MANILA, Philippines - The central bank said on Friday it has kept its inflation target at a range of 3% to 5% for this year up to 2014 under a new data series, with the goal likely to be met this year and the next based on latest assessments.

The Bangko Sentral ng Pilipinas (BSP), which uses an inflation-targeting model to set policy, shifted to the new data series based on 2006 prices starting January. Previous targets were based on 2000 prices.

"In its latest assessment of the inflation environment, the BSP's baseline forecasts indicated that average inflation is expected to remain within the target range in 2012 to 2013, supported by well anchored inflation expectations," the central bank said in a statement.

It said the decision to maintain the inflation target at the same level despite the data series shift was meant to anchor the public's expectations about future inflation and provide greater certainty in savings, investment, and consumption decisions.

The central bank will meet on March 1 to set policy, and some analysts expect it will cut its key policy rate for the second time in a row by 25 basis points to 4% to boost economic growth given benign inflation.