At its 25 October monetary policy meeting, the Central Bank cut its Reverse Repurchase rate by 25 basis points to a new record low of 3.50%, in a decision expected by the market. Over the course of this year, the Central Bank has cut the rates four times, resulting in a cumulative reduction of 100 basis points to the Reverse Repurchase rate. According to the Central Bank, "the Monetary Board's decision is based on its assessment that the inflation environment continues to be benign". Policymakers noted that global economic conditions remain "tepid", however, on the domestic front, economic growth should be "firm". Regarding price developments, monetary authorities reaffirmed that "the future inflation path remains within target for 2012 up to 2014" and that the risks to inflation are "broadly balanced".
Philippines Monetary Policy
Central Bank lowers policy rate to 3.50%
October 25, 2012
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Philippines Monetary Policy Chart
Note: Reverse Repurchase Rate in %.
Source: Central Bank of the Philippines (BSP).
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.