The peso hit a near 17-year low of P55.72 against the US dollar in intraday trading before closing at P55.67 on Wednesday.

It was the lowest close for the peso against the US dollar since October 20, 2005 of P55.71.

On Tuesday, the peso ended at P55.23, down 44 centavos from the previous day.

Volume at the foreign exchange portal of the Bankers Association of the Philippines reached $1.245 billion from Tuesday's $1.285 billion.

The Philippine Stock Exchange index (PSEi) closed 135.02 points higher to 6, 445.01.

In the broader market, there were 114 advances, 71 declines and 47 unchanged.

Volume amounted to 915.72 million shares worth P5.32 billion from Tuesday's 509.22 million shares valued at P3.98 billion.

Most active shares were led by Universal Robina Corp., up P4.20 to P118.20; Ayala Land, up 50 centavos to P26.90; SM Investments Corp., up P47 to P839 and SM Prime, up 25 centavos to P37.75. DMS