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.
Philippines Monetary Policy
Central Bank remains on hold
September 13, 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.