The peso recovered slightly at close to 56.82 from 57.18 per dollar on Thursday as the dollar lost ground with US investors looking past rate hike expectations.Compared with other regional currencies, the peso is "not that bad," Metrobank SEVP and Head of Financial Market Sector Ferdinand Antonio Tansingco said.

In the past five days, the peso has broken its all-time low, closing at 57.18 per $1 on Thursday.

Nonetheless, it has appreciated 11 percent against the Japanese yen and almost a percent against the Euro, Tansingco added.