Policy Rates Left Unchanged In August

Economic Research	12 Aug 2016
Philippines
Economic Highlights
Policy Rates Left Unchanged In August Under the new interest rate corridor (IRC) system, Bangko ng Sentral Pilipinas (BSP) Monetary Board  maintained the overnight reverse repurchase (RRP) rate and lending rates stable at 3.0% and 3.5% respectively on 11 August. Meanwhile, the special deposit account (SDA) facility and the reserve requirement were also held steady at 2.50% and 20% respectively. The decision came in line with our and consensus expectations, as the current level of interest rates remains supportive of economic growth while inflation continues to be benign. Economist:  Rizki Fajar  | +6221 2970 7065
To access our recent reports please click on the links below: 10 Aug: Exports Contract By A Larger Magnitude in June 08 Aug: Inflation Stabilises in July 01 Aug: Weakening In Philippines’ Oversea Workers Remittances, But There Are Silver Linings 01 Aug:  Money Supply and Bank Lending Decelerate In June 01 July: Money Supply and Bank Lending Continue to Increase In May 24 June: Policy Rates Keep On Hold In June Under the New IRC System