MANILA - The Philippine peso further weakened to a new all-time low of P56.999 to a dollar on Monday, Sept.5, data from the Bankers Association of the Philippines showed.

Monday's close was lower than the P56.77 last Friday. The currency dipped to as low as P57 to a dollar in intraday trading, data showed.

Bangko Sentral ng Pilipinas Governor Felipe Medalla over the weekend said the currency depreciation is global due to the strong dollar.

Medalla said the peso depreciated less than the others since the Monetary Board implemented rate hikes. Interest rate hike helps in stabilizing the currency, the central bank governor said.

The BSP raised the country's key policy rate to 3.75 percent last Aug. 18. 

Several analysts expect the peso to receive support from the seasonal increase in remittances during the holiday season, as well as export receipts and business process outsourcing inflows in the fourth quarter.

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