The neutral real interest rate (NRR) is important in the conduct of monetary policymaking as it may be used as a benchmark for the interest rate that stabilizes inflation and keeps the economy growing at its potential in the long run. The gap between the real interest rate and the NRR may be used as an indicator to assess whether the indicated monetary policy stance causes the economy to grow or slow down. This paper explores three models, the Holston-Laubach-Williams model, Perrelli-Roache Kalman-filtered model, and Time-Varying Parameter Autoregression model, in estimating NRR. The results show that the NRR behaves differently depending on the model used, confirming previous findings that the estimated NRR is sensitive to model specifications. Establishing a clear relationship between the NRR and the optimal monetary policy stance amid elevated inflation is complex especially that the NRR is an unobservable variable. Thus, discretionary judgement, which may not necessarily coincide with prescription-based rules like the NRR, remains the most important element of monetary policymaking.