The Philippine peso tumbled to a fresh all-time low on Monday, May 18, closing at ₱61.75 against the US dollar amid continued market pressure and investor concerns over domestic and global economic conditions.

Data from the Bankers Association of the Philippines showed the local currency weakened by 2.9 centavos from last Friday’s closing rate of ₱61.721-per-dollar, which had already marked the peso’s previous record low.

Monday’s finish marked the third time this May that the peso sank to a historic low, extending a sharp depreciation trend that began in late April when the currency first breached the ₱61-per-dollar level.

The peso’s latest decline came as the US dollar remained broadly strong in global markets, while elevated oil prices continued to increase import costs and fuel demand for foreign exchange.

Trading volume also dropped by 16.4 percent to $1 billion from the previous session’s $1.2 billion, reflecting cautious market activity.

Analysts said the peso remains vulnerable to movements in global oil prices, expectations on future US interest rate decisions, and domestic market sentiment.

With the local currency now approaching the ₱62-per-dollar level, market participants are expected to closely monitor external economic developments and policy signals in the coming weeks.