Matip came out on top in a six-man shortlist that included Tottenham striker Harry Kane, Burnley defender Ben Mee, Crystal Palace’s Wilfried Zaha, Che Adams of Southampton and Newcastle United’s Ryan Fraser.
Matip was an ever-present at the back for a Liverpool side who kept three clean sheets in four games and the former Cameroon international added one goal and an assist as well.
Howe led revitalised Newcastle United to three wins and a draw in February to pull clear of the relegation zone.
It is the fourth time he has won the award, having done so on three previous occasions while in charge of Bournemouth.
Howe beat Jurgen Klopp, Mikel Arteta and Ralph Hasenhuttl to claim the prize.
"It feels really nice and I'm very thankful to receive the award," Howe told the Newcastle United website.
"But I'm receiving it, really, on behalf of everyone connected with the club - the staff, the players, the owners.
"I'm just the guy who stands on the touchline but there's a lot of work that goes on behind the scenes to produce consistent results so I have to say a big thank you to everyone connected with the club, including the supporters.
"They're the extra man and they made such a difference for us during the month, so a big thank you to them, too."
