Philippine Inflation Rises on Surging Rice Prices, Risks Remain Tilted to Upside

• Philippine annual inflation accelerated to 3.7% in March from 3.4% in February

• Rise driven by 24.4% jump in rice prices, fastest pace in 15 years

• Core inflation eased slightly to 3.4% from 3.6%

• Bangko Sentral ng Pilipinas says risks to inflation remain tilted to the upside

• Economists expect central bank to keep benchmark rate unchanged at 6.50% next week