June 22, 2017 / 8:22 AM / a month ago

TIMELINE-Philippines' policy rate changes since 2004

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MANILA, June 22 (Reuters) - The Philippine central bank kept its benchmark interest rate steady at 3.0 percent on Thursday, as expected.

Below are policy changes by the Philippine central bank since 2004. Each move is measured in basis points (bps), which are one-hundredths of a percentage point:

Date Change in Other measures June 22, 2017 - Steady at 3.0 pct May 11, 2017 - Steady at 3.0 pct Mar 23, 2017 - Steady at 3.0 pct Feb 9, 2017 - Steady at 3.0 pct Dec 22, 2016 - Steady at 3.0 pct Nov 10, 2016 - Steady at 3.0 pct Sept 22, 2016 - Steady at 3.0 pct Aug 11, 2016 - Steady at 3.0 pct June 23,2016 - Steady at 3.0 pct June 3, 2016 - C.bank moves to interest rate corridor system,

sets overnight borrowing rate at 3.0 pct** May 12, 2016 - Steady at 4.0 SDA rates steady at 2.50 pct Mar 23, 2016 - Steady at 4.0 SDA rates steady at 2.50 pct Feb 11, 2016 - Steady at 4.0 SDA rates steady at 2.50 pct Dec 17, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Nov 12, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Sept 24, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Aug 13, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct June 25, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct May 14, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Mar 26, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Feb 12, 2015 - Steady at 4.0 SDA rates steady at 2.50 pct Dec 11, 2014 - Steady at 4.0 SDA rates steady at 2.50 pct Oct 23, 2014 - Steady at 4.0 SDA rates steady at 2.50 pct Sept 11, 2014 - Raises 25 to 4.0 Raises SDA rates 25 bps

to 2.50 pct July 31, 2014 - Raised 25 to 3.75 June 19, 2014 - Steady at 3.50 Raises SDA rates by 25 bps

to 2.25 pct May 8, 2014 - Steady at 3.50 Banks' reserve requirements

raised by 1 percentage point

to 20 pct Mar 27, 2014 - Steady at 3.50 Banks' reserve requirements

raised by 1 percentage point

to 19 pct Feb 6, 2014 - Steady at 3.50 SDA kept at 2.0 pct Dec 12, 2013 - Steady at 3.50 SDA kept at 2.0 pct Oct 24, 2013 - Steady at 3.50 SDA kept at 2.0 pct Sept 12, 2013 - Steady at 3.50 SDA kept at 2.0 pct July 25, 2013 - Steady at 3.50 SDA kept at 2.0 pct June 13, 2013 - Steady at 3.50 SDA kept at 2.0 pct Apr 25, 2013 - Steady at 3.50 Cuts SDA rate by 50 bps to

2.0 pct Mar 14, 2013 - Steady at 3.50 Cuts SDA rate by 50 bps to

2.50 pct Jan 24, 2013 - Steady at 3.50 Cuts/Sets SDA rate at 3.0

pct for all tenors Dec 13, 2012 - Steady at 3.50 Oct 25, 2012 - Cut 25 to 3.50 Sept 13, 2012 - Steady at 3.75 July 26, 2012 - Cut 25 to 3.75 July 13, 2012 - Cuts SDA rates by 3.125

basis points June 14, 2012 - Steady at 4.00 Apr 19, 2012 - Steady at 4.00 March 1, 2012 - Cut 25 to 4.00 Feb 3, 2012 - Unifies liquidity and

statutory reserves into one

category; Cuts bank's

required reserves by 3

pctage pts to 18 pct Jan 19, 2012 - Cut 25 to 4.25 Dec 1, 2011 - Steady at 4.50 Oct 20, 2011 - Steady at 4.50 Sept 8, 2011 - Steady at 4.50 July 28, 2011 - Steady at 4.50 Bank regular reserve

requirements raised by 1

percentage point June 16, 2011 - Steady at 4.50 Bank regular reserve

requirements raised by

1 percentage point May 5, 2011 - Raised 25 to 4.50 Mar 24, 2011 - Raised 25 to 4.25 Feb 10, 2011 - Steady at 4.00 Dec 29, 2010 - Steady at 4.00 Nov 18, 2010 - Steady at 4.00 Oct 7, 2010 - Steady at 4.00 Aug 26, 2010 - Steady at 4.00 July 15, 2010 - Steady at 4.00 June 3, 2010 - Steady at 4.00 Apr 22, 2010 - Steady at 4.00 Cuts budget for s-term

peso rediscounting window Mar 11, 2010 - Steady at 4.00 Cuts budget for s-term

peso rediscounting window Jan 28, 2010 - Steady at 4.00 Raises rate on s-term

peso rediscounting window Dec 17, 2009 - Steady at 4.00 Nov 5, 2009 - Steady at 4.00 Oct 1, 2009 - Steady at 4.00 Aug 20, 2009 - Steady at 4.00 July 9, 2009 - Cut 25 to 4.00 May 28, 2009 - Cut 25 to 4.25 Apr 16, 2009 - Cut 25 to 4.50 March 5, 2009- Cut 25 to 4.75 Feb 12, 2009 Raises budget for peso

rediscounting window Jan 29, 2009 - Cut 50 to 5.00 Dec 18, 2008 - Cut 50 to 5.50 Nov 7, 2008 - Bank regular reserve

requirements cut by 2

pct points; Raises budget

for peso rediscounting

window Aug 28, 2008 - Raised 25 to 6.00 July 17, 2008 - Raised 50 to 5.75 June 5, 2008 - Raised 25 to 5.25 Mar 13, 2008 - Removes 2-, 3-, 6-mth

tenors of SDA window, cut

rates in remaining

maturities Jan 31, 2008 - Cut 25 to 5.00 Dec 20, 2007 - Cut 25 to 5.25 Nov 15, 2007 - Cut 25 to 5.50 Oct 4, 2007 - Cut 25 to 5.75 July 12, 2007 - Cut 150 to 6.00 Removes tiering scheme* on

overnight placements with

central bank Apr 19, 2007 - Widens availability of

SDA window to include

trust department of banks Nov 2, 2006 - Adopts tiering scheme* on

banks' placements with

central bank's overnight

and SDA facilities Oct 20, 2005 - Raised 25 to 7.50 Sept 22, 2005 - Raised 25 to 7.25 April 7, 2005 - Raised 25 to 7.00 Feb 5, 2004 - Raises banks' liquidity

reserve requirements by 2

pct points to 10 pct

NOTES: Under the tiering programme, banks earn less interest for bigger overnight placements with the central bank. This is aimed at encouraging banks to lend more, rather than park their funds SDA - Special Deposit Account **The Philippine central bank on June 3 fixed the width of the interest rate corridor (IRC) at 100 basis points, but reiterated the adjustments do not represent a change in monetary policy. (Reporting by Enrico dela Cruz)

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