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		2022																														2023																								2024
										Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec								Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun
		Treasury Bill Rates1/																																				Treasury Bill Rates1/
			91 - Day	1.113		1.864		5.400		0.861		0.806		1.501		1.248		1.485		1.646		2.095		1.967		2.318		4.085		4.348		4.089							91 - Day	4.200		4.262		4.774		5.347		5.842		5.963		5.734		5.639		5.569		5.999		5.895		4.996		5.225		5.567		5.751		5.821		5.735		5.674
			182 - Day	1.431		2.364		5.745		1.117		1.082		1.551		1.610		1.767		2.051		2.918		3.240		3.724		4.518		4.873		4.950							182 - Day	4.923		5.013		5.504		5.792		5.954		6.000		6.025		5.980		5.958		6.217		6.202		5.267		5.670		5.909		5.939		5.943		5.893		5.914
			364 - Day	1.694		2.468		5.999		1.460		1.484		1.767		1.880		1.933		2.439		3.090		3.636		..		4.875		5.102		..							364 - Day	5.380		5.406		5.817		6.060		6.076		6.080		6.244		6.311		6.145		6.410		6.307		5.732		5.983		6.075		6.051		6.026		6.036		6.041
			All Maturities	1.450		2.204		5.723		1.146		1.124		1.583		1.570		1.623		2.035		2.674		2.932		3.380		4.433		4.673		4.344							All Maturities	4.823		4.969		5.472		5.770		5.967		6.013		6.002		5.975		5.891		6.198		6.132		5.293		5.618		5.860		5.914		5.932		5.893		5.876
		Time Deposit Rates2/																																				Time Deposit Rates2/
			Short-term (1 Year and below)	0.458	p	1.615	p	4.190	p	0.412	p	0.400	p	0.499	p	0.455	p	0.576	p	0.765	p	1.142	p	1.768	p	2.477	p	2.914	p	3.286	p	3.688	p						Short-term (1 Year and below)	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	4.273	p	4.392	p	4.369	p	4.408	p	4.536	p	-
			Long-term (above 1 Year)	1.668	p	3.636	p	4.355	p	1.526	p	1.785	p	2.240	p	3.413	p	3.013	p	3.028	p	3.326	p	3.799	p	3.832	p	4.064	p	4.029	p	4.855	p						Long-term (above 1 Year)	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	4.670	p	5.241	p	4.680	p	4.917	p	4.878	p	-
		Savings Deposit Rates 2/,3/		0.121	p	0.269	p	1.581	p,r	0.126	p	0.116	p	0.121	p	0.115	p	0.118	p	0.128	p	0.143	p	0.586	p	0.748	p	0.901	p	1.042	p	1.199	p					Savings Deposit Rates 2/,3/		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,r	1.719	p,r	1.671	p	1.649	p	1.733	p	1.673	p	1.989	p	-
		Bank Average Lending Rates 2/,4/		6.066	p	5.994	p	7.551	p	5.962	p	5.462	p	5.813	p	5.570	p	5.752	p	5.811	p	5.925	p	6.099	p	6.039	p	6.339	p	6.337	p	6.693	p					Bank Average Lending Rates 2/,4/		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	7.802	p	7.948	p	7.916	p	7.410	p	7.971	p	7.905	p	8.132	p	-
		Lending Rates 2/,5/																																				Lending Rates 2/,5/
			High	9.964	p	10.699	p	12.056	p	10.444	p	10.756	p	10.539	p	10.332	p	10.038	p	10.065	p	10.704	p	10.520	p	10.637	p	11.095	p	11.465	p	11.793	p						High	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	p	12.588	p	12.103	p	12.196	p	12.495	p	12.572	p	-
			Low	5.579	p	5.691	p	7.446	p	5.289	p	5.471	p	5.493	p	5.128	p	5.134	p	5.362	p	5.342	p	5.496	p	5.859	p	6.051	p	6.738	p	6.927	p						Low	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	p	7.761	p	7.727	p	7.606	p	7.748	p	7.754	p	-
		Overnight Lending Facility (OLF) Rates 6/		2.500		2.664		6.695		..		2.500		2.500		2.500		2.500		..		..		3.750		4.500		4.750		5.495		5.500						Overnight Lending Facility (OLF) Rates 6/		6.000		6.441		6.519		6.750		6.750		6.750		6.750		6.750		6.750		6.750		7.000		7.000		7.000		7.000		7.000		7.000		7.000		7.000
		Target Reverse Repurchase (RRP) Rate (as of end of period) 6/		2.000		5.500		6.500		2.000		2.000		2.000		2.000		2.250		2.500		3.250		3.750		4.250		4.250		5.000		5.500						Target Reverse Repurchase (RRP) Rate (as of end of period) 6/		5.500		6.000		6.250		6.250		6.250		6.250		6.250		6.250		6.250		6.500		6.500		6.500		6.500		6.500		6.500		6.500		6.500		6.500
		Overnight Reverse Repurchase Rates (ON RRP) 6/		2.000		3.071		6.161		2.000		2.000		2.000		2.000		2.097		2.308		2.936		3.460		3.883		4.250		4.575		5.258						Overnight Reverse Repurchase Rates (ON RRP) 6/		5.500		5.714		6.065		6.250		6.250		6.250		6.250		6.250		6.185		6.161		6.387		6.388		6.423		6.486		6.496		6.495		6.498		6.500
