The bank didn't say when the measures will take effect.Inflation averaged 2.7 percent in the first 11 months, below the central bank's 4 percent to 5 percent target, as the peso's strength lowered the cost of imports, including oil.Tetangco said Dec. 12 the bank has more ``elbow room'' to cut borrowing costs after the U.S. Federal Reserve reduced its key rate, particularly as the inflation outlook