The Philippine peso sank to a new all-time low against the US dollar on Wednesday, November 13, closing at ₱59.17.

This is the highest that the peso ever closed, surpassing its previous record of ₱59.13 set on October 28.

The local currency weakened further by 0.185 centavos from Tuesday’s closing rate of ₱58.985, as strong dollar demand and declining investor confidence weighed heavily on the market.

Analysts attribute the peso’s continued slide to persistent concerns over government corruption, slowing foreign investment inflows, and global market uncertainty.

The strengthening of the US dollar—fueled by expectations of higher interest rates from the Federal Reserve—also added pressure on emerging market currencies, including the peso.

The Bangko Sentral ng Pilipinas (BSP) has previously stated that it allows the exchange rate to move freely according to market forces, while maintaining what it describes as “robust” foreign exchange reserves.