The peso lost 0.6 percent to 48.26 per dollar, its weakest since September 2009.
The peso's slump to a seven-year low reflects investor caution ahead of the next policy move by the US Federal Reserve, and was in line with movements in other currencies, the central bank governor said on Monday.
"The peso movement reflected continuing uncertainty about the US Fed's next policy action, just like the other regional currencies, plus strong FX demand for fixing and corporate requirements," Bangko Sentral ng Pilipinas Governor Amando Tetangco said in a text message.
Local importers scrambled for the greenback for payments, which further weakened a currency already impacted by sustained equity outflows.
Foreign investors were net sellers in Manila stocks over the past six weeks. Analysts say President Rodrigo Duterte has been seen as alienating allies of the Philippines such as the United States with his crackdown on drugs.
The peso's slide "picked up momentum after the break of 48," said a senior Philippine bank currency trader in Manila who expects the currency to weaken to 48.50.
The Philippine unit may see a minor chart support at 48.35, but it is likely to seen heading to around 49.00, analysts said.
source: abs-cbn news
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