Table 19 Table 19 (cont'd)
Selected Domestic Interest Rates Selected Domestic Interest Rates
in percent per annum in percent per annum
      2023   2024   2025   2025       Jan-Mar   2026  
            Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep   Oct   Nov   Dec         2025   2026     Jan   Feb   Mar    
Time deposit rates1 Time deposit rates1
Short-term (1 Year and below)       4.190  p       4.490  p        4.109  p       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        3.975  p        3.821  p        3.710  p  Short-term (1 Year and below)      4.269  p         3.801  p         3.582  p 
Long-term (above 1 Year)       4.355  p       4.864  p       4.494  p       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       4.084  p       3.897  p       3.974  p  Long-term (above 1 Year)      4.556  p         3.759  p         4.108  p 
Savings deposit rate1,2        1.581  p         1.832  p        1.798  p        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        1.822       1.764  p  Savings deposit rate1,2       1.840  p 
Bank average lending rate1,3        7.551  p       7.894  p        7.822  p        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        8.031       7.651  p        7.981  p  Bank average lending rate1,3       7.914  p 
Lending rates1,4 Lending rates1,4
High      12.201     13.097  p       12.337  p       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      12.377  p       11.853  p       11.833  p  High      13.101  p       10.952  p       10.691  p 
Low       7.462       7.833  p         7.315  p       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        7.335  p       6.980  p       6.838  p  Low       7.754  p        6.456  p         6.373  p 
Overnight lending facility (OLF) Rate5      6.695      6.770        6.011      6.250      6.250      6.250     6.000     6.000      5.908      5.750       5.635      5.500       5.401      5.250       5.001 Overnight lending facility (OLF) rate5      6.250      4.823       5.000       4.943       4.750
Target reverse repurchase (RRP) rate (as of end of period)5      6.500       5.750      4.500      5.750      5.750      5.750      5.500      5.500      5.250      5.250     5.000     5.000      4.750      4.750      4.500 Target reverse repurchase (RRP) rate (as of end of period)5      5.750      4.250       4.500       4.250       4.250
Overnight reverse repurchase rate (ON RRP)5       5.635       6.327       5.228       5.733       5.754       5.754       5.615      5.497      5.428       5.241       5.226      4.978       4.821      4.744      4.584 Overnight reverse repurchase rate (ON RRP)5      5.744       4.413       4.500        4.431        4.247
Overnight deposit facility (ODF) rate5       5.635       5.826       4.739      5.250      5.250      5.250      5.092     5.000      4.907      4.750       4.725      4.500      4.330      4.250      4.084 Overnight deposit facility (ODF) rate5      5.250      3.888      4.000        3.927        3.750
Term deposit facility (TDF) rates5,6       6.538       6.453       5.478       5.861       5.792      5.769      5.699       5.567      5.495        5.315       5.279       5.128      4.954      4.780       4.618 Term deposit facility (TDF) rates5,6      5.809      4.403       4.502       4.458        4.233
7-day        6.531      6.409        5.381       5.813       5.763       5.759       5.651       5.529      5.460       5.263       5.253       5.091        4.911       4.753       4.614 7-day      5.784      4.402       4.502       4.434        4.232
14-day        6.551       6.472       5.537       5.872       5.792        5.771       5.691       5.553      5.493       5.325      5.280        5.116      4.922  ..   ..  14-day       5.819  …   …   …   … 
BSP securities6,7      6.668      6.589        5.617      6.082       5.871      5.840       5.835      5.760      5.626       5.534      5.444       5.377        5.315        5.173      4.997 BSP securities6,7       5.921      4.688        4.810        4.710        4.516
28-day      6.664      6.584       5.428      5.849       5.792      5.844       5.782      5.624       5.533      5.444       5.377      5.344       5.224      5.030       4.831 28-day       5.832      4.642        4.785        4.555       4.485
56-day      6.746       6.536       5.628      5.866       5.852      5.842      5.768      5.624       5.552      5.463      5.384       5.323       5.228  ..   ..  56-day      5.854  …   …   …   … 
Interbank call loan rate       6.297      6.390       5.364      5.888       5.925      5.840      5.628      5.630      5.507       5.318        5.313        5.121      4.908      4.796      4.602 Interbank call loan rate      5.882      4.423        4.542        4.451        4.327
                                                                                               
                                                                       
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 14 April 2026 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 14 April 2026 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 2 Refers to the interest rate based on reporting U/KBs' interest expense and outstanding peso-denominated deposits
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. 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
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. 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.
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. 
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Source: Bangko Sentral ng Pilipinas 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. 
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Source: Bangko Sentral ng Pillipinas