Interest rate decision · Philippines
Philippines Interest Rate Decision
The Philippines Interest Rate Decision is Bangko Sentral ng Pilipinas's announcement of its main policy rate, the target reverse repurchase rate. It is the price of money in the Philippines: banks' borrowing costs, mortgage and loan rates and the return on cash all move with it.
- Importance
- Medium
- Released
- About every six weeks
- Next release
- Currency
- PHP · Philippine peso
- Central bank
- Bangko Sentral ng Pilipinas
Latest figures
The latest release, published on 22 October 2026, came in at 5.50%, above the consensus of 5.25%, up from 5% the time before.
A higher rate than expected (or a hawkish surprise) usually lifts the Philippine peso and bond yields and weighs on stocks.
Over the last 12 releases it ranged from 4.25% to 5.75%, averaging 4.92%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 22 Oct 2026 | – | 5.50% | 5.25% | 5% |
| 27 Aug 2026 | – | 5% | 5% | 4.75% |
| 18 Jun 2026 | – | 4.75% | 4.75% | 4.50% |
| 23 Apr 2026 | – | 4.50% | 4.25% | 4.25% |
| 26 Mar 2026 | – | 4.25% | – | 4.25% |
| 19 Feb 2026 | – | 4.25% | 4.25% | 4.5% |
| 11 Dec 2025 | – | 4.5% | 4.5% | 4.75% |
| 9 Oct 2025 | – | 4.75% | 5% | 5% |
| 28 Aug 2025 | – | 5% | 5% | 5.25% |
| 19 Jun 2025 | – | 5.25% | 5.25% | 5.5% |
| 10 Apr 2025 | – | 5.5% | 5.5% | 5.75% |
| 13 Feb 2025 | – | 5.75% | 5.5% | 5.75% |
Why it matters
No release moves markets more directly. The rate decides what holding the Philippine peso pays, so the currency, government bond yields, bank shares and the whole stock market react within seconds. Markets usually price the decision in advance, so the surprise, and the tone of the statement and press conference, matter as much as the number: a hold with a hawkish message can lift the currency more than an expected hike.
How it is calculated
There is nothing to calculate: the rate is set by a vote of the central bank's policy committee at scheduled meetings. The committee weighs inflation against its target, the labour market, growth and financial conditions. Most decisions move in steps of 0.25 percentage point; 0.50 or more signals urgency.
Taylor rule (a rough guide many economists use):
rate ≈ neutral rate + inflation + 0.5 × (inflation − target) + 0.5 × output gapWhat changes mean
- Compare the decision with the consensus: a surprise move is rare and causes the largest reactions.
- Read the statement for changes in wording; "further tightening may be needed" versus "policy is appropriate" is what traders act on.
- Look at the vote split: dissents in one direction often foreshadow the next move.
- A hike or hawkish hold usually lifts the Philippine peso and bond yields; a cut or dovish tone does the opposite. Stocks usually prefer lower rates unless the cut signals a weakening economy.
Higher than expected: A higher rate than expected (or a hawkish surprise) usually lifts the Philippine peso and bond yields and weighs on stocks.
Lower than expected: A lower rate than expected usually weakens the Philippine peso, lowers bond yields and supports stocks.
A short history
Central banks have set lending rates since the Bank of England raised its Bank Rate in the 18th and 19th centuries to defend its gold reserves. Since New Zealand adopted formal inflation targeting in 1990, most central banks set rates to keep inflation near a target, usually 2%.
Questions
What is the Philippines Interest Rate Decision?
The Philippines Interest Rate Decision is Bangko Sentral ng Pilipinas's announcement of its main policy rate, the target reverse repurchase rate. It is the price of money in the Philippines: banks' borrowing costs, mortgage and loan rates and the return on cash all move with it.
What was the latest Philippines Interest Rate Decision?
5.50%, published on 22 October 2026 (consensus 5.25%, previous 5%).
When is the next Philippines Interest Rate Decision?
On Thursday 17 December 2026 at 06:30 UTC.
When is the Philippines Interest Rate Decision announced?
On the dates of Bangko Sentral ng Pilipinas's scheduled policy meetings, published a year in advance; the calendar above shows the next one.
Why do markets move before the decision?
Interest-rate futures and swaps price the expected decision days ahead; on the day, only the difference from those expectations moves prices.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.