Philippine inflation reached 3.2 percent in March, lower than the 3.4 percent registered in February, due to slower increases in the price of food and utilities, the National Statistics Office said on Friday.

Core inflation, which excludes selected food and energy, remained at its February rate of 3.8 percent.

The Philippine central bank said the 3.2 percent inflation registered in March affirm the government's view that inflation remains manageable.

"Nevertheless, the (government) will remain watchful of global developments, including those in Europe, changes in the monetary policy stance in advanced economies including Japan, and how these would impact on our inflation and growth dynamics," said central bank governor Amado Tetangco, Jr.

Tetangco also said the government is prepared to calibrate its policies to ensure the stability of the country's economy.