Philippines Monetary Policy


Central Bank remains on hold

At its 13 September monetary policy meeting, the Central Bank left its Reverse Repurchase rate unchanged at a record low of 3.75%, which was expected by the market. The move contrasted the Bank's previous decision in July, when it had lowered the policy rate by 25 basis points. According to the Central Bank, "the Monetary Board's decision was based on its assessment that the inflation environment remains benign, with the risks to the inflation outlook appearing to be broadly balanced". In addition, the Bank stated that economic activity at home remains robust, spurred by the cumulative 75-basis-point reduction in interest rates throughout the course of this year. Regarding price developments, monetary authorities reaffirmed that "the future inflation path remains well within the target", which is 4.0% plus/minus 1.0% for both 2012 and 2013.


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Philippines Monetary Policy Chart

Philippines Monetary Policy September 2012

Note: Reverse Repurchase Rate in %.
Source: Central Bank of the Philippines (BSP).

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