UPDATE 1-Philippines inflation eases to 5-mth low in April

(Adds details on other price gauges)
* April inflation at 2.2% vs 2.5% in March
* Slower inflation due to lower transport, utility costs
* Easing inflation gives c.bank room to ease policy

MANILA, May 5 (Reuters) - Philippine annual inflation eased
to a five-month low in April, the statistics agency said on
Tuesday, reflecting the drop in global oil prices and weaker
economic activity due to the coronavirus outbreak.
The annual inflation rate slowed to 2.2% in April from the
previous month's 2.5%. It was slightly above the 2.1% forecast
in a Reuters poll, but close to the bottom end of the central
bank's 1.9-2.7% estimate for the month.
Core inflation, which excludes volatile food and fuel
prices, was 2.8%, slowing from March's 3.0%.
Last month's print brought the average inflation rate in the
four months to April to 2.6%, well inside the central bank's
2%-4% target this year.
Economists said the easing trend in inflation would provide
the central bank greater room to cut interest rates and reduce
banks' reserve requirement ratio to support growth.
The Philippines was among the first regional nations to take
drastic measures against the virus by ordering a quarantine for
half of the population of more than 107 million. Growth is
forecast to contract for the first time in more than two decades
this year, the central bank has said.
The Philippines will announce first quarter gross domestic
product data on May 5.
The central bank has cut interest rates thrice this year,
with the latest one an off-cycle move in April that brought the
benchmark interest rate PHCBIR=ECI to a record low of 2.75%.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno hinted
on Monday he was in no rush to slash policy rates again, saying
it would be prudent on the part of policymakers to wait for the
series of policy easing to work their way through the economy.