* Philippine shares at 1-year high
* China stocks rise 1%
* RBI keeps interest rates unchanged

By John Biju
       Feb 8 (Reuters) - Most Asian equities gained on
Thursday, with prospects of support measures from Chinese
authorities boosting sentiment, even as data showed persistent
deflationary pressures in the world's second-largest economy.
    Equities in China climbed 1.0%, recovering for a
third straight session after touching a five-year low on Monday.
 
    Other regional equities also advanced, with shares in
Philippines rising as much as 1.4%, hitting their highest
level in a year. Stocks in South Korea rose up to 0.8%
to a more than one-month high. 
    China replaced the head of its securities regulator on
Wednesday, the official Xinhua news agency said, in the latest
of a slew of measures by authorities to stabilise the market
ahead of the long Lunar New Year holiday.
    "Chinese policy inclination is clearly to bolster markets
into holidays," said Wei Liang Chang, FX and credit macro
strategist at DBS Bank. 
    "These measures underpin a dramatic shift towards anchoring
investor sentiment, although continued fiscal support remains
crucial to reinforce China's recovery." 
    The country's economy is still reeling under persistent
deflationary pressures with China's consumer prices suffering
their steepest fall in more than 14 years in January, ramping up
pressure on policymakers to do more to revive the economy. 
    Meanwhile, the Bank of Thailand (BoT) kept its key interest
rate unchanged for a second straight meeting on Wednesday in a
5-2 vote, resisting government pressure to reduce borrowing
costs to revive faltering growth. 
    "Despite the dissenters, we view the tone of the meeting as
broadly neutral," Goldman Sachs analysts wrote.
    "Although, given significantly slower growth and inflation
forecasts, we now see a significant risk of policy rate cuts
from the BoT this year," they added. 
    The Thai baht retreated 0.4% while equities
were down 0.2%. 
    Other regional currencies were muted after comments from
Federal Reserve officials indicated little urgency to cut
interest rates until they have confidence on the inflation
trajectory. Markets are now awaiting fresh U.S. economic data
for further rate cut clues. 
    Markets in Indonesia and Taiwan were closed for a holiday.
    In Asia, the Reserve Bank of India kept interest rates
unchanged as expected while noting that inflation is on a
downward trend in the country. 
    The Philippine central bank is due to announce its interest
rate decision next week. The Bangko Sentral ng Pilipinas
reinforced its hawkish stance on Tuesday, noting upside risks to
the inflation outlook despite slower annual inflation in
January. 
    Indonesia's presidential and legislative elections next week
also remain on investors' watch list. 
    
    
    HIGHLIGHTS:   
     
    ** As China battles to shore up battered markets, investors
hold out for more
    ** BOJ rules out rapid rate hikes, signals ending risky
asset buying
    ** Mobile phone services suspended across Pakistan as voting
begins 
    
  Asia stock indexes and                             
 currencies at 0338 GMT                         
 COUNTRY  FX RIC        FX     FX  INDE  STOCK  STOCK
                     DAILY  YTD %     X      S  S YTD
                         %               DAILY      %
                                             %  
 Japan               -0.07  -4.88  <.N2  1.71   9.78
                                   25>          
 China                           EC>          
 India               +0.04  +0.33  <.NS   0.00   0.92
                                   EI>          
 Indones                 -  -1.50  <.JK      -  -0.52
 ia                                SE>          
 Malaysi             -0.06  -3.61  <.KL   0.22   4.24
 a                                 SE>          
 Philipp             +0.06  -0.94  <.PS   1.32   7.29
 ines                              I>           
 S.Korea                         11>          
 Singapo             -0.04  -1.84  <.ST  -0.27  -2.86
 re                                I>           
 Taiwan                  -  -1.99  <.TW      -   0.92
                                   II>          
 Thailan             -0.42  -4.45  <.SE   0.19  -0.93
 d                                 TI>          
 
    

    
 (Reporting by John Biju in Bengaluru; Editing by Jamie Freed)