|Unit||% p.a., NSA|
|Adjustments||Not Seasonally Adjusted|
|Data||31 Dec 2018||4.75|
|30 Dec 2018||4.75|
|Source||Central Bank of Philippines (BSP)|
|Release||Policy Rate - Overnight Reverse Repurchase Rate|
|Stock Market Index||23 Mar 2023||6,536||6,546||Index, NSA||Business Daily|
|Treasury Bills (over 31 days)||Feb 2023||4.97||4.82||% p.a., NSA||Monthly|
|Average Long-term Government Bond||Jan 2023||5.38||4.85||% p.a., NSA||Monthly|
|Money Market Rate||Jan 2023||5.52||5.33||% p.a., NSA||Monthly|
|Lending Rate||31 Dec 2018||4.75||4.75||% p.a., NSA||Daily|
For the Philippines, the monetary policy rate is the overnight reverse repo rate. Daily from 1986.
The source writes:
Monetary Policy decisions are produced by Advisory Committee and the Monetary Board every six weeks. The monetary policy is “to promote price stability conducive to a balanced and sustainable growth of the economy” (Republic Act 7653). The adoption of inflation targeting framework of monetary policy in January 2002 is aimed at achieving this objective.
Inflation targeting is focused mainly on achieving a low and stable inflation, supportive of the economy’s growth objective. This approach entails the announcement of an explicit inflation target that the BSP promises to achieve over a given time period.
The Inflation Target: The government’s inflation target is defined in terms of the average year-on-year change in the consumer price index (CPI) over the calendar year. The inflation targets have been set at 3.5 percent with a tolerance interval of + 1.0 percentage point for 2009 and 4.5 percent with a tolerance interval of + 1.0 percentage point for 2010.
The BSP has a number of monetary policy instruments at its disposal to promote price stability. To increase or reduce liquidity in the financial system, the BSP uses open market operations, accepts fixed-term deposits, offers standing facilities and requires banking institutions to hold reserves on deposits and deposit substitutes.