The peso fell to a low of P59.199 against the US dollar during morning trading before pulling back to end at P58.931 on Monday.

It was the second time in a week that the peso tested lows after it ended at a new all-time of P59.17 against the dollar on Nov. 12. The previous low of P59.13 was set last October 28.

Trading during the morning reached $541 million before rising to $775 million in the afternoon where the peso improved. Total trading amounted to $1.316 billion.

The Philippine Stock Exchange index gained 194.77 points to close at 5,779.12 as it rebounded from a five-year low on Friday.

Philippine capital markets have been affected by the flood control projects scandal and the three videos from former congressman Zaldy Co alleging that President Ferdinand Marcos Jr sought an insertion of P100 billion in the 2025 budget and that P25 billion was to reportedly go to the Chief Executive. DMS