At its 26 July monetary policy meeting, the Central Bank cut its Reverse Repurchase rate by 25 basis points to a new record low of 3.75%. The decision surprised the market, which had expected the policy rate to remain unchanged. According to the Central Bank, the Monetary Board's decision is based on its assessment that price pressures have been receding, with risks to the inflation outlook slightly skewed to the downside. The move represented the third interest rate cut so far this year. The Central Bank stated that the domestic economy continues to be propped up by solid private consumption. At the same time, it warned that weakening global economic activity represents the biggest risk to Philippines' macroeconomic outlook going forward. Regarding price developments, monetary authorities reaffirmed that inflation will settle within the lower half of their target of 4.0% plus/minus 1.0% in both 2012 and 2013.
Philippines Monetary Policy
Central Bank cuts policy rate by 25 basis points
July 26, 2012
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.