MANILA, Philippines -- The Bangko Sentral ng Pilipinas, the country's central bank, signaled on Tuesday it was open to cutting interest rates further after December consumer price data confirmed signs that inflation was on a decelerating path.

"As inflation risks, particularly from food and fuel prices, continue to recede, we will carefully consider opportunities for monetary easing, mindful of potential tightening financial conditions," governor Amando Tetancgo said in a mobile text message to reporters.

The government reported Tuesday that consumer prices in December climbed at an annual rate of 8.0 percent, below the market's forecast of 8.8 percent and the central bank's estimate of 8.6-9.5 percent.

The central bank's policy-making Monetary Board meets for the first time this year on Jan. 29. The monetary authority cut rates by half a percentage point in December.