Download Monetary Policy Summary (PDF)

At its monetary policy meeting on 17 August 2023, the BSP decided to keep the interest rate on the overnight reverse repurchase (RRP) facility at 6.25 percent. The interest rates on the overnight deposit and lending facilities are likewise maintained at 5.75 percent and 6.75 percent, respectively. Read more

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Download Economic Outlook (PDF)

The latest baseline forecasts show a broadly higher path relative to the previous Monetary Policy Report (MPR) round. Inflation is projected to average at 5.6 percent for 2023 and 3.3 percent for 2024, higher relative to the previous round by 0.1 percentage point (ppt) and 0.5 ppt for 2023 and 2024, respectively. The upward revisions in the forecasts were driven by the significant uptick in global crude oil prices, higher inflation nowcast over the near term, higher-than-expected minimum wage adjustment, and depreciation of the peso. These were partly offset by the slower outlook for domestic economic activity and lower assumption for global non-oil prices for 2023 to 2024. Meanwhile, latest inflation forecast for 2025 is at 3.4 percent. Read more

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Download Current Developments (PDF)

Headline inflation decelerates further in July 2023. The y-o-y headline inflation slowed to 4.7 percent in July 2023 from 5.4 percent in June 2023. This brought the y-t-d average at 6.8 percent which is above the NG’s average inflation target range of 2.0-4.0 percent for the year. Food and non-alcoholic beverages inflation stood at 6.3 percent, lower than 6.7 percent in the previous month. Similarly, Inflation for non-food items moderated to 3.3 percent from 4.1 percent in the previous month. Read more

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Download Summary of MP Decisions (PDF)

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