	7.990	p	7.646	p	7.473	p	8.097	p,r	8.135	p	7.459	p
	Lending rates1,4
		High	12.673	p	12.172	p	12.228	p	12.562	p	12.629	p	12.622	p	12.430	p	12.583	p	12.387	p	12.466	p	12.337	p	12.458	p,r	12.188	p	12.042	p
		Low	7.782	p	7.705	p	7.618	p	7.751	p	7.749	p	7.709	p	7.706	p	7.642	p	7.532	p	7.496	p	7.494	p	7.377	p	7.205	p	7.381	p
	Overnight lending facility (OLF) rate5		7.000		7.000		7.000		7.000		7.000		7.000		..		6.750		6.750		6.619		6.500		6.500		6.250		6.250		6.250
	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		6.250		6.000		6.000		5.750		5.750		5.750		5.750
	Overnight reverse repurchase rate (ON RRP)5		6.423		6.452		6.496		6.495		6.498		6.500		6.492		6.378		6.258		6.128		5.989		5.912		5.733		5.754		5.754
	Overnight deposit facility (ODF) rate5		6.000		6.000		6.000		6.000		6.000		6.000		6.000		5.865		5.750		5.624		5.500		5.382		5.250		5.250		5.250
	Term deposit facility (TDF) rates5		6.611		6.606		6.580		6.568		6.561		6.560		6.542		6.482		6.346		6.280		6.094		6.042		5.861		5.792		5.769
		7-day	6.589		6.580		6.557		6.540		6.533		6.529		6.512		6.389		6.297		6.196		6.068		6.009		5.813		5.763		5.759
		14-day	6.618		6.607		6.592		6.580		6.574		6.573		6.553		6.447		6.378		6.255		6.100		6.046		5.872		5.792		5.771
	BSP securities6		6.766		6.764		6.749		6.712		6.684		6.674		6.654		6.592		6.518		6.468		6.375		6.283		6.082		5.871		5.840
		28-day	6.758		6.768		6.729		6.693		6.676		6.675		6.602		6.478		6.468		6.338		6.301		6.074		5.849		5.792		5.844
		56-day	6.756		6.763		6.715		6.690		6.673		6.665		6.597		6.526		6.534		6.353		6.321		6.140		5.866		5.852		5.842
	Interbank call loan rate		6.480		6.500		6.500		6.515		6.518		6.526		6.518		6.500		6.354		6.243		6.170		6.055		5.888		5.925		5.840
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 10 April 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.
2	Refers to the interest rate based on reporting UK/Bs' interest expense and outstanding peso-denominated deposits
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 Bangko Sentral ng Pilipinas (BSP) implemented the interest rate corridor (IRC) system to align short-term market rates with the BSP's policy interest rate, specifically the overnight reverse repurchase (RRP) rate. The interest rates for the standing liquidity facilities—the overnight lending facility (OLF) and the overnight deposit facility (ODF)—establish the corridor's upper and lower bounds, respectively. Additionally, the term deposit facility (TDF) serves as the primary tool for absorbing excess liquidity. On 8 September 2023, the BSP transitioned to a variable-rate format with a predetermined offer volume for the overnight RRP facility auction. Two significant changes were introduced: 1) the BSP’s monetary policy rate is now referred to as the “Target RRP Rate,” and 2) a formal operational target, known as the “Overnight (ON) RRP Rate,” was also established.
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
r	revised
Source: Bangko Sentral ng Pillipinas