19  PHILIPPINES: SELECTED DOMESTIC INTEREST RATES                                                              
    weighted averages in percent per annum                                                                    
    for periods indicated                                                                    
                                                                         
                                                                     
2018 2019 2020 2019 2020 2021
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
                                                                     
                                                                 
Treasury Bill Rates  
35 - Day 1.869 .. 2.714 2.033 1.950 1.160
91 - Day 3.539 4.674 2.018 5.444 5.575 5.754 5.606 5.309 4.596 3.826 3.326 3.093 2.995 3.168 3.192 3.299 3.094 3.019 3.204 2.234 1.978 1.519 1.146 1.152 1.094 1.022 1.014 0.980 0.870 1.208 1.335
182 - Day 4.489 5.065 2.261 6.096 5.926 5.953 5.978 5.721 4.976 4.169 3.574 3.425 3.173 3.224 3.348 3.554 3.442 3.345 3.221 2.343 2.076 1.674 1.409 1.549 1.585 1.450 1.395 1.350 1.107 1.489 1.692
364 - Day 5.144 5.232 2.422 6.207 5.978 6.036 6.023 5.866 5.151 4.628 3.767 3.662 3.577 3.507 3.475 3.860 3.874 3.618 3.371 2.698 2.298 1.791 1.748 1.826 1.794 1.736 1.691 1.586 1.470 1.889 1.895
All Maturities 4.389 5.022 2.223 6.019 5.842 5.938 5.851 5.669 4.944 4.261 3.585 3.414 3.280 3.330 3.324 3.583 3.510 3.406 3.185 2.373 2.107 1.689 1.416 1.544 1.555 1.463 1.448 1.364 1.198 1.608 1.718
 
Time Deposit Rates1  
Short-term (1 Year and below) 3.157 4.059 - 4.728 4.864 4.613 4.455 4.723 4.403 4.158 3.145 3.002 2.921 3.142 3.369 2.164 1.861  -   -   -   -   -   -   -   -   -   -   -   -   -   - 
Long-term (above 1 Year) 3.456 4.598 - 5.482 5.374 5.190 5.637 4.835 4.588 4.668 3.739 3.463 3.178 2.891 3.361 3.258 1.513  -   -   -   -   -   -   -   -   -   -   -   -   -   - 
 
Savings Deposit Rates 1,2 0.899 1.231 - 1.403 1.239 1.409 1.326 1.358 1.244 1.365 1.341 1.130 0.994 0.999 0.974  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   - 
 
Bank Average Lending Rates 1,3 6.139 7.087 - 7.267 6.680 7.424 7.196 7.476 7.212 7.382 7.108 6.991 7.105 6.767 6.542  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   - 
 
Lending Rates 1,4  
High 7.109 8.018 - 8.249 8.380 8.486 8.615 8.525 8.383 8.103 7.778 7.628 7.367 7.348 7.350 10.894 10.780  -   -   -   -   -   -   -   -   -   -   -   -   -   - 
Low 4.573 5.497 - 5.500 5.686 5.797 5.899 5.844 5.708 5.603 5.444 5.263 5.092 5.075 5.051 6.072 6.001  -   -   -   -   -   -   -   -   -   -   -   -   -   - 
 
Overnight Lending Facility (OLF) Rates 5 4.581 4.996 4.063 .. 5.250 5.250 5.250 5.000 5.000 5.000 4.806 4.696 4.500 4.500 4.500 4.500 4.300 .. .. .. .. .. 2.750 .. 2.750 2.750 2.500 2.500 .. 2.500 2.500
 
Overnight RRP Rates 5 3.625 4.408 2.733 4.750 4.750 4.750 4.750 4.500 4.500 4.500 4.316 4.217 4.000 4.000 4.000 4.000 3.804 3.554 3.092 2.750 2.652 2.250 2.250 2.250 2.250 2.158 2.000 2.000 2.000 2.000 2.000
 
