PREVIEW: Inflation in the Philippines likely gathered pace in December from November, but still remained at the midpoint of the central bank's estimate of 2.6% and 3.5% for the month. The central bank says lower electricity costs and food prices as well as a stronger peso will cap inflation in December. The median forecast of nine economists polled by Dow Jones Newswires projects annual inflation in December at 3.1%, up from 2.8% on-year in November. December data is due at 0100 GMT on Friday. In the 11 months to November, inflation averaged 3.2%, at the lower end of the central bank's target average of 3.0%-5.0% for 2012. Benign inflation last year allowed the central bank to cut interest rates four times last year by a total full-percentage point.
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