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The peso lost 52 centavos to finish at a new all-time low of P58 against the dollar on Wednesday.

Tuesday's P57.48 was the previous historic low of the peso.

The decline took place a day before the Bangko Sentral ng Pilipinas is set to hold a policy meeting where an increase in policy rates is expected.

Volume rose to $1.015 billion from Tuesday's $967 million at the foreign exchange portal of the Bankers Association of the Philippines.

The peso reached P58 during afternoon trading, where transactions reached $487.25 million.

The Philippine Stock Exchange index declined 106.77 points to 6, 341.69.

In the broader market, there were 151 declines, 39 advances and 33 unchanged. DMS