BSP sees inflation at 6.5%-7%

The Bangko Sentral ng Pilipinas, Philippine central bank, said Friday the annual inflation rate likely fell to 6.5-7.0 percent in July from 7.6 percent in June as abundant food supply offset pressures from high oil prices.

"The lower inflation forecast is due mainly to lower food prices following favorable weather and front-loading of rice imports," BSP Governor Amando Tetangco said.

"We remain ready, of course, to undertake the necessary monetary action when circumstances warrant it," Tetangco