The Philippine peso weakens once again for the fifth straight trading day after closing at a fresh all-time low of 57.18 against the US dollar on Thursday.

From its previous close of 57.135, the local currency dipped by 0.045 or 0.1 percent.

The peso opened at 57.07 and traded between 57.22 to 57.06 for an average of average 57.14. Volume is at $1.151 billion.

"After the latest GIR data that declined to new two-year lows; weaker peso, which depreciated against the dollar by P6.181 or 12.1 percent since the start of 2022," chief economist Michael Ricafort of Rizal Commercial Banking Corp. told Daily Tribune.

Ricafort said that it could lead to higher inflation and more aggressive local policy rate hikes to help stabilize both the peso exchange rate and overall inflation.