MANILA, Jan 20 (Reuters) - Philippine central bank Governor Eli Remolona said on Saturday that supply shocks could derail the bank's forecast that inflation will decelerate back to its target range.

The Southeast Asian economy is "not out of the woods yet" as supply shocks could trigger second-round effects and heighten inflation expectations, the Bangko Sentral ng Pilipinas chief told a press conference. (Reporting by Mikhail Flores)