Bangko Sentral ng Pilipinas Governor Amando Tetangco said upward inflation pressures could also be offset by lower rice prices.
Inflation slowed for a fifth straight month in January to 2.4 percent, well within the central bank's 2-4 percent target range this year.
Tetangco told Reuters on Monday the central bank can afford to leave its policy settings on hold for most of this year, and the timing and magnitude of any interest rate hike would not be determined by the US Federal Reserve's actions.