THE Philippine peso sank to a record low of P56.999 versus the US dollar during intraday trading on Monday, according to the Bankers Association of the Philippines.

The peso shed 22 centavos after it passed the previous record-low of P56.77 posted at the Philippine Dealing System (PDS) last Friday.

Bankers Association of the Philippines data showed that Monday's weighted average exchange rate was at P56.94.

The local currency has lost more than P6 (11.8 percent) in value since the start of the year. It closed at P50.999 to the dollar on January 3.

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