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       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  …        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 3 July 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 Philippine peso-denominated deposits
3 Refers to the interest rate based on reporting UK/Bs' interest income and outstanding Philippine 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
… 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  
Time deposit rates1
Short-term (1 Year and below)      4.300  p         4.241  p         4.261  p        4.160  p        4.184  p 
Long-term (above 1 Year)       4.639  p        4.640  p       4.408  p       4.308  p        4.392  p 
Savings deposit rate1,2        1.948  p         1.784  p         1.792  p        1.758  p        1.826  p 
Bank average lending rate1,3        8.135  p        7.459  p         8.146  p         7.318  p       7.700  p 
Lending rates1,4
High      15.182  p      12.042  p      12.079  p      12.297  p      12.224  p 
Low       8.633  p         7.381  p        7.249  p        7.428  p       7.408  p 
Overnight lending facility (OLF) rate5       6.250       6.250       6.250     6.000     6.000      5.908
Target reverse repurchase (RRP) rate (as of end of period)5       5.750       5.750       5.750      5.500      5.500      5.250
Overnight reverse repurchase rate (ON RRP)5        5.733       5.754       5.754       5.615       5.497      5.428
Overnight deposit facility (ODF) rate5       5.250       5.250       5.250      5.092     5.000      4.907
Term deposit facility (TDF) rates5        5.861       5.792       5.769       5.699       5.567       5.495
7-day        5.813       5.763       5.759       5.651       5.529      5.460
14-day       5.872       5.792        5.771       5.691       5.553       5.493
BSP securities6      6.082        5.871      5.840       5.835      5.760       5.626
28-day       5.849       5.792       5.844       5.782       5.624       5.533
56-day       5.866       5.852       5.842       5.768       5.624       5.552
Interbank call loan rate      5.888       5.925      5.840      5.628      5.630      5.507
                             
     
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 3 July 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 Philippine peso-denominated deposits
3 Refers to the interest rate based on reporting UK/Bs' interest income and outstanding Philippine 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
                Source: Bangko Sentral ng Pillipinas