The Philippines central bank will stick to its high-interest rate bias until it sees a pull-back in inflation in the broader economy, a senior official was quoted as saying on Thursday.

"We will continue to be on a tightening mode until we see that second-round effects have moderated and inflation expectations have gone down resulting in a more favorable inflation outlook," deputy governor Diwa Guinigundo was quoted in several local newspapers as saying.

The central bank's interest-rate setting committee is set to meet on Aug 28 and most economists expect it to raise borrowing costs by 25 basis points, the third straight rate hike.

The monetary authority has raised interest rates by 75 basis points since June to but the brakes on accelerating annual inflation.

Inflation in July hit a near 17-year high of 12.2 percent year-on-year due to climbing food prices but the uptick in the rate from June's annual level of 11.4 percent was less than the 1-2 percentage point increases seen in previous months.

Core inflation, which strips out volatile food and energy costs, was 6.3 percent from a year earlier compared to 6.6 percent in June, its first let-up in pace since November.