Interest rate on bank loans reached 7.10 % in 2019 in Philippines, according to the National Central Bank. This is 16.0 % more than in the previous year.
Historically, interest rate on bank loans in Philippines reached an all time high of 28.6 % in 1985 and an all time low of 5.53 % in 2014. When compared to Philippines's main peers, interest rate on bank loans in China amounted to 4.35 %, 10.4 % in Indonesia and 7.71 % in Vietnam in 2019.
Philippines has been ranked 65th within the group of 92 countries we follow in terms of interest rate on bank loans, 25 places above the position seen 10 years ago.
The lending interest rate is the rate charged by banks on loans to prime customers.