BSP cuts inflation estimates for 2012, 2013, 2014

Posted at 12/13/2012 4:59 PM | Updated as of 12/13/2012 11:40 PM

MANILA - The Philippine central bank on Thursday cut its forecast for average inflation this year to 3.2 percent from a previous estimate of 3.3 percent, and said there was little need for further policy support to boost economic activity. 

It also lowered its 2013 inflation forecast to 3.1 percent from 3.9 percent and its 2014 forecast to 2.9 percent from 3.1 percent. 

The central bank set an inflation target of 2-4 percent for 2015-2016. 

Earlier in the day, it left its key interest rate unchanged at a record low of 3.5 percent, as expected, as strong domestic demand continues to fuel robust economic growth.