Table 19
Selected Domestic Interest Rates
in percent per annum
			2022		2023		2024		2024
									Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec
	Time deposit rates1
		Short-term (1 Year and below)	1.615	p	4.190	p	4.490	p	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
		Long-term (above 1 Year)	3.636	p	4.355	p	4.864	p	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
	Savings deposit rate1,2		0.623	p	1.581	p	1.832	p	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
	Bank average lending rate1,3		5.994	p	7.551	p	7.894	p	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
	Lending rates1,4
		High	10.699	p	12.201	p	13.097	p	12.673	p	12.172	p	16.657	p	12.562	p	15.816	p	12.622	p	12.430	p	12.583	p	12.387	p	12.466	p	12.337	p	12.458	p
		Low	5.691	p	7.462	p	7.833	p	7.782	p	7.705	p	9.223	p	7.751	p	8.573	p	7.709	p	7.706	p	7.642	p	7.532	p	7.496	p	7.494	p	7.377	p
	Overnight lending facility (OLF) Rate5		2.664		6.695		6.770		7.000		7.000		7.000		7.000		7.000		7.000		..		6.750		6.750		6.619		6.500		6.500
	Target reverse repurchase (RRP) rate (as of end of period)5		5.500		6.500		5.750		6.500		6.500		6.500		6.500		6.500		6.500		6.500		6.250		6.250		6.000		6.000		5.750
	Overnight reverse repurchase rate (ON RRP)5		3.071		6.161		6.327		6.423		6.452		6.496		6.495		6.498		6.500		6.492		6.378		6.258		6.128		5.989		5.912
	Overnight deposit facility (ODF) rate5		2.369		5.635		5.826		6.000		6.000		6.000		6.000		6.000		6.000		6.000		5.865		5.750		5.624		5.500		5.382
	Term deposit facility (TDF) rates5,6		2.920		6.538		6.453		6.611		6.606		6.580		6.568		6.561		6.560		6.542		6.482		6.346		6.280		6.094		6.042
		7-day	3.217		6.531		6.409		6.589		6.580		6.557		6.540		6.533		6.529		6.512		6.389		6.297		6.196		6.068		6.009
		14-day	2.888		6.551		6.472		6.618		6.607		6.592		6.580		6.574		6.573		6.553		6.447		6.378		6.255		6.100		6.046
	BSP securities6,7		…		6.668		6.589		6.766		6.764		6.749		6.712		6.684		6.674		6.654		6.592		6.518		6.468		6.375		6.283
		28-day	3.342		6.664		6.584		6.758		6.768		6.729		6.693		6.676		6.675		6.602		6.478		6.468		6.338		6.301		6.074
		56-day	…		6.746		6.536		6.756		6.763		6.715		6.690		6.673		6.665		6.597		6.526		6.534		6.353		6.321		6.140
	Interbank call loan rate		3.282		6.297		6.390		6.480		6.500		6.500		6.515		6.518		6.526		6.518		6.500		6.354		6.243		6.170		6.055
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 11 November 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 U/KBs' interest expense and outstanding peso-denominated deposits
3	Refers to the interest rate based on reporting U/KBs' interest income and outstanding peso-denominated loans
4	Refers to the average of U/KBs' 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	The interest rates reported for the All Maturities of TDF and BSP securities may not align with the range of individual tenor rates. The All Maturities rates represent the weighted average interest rate (WAIR) of outstanding transactions as of the month. Meanwhile, the rates for each tenor are calculated by averaging the WAIRs from each auction during the month, weighted by the auction volumes.
7	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
			2025
			Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct
	Time deposit rates1
		Short-term (1 Year and below)	4.300	p	4.241	p	4.261	p	4.160	p	4.184	p	4.158	p	4.128	p	4.218	p	4.052	p
		Long-term (above 1 Year)	4.639	p	4.640	p	4.408	p	4.308	p	4.392	p	4.782	p	3.972	p	3.480	p	4.298	p
	Savings deposit rate1,2		1.948	p	1.784	p	1.792	p	1.758	p	1.826	p	1.675	p	1.916	p	1.837	p	1.675	p
	Bank average lending rate1,3		8.135	p	7.459	p	8.146	p	7.318	p	7.700	p	7.454	p	8.167	p	8.132	p	7.817	p
	Lending rates1,4
		High	15.182	p	12.042	p	12.079	p	12.297	p	12.224	p	12.263	p	12.124	p	12.007	p	11.760	p
		Low	8.633	p	7.381	p	7.249	p	7.428	p	7.408	p	7.150	p	7.338	p	7.066	p	6.974	p
	Overnight lending facility (OLF) rate5		6.250		6.250		6.250		6.000		6.000		5.908		5.750		5.635		5.500		5.401
	Target reverse repurchase (RRP) rate (as of end of period)5		5.750		5.750		5.750		5.500		5.500		5.250		5.250		5.000		5.000		4.750
	Overnight reverse repurchase rate (ON RRP)5		5.733		5.754		5.754		5.615		5.497		5.428		5.241		5.226		4.978		4.821
	Overnight deposit facility (ODF) rate5		5.250		5.250		5.250		5.092		5.000		4.907		4.750		4.725		4.500		4.330
	Term deposit facility (TDF) rates5,6		5.861		5.792		5.769		5.699		5.567		5.495		5.315		5.279		5.128		4.954
		7-day	5.813		5.763		5.759		5.651		5.529		5.460		5.263		5.253		5.091		4.911
		14-day	5.872		5.792		5.771		5.691		5.553		5.493		5.325		5.280		5.116		4.922
	BSP securities6,7		6.082		5.871		5.840		5.835		5.760		5.626		5.534		5.444		5.377		5.315
		28-day	5.849		5.792		5.844		5.782		5.624		5.533		5.444		5.377		5.344		5.224
		56-day	5.866		5.852		5.842		5.768		5.624		5.552		5.463		5.384		5.323		5.228
	Interbank call loan rate		5.888		5.925		5.840		5.628		5.630		5.507		5.318		5.313		5.121		4.908
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 11 November 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 U/KBs' interest expense and outstanding peso-denominated deposits
3	Refers to the interest rate based on reporting U/KBs' interest income and outstanding peso-denominated loans
4	Refers to the average of U/KBs' 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	The interest rates reported for the All Maturities of TDF and BSP securities may not align with the range of individual tenor rates. The All Maturities rates represent the weighted average interest rate (WAIR) of outstanding transactions as of the month. Meanwhile, the rates for each tenor are calculated by averaging the WAIRs from each auction during the month, weighted by the auction volumes.
7	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
	Source: Bangko Sentral ng Pillipinas