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# Bangko Sentral ng Pilipinas Holds Overnight Rate at 6.50% Amid Global Easing Trend
- URL: https://www.theglobalbanker.com/bangko-sentral-ng-pilipinas-holds-overnight-rate-6-50-june-2024/
- Published: 2024-06-28T06:00:00.000Z
- Updated: 2026-10-02T12:57:15.000Z
- Description: The Bangko Sentral ng Pilipinas held its overnight reverse repo rate at 6.50% in June 2024, maintaining a tight stance as Philippine CPI stood at 3.9% year-on-year.
- Author: TGB Editorial Team
- Tags: Central Banks, Asia-Pacific, #archive

The Bangko Sentral ng Pilipinas (BSP) maintained its overnight reverse repo rate at 6.50% at its 27 June 2024 Monetary Board meeting. 

Consumer price index inflation in the Philippines came in at 3.9% year-on-year in May 2024, placing it within the BSP's 2% to 4% target band but close to the ceiling. The Monetary Board's assessment was that maintaining the current rate level was necessary to ensure that inflation continued to track lower within the band and did not re-accelerate.

#### GLOBAL CONTEXT

The European Central Bank cut its key rates at the start of June 2024\. The BSP has consistently emphasised that its policy decisions are calibrated to Philippine economic conditions rather than being mechanically synchronised with the actions of other central banks.

#### POLICY OUTLOOK

The BSP signalled at its June meeting that it would continue to review the appropriateness of the current rate level at subsequent meetings, with decisions guided by the evolution of inflation, economic growth, and external financial conditions. Governor Eli Remolona said after the meeting that a rate cut in August had become somewhat more likely than before, though the central bank did not commit to a specific timeline.

The US Federal Reserve held its rates at 5.25% to 5.50% at its June 2024 meeting and signalled a single cut in 2024\.