The central bank on Wednesday lowered its inflation forecast for the year another notch, further raising expectations that it would cut interest rates again to help boost economic growth when the policy-making Monetary Board convenes on Thursday. “Based on Bangko Sentral ng Pilipinas’ (BSP) latest projection, inflation is expected to average at 2.5 percent for 2019,” BSP Governor Benjamin Diokno said in a note to reporters. “[This is] lower relative to the previous forecast of 2.6 percent as of Aug. 8, 2019.” The revised forecast is also substantially lower than the government’s official target range for the year of 3 percent, plus or minus 1 percent. In a speech delivered to financial executives the previous day, Diokno noted that inflation continued on its downtrend path, giving regulators enough elbow room to unwind the series of rate hikes implemented last year to fight a spike in consumer prices. At its meeting today, most market watchers expect the Monetary Board to cut the central bank’s key overnight borrowing rate by another 25 basis points following the announcement by the government earlier this month that August inflation had fallen to 1.7 percent, the lowest in almo...