Overnight Deposit Facility (ODF) Rates 5 2.921 3.798 2.054 4.250 4.250 4.250 4.250 4.000 4.000 4.000 3.858 3.709 3.500 3.500 3.500 3.500 3.329 2.979 2.491 2.250 2.169 1.750 1.750 1.750 1.750 1.655 1.500 1.500 1.500 1.500 1.500
 
BSP Securities 5  
28 - Day  -   -  1.844  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  1.840 1.935 1.843 1.691 1.642 1.658 1.908 1.854
 
Term Deposit Facility (TDF) Rates 5 3.894 4.541 2.241 5.150 5.160 5.073 4.950 4.619 4.693 4.643 4.574 4.457 4.304 4.290 4.332 4.203 4.001 3.828 3.074 2.261 2.251 1.769 1.780 1.840 1.866 1.971 1.722 1.662 1.637 1.799 1.823
7 - Day 3.840 4.528 2.123 5.063 5.131 5.005 4.865 4.643 4.650 4.570 4.487 4.358 4.226 4.230 4.285 4.079 3.911 3.769 2.523 2.256 2.251 1.755 1.771 1.831 1.878 1.917 1.717 1.642 1.624 1.746 1.763
14 - Day 3.921 4.572 2.042 5.149 5.173 5.108 4.897 4.655 4.675 4.624 4.530 4.414 4.246 4.316 4.329 4.123 3.913 3.791 .. .. 2.251 1.755 1.812 1.848 1.912 1.947 1.715 1.660 1.651 1.854 1.800
28 - Day 3.938 4.521 2.705 5.161 5.187 5.137 5.099 4.630 4.726 4.656 4.502 4.473 4.263 4.342 4.350 4.159 3.944 3.760 .. .. .. 1.758 1.802 1.849 1.845 .. .. .. .. .. ..
 
Interbank Call Loan Rates 3.734 4.665 3.537 5.098 5.114 5.175 5.223 5.043 4.937 4.773 4.408 4.323 4.092 4.018 3.970 3.822 3.708 3.539 3.308 2.430 2.349 1.813 1.914 1.871 1.875 1.883 1.997 1.688 1.312 1.571 1.560
                                                                     
                                                                       
1 Starting 1 January 2020, universal and commercial banks 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.  In view of the gradual lifting of  the suspension of submission of bank reports amid the New Economy Arrangement (NEA),  
 banks' submission of IRLD reports is not yet complete.  
2    Refer to the annual percentage equivalent of commercial banks' actual monthly interest expenses on peso-savings deposits to the total outstanding levels of these deposits.  
3    Monthly rates reflect the annual percentage equivalent of all commercial banks' actual monthly interest income on their peso-denominated loans to the total outstanding levels of their peso-denominated loans, bills discounted,   
    mortgage contract receivables and restructured loans.  
4    Average of all high/low values.  
5   Beginning 3 June 2016, the BSP shifted its monetary operations to an interest rate corridor (IRC) system. The repurchase (RP) and Special Deposit Account (SDA) windows were replaced by standing overnight lending  and overnight deposit facilities, respectively.
    
 
    The reverse repurchase (RRP) facility was modified to a purely overnight RRP. In addition, the term deposit facility (TDF) will serve as the main tool for absorbing liquidity. The Overnight Lending Facility (OLF) and Overnight Deposit Facility (ODF) will serve as   
    upper and lower bound, respectively, of the IRC system. The weighted average interest rates (WAIR) of BSP rates are based on outstanding balance as of month-end. Blank entries (…) refer to transactions within the month that have matured by month-end,   
    hence there were no outstanding balance and WAIR.  
     Beginning 18 September 2020, the BSP offers 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 Interest Rate Corridor (IRC) framework. For its initial offering, the BSP auctions 28-day BSP Bills with an indicative offer volume of about P20 billion subject to confirmation two days before the actual auction date.  
r Revised  
p Preliminary  
       -      Not Available  
      ..      No Transaction/No Quotation/No Issue  
      ...     Blank  
Sources: Bureau of the Treasury, Bangko Sentral ng Pilipinas