After gaining slightly on Thursday, the Philippine peso plunged to its lowest on Friday, closing at P57.43 versus the United States dollar.
Data from the Bankers Association of the Philippines said the latest record low had beaten the P57.18 reported last 8 September.
The further strengthening of the US dollar against the Philippine peso was attributed to US Federal Reserve Chair Jerome Powell's statement of another big-time rate hike next week to tame the spiking inflation in the US.
The US Fed is opting for a third straight 0.75 percentage-point interest rate hike when it meets on 20 to 21 September. On Thursday, the peso closed to P57.16:$1.
Reacting to this, Rizal Commercial Banking Corporation chief economist Michael Ricafort said the weak peso would require more aggressive local policy rate hikes.
He cited the need to stabilize the peso exchange rate, to help better manage both inflation.
"September is the tail-end of the typical third quarter importation season," the analyst said.
"The seasonal increase in importation by some manufacturers and producers in July-September is still ongoing to prepare for the seasonal increase in demand and sales for many businesses and industries in the fourth quarter," he added.
