MANILA (Reuters) - Philippine annual inflation likely accelerated to its fastest pace in five months in May due to higher gasoline prices, but the expected outcome is nowhere near worrying levels that would nudge the central bank into action, a Reuters poll showed.

A Reuters poll of 15 economists produced a median forecast of 1.4 percent annual inflation for May, well inside the central bank's projection of 1.1-1.9 percent for the month.

Inflation has stayed below the central bank's 2-4 percent target for a year on the back of low fuel prices and imports of the national staple rice, allowing policymakers to stand pat on rates since October 2014.

The central bank moved to an interest rate corridor system on June 3, to make the transmission of policy faster and more effective. The central bank next meets on June 23 to review policy.

(Reporting by Karen Lema; Editing by Kim Coghill)