		Overnight Deposit Facility (ODF) Rates 6/		1.500		2.369		5.635		1.500		1.500		1.500		1.500		1.595		1.799		2.353		2.963		3.373		3.750		3.999		4.777						Overnight Deposit Facility (ODF) Rates 6/		5.000		5.219		5.579		5.750		5.750		5.750		5.750		5.750		5.750		5.793		6.000		6.000		6.000		6.000		6.000		6.000		6.000		6.000
		BSP Securities 7/																																				BSP Securities 7/
			28 - Day	1.770		3.342		6.664		1.721		1.751		2.003		1.934		2.252		2.698		3.231		3.821		4.283		4.966		5.713		6.326							28 - Day	6.379		6.435		6.691		6.757		6.723		6.655		6.673		6.717		6.719		6.756		6.830		6.785		6.758		6.768		6.729		6.693		6.676		6.675
			56 - Day	…		…		6.746		…		…		…		…		…		…		…		…		…		…		…		…							56 - Day	…		…		…		…		…		…		6.669		6.728		6.724		6.770		6.851		6.758		6.756		6.763		6.715		6.690		6.673		6.665
		Term Deposit Facility (TDF) Rates 6/		1.753		2.920		6.538		1.748		1.703		1.952		1.947		2.042		2.424		2.902		3.618		3.932		4.585		5.262		6.087						Term Deposit Facility (TDF) Rates 6/		6.360		6.366		6.550		6.468		6.492		6.505		6.585		6.594		6.533		6.446		6.618		6.672		6.611		6.606		6.580		6.568		6.561		6.560
			7 - Day	1.715		3.217		6.531		1.723		1.704		1.897		1.932		2.028		2.452		2.997		3.657		4.016		4.633		5.277		6.140							7 - Day	6.323		6.359		6.557		6.601		6.592		6.586		6.578		6.592		6.498		6.434		6.639		6.654		6.589		6.580		6.557		6.540		6.533		6.529
			14 - Day	1.762		2.888		6.551		1.735		1.713		2.011		1.939		2.099		2.507		3.031		3.700		4.086		4.686		5.471		6.244							14 - Day	6.385		6.379		6.586		6.626		6.606		6.596		6.586		6.597		6.510		6.449		6.653		6.667		6.618		6.607		6.592		6.580		6.574		6.573
		Interbank Call Loan Rates		1.626		3.282		6.297		..		1.997		1.890		1.875		1.875		2.371		3.052		3.273		3.971		4.234		4.604		5.326						Interbank Call Loan Rates		5.516		5.810		6.319		6.362		6.400		6.324		6.313		6.318		6.293		6.221		6.406		6.410		6.480		6.500		6.500		6.515		6.518		6.526
		1/	Monthly treasury bill (T-bill) rates were computed based on the auction date by Bangko Sentral ng Pilipinas (BSP) staff, which differs from the monthly T-bill rates based on the issue date as computed by the Bureau of the Treasury (BTr).																																			1/	Monthly treasury bill (T-bill) rates were computed based on the auction date by Bangko Sentral ng Pilipinas (BSP) staff, which differs from the monthly T-bill rates based on the issue date as computed by the Bureau of the Treasury (BTr).
		2/	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 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/	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 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.
		3/	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 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 interest rate based on reporting UK/Bs' interest income and outstanding peso-denominated loans																																			4/	Refers to the interest rate based on reporting UK/Bs' interest income and outstanding peso-denominated loans
		5/	Refers to the average of UK/Bs' reported quoted or indicative high/low lending rates																																			5/	Refers to the average of UK/Bs' reported quoted or indicative high/low lending rates
		6/	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 kept at 6.50 percent in the last Monetary Policy meeting on 27 June 2024. 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/	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 kept at 6.50 percent in the last Monetary Policy meeting on 27 June 2024. 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.
		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.																																			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
		p/	Preliminary																																			r/	Revised
		..	No Transaction/No Quotation/No Issue																																			...	Blank
		...	Blank																																			-	Not available
		Sources: BSP and BTr																																				Sources: BSP and BTr