The peso hit a new all-time low of P59.13 against the US dollar on Tuesday after slumping to an intraday low of P59.2.

The last time the Philippine currency fell to these levels was December 19, 2024.

On Monday, the peso ended at P58.9 against the dollar after reaching P59.2 in midday training.

Tuesday's volume soared to $1.082 billion in morning trading and it went down to $668.204 million in the afternoon after the Bangko Sentral ng Pilipinas (BSP) statement.

The BSP said that the peso '' continues to be supported by resilient remittance inflows, still relatively fast economic growth, low inflation, and ongoing structural reforms.''

The central bank said the ''recent peso depreciation may reflect market concerns over a potential moderation in economic growth due in part to the infra spending controversy as well as expectations of additional monetary policy easing by the BSP.''

The BSP early this month cut its target reverse repurchase rate by 25 basis points to 4.75 percent as it noted that the ''outlook for domestic economic growth has weakened.'' DMS