The central bank expects annual inflation in September at 3.4 to 4.3 percent, with the top end of the range the highest since November when the rate hit 4.7 percent.

Annual inflation in August was at 3.8 percent.

"This continues to reflect manageable inflation pressures, as the impact of oil price volatility is expected to be dampened by lower electricity prices and broadly stable food prices," Tetangco said in a mobile text message to reporters.

Tetangco, in an interview with Reuters on Wednesday, said the policy stimulus currently in place was sufficient to support domestic growth, but the central bank can ease policy if needed later this year.