The peso came to within its all-time low of P56.45 against the US dollar in afternoon trading on Wednesday but it closed at P56.26 on Wednesday.

On Tuesday, the peso settled at P56.37 after matching the all-time low set in October 2004 in intraday trading.

The peso reached P56.43 on Wednesday before rallying. Volume at the foreign exchange portal of the Bankers Association of the Philippines reached $994 million, down from Tuesday's $1.338 billion.

The Philippine Stock Exchange index (PSEi) finished 94.57 points lower to 6, 255.37.

In the broader market, there were 139 declines, 44 advances and 49 unchanged.

Volume amounted to 1.28 billion shares worth P5.55 billion from Tuesday's 955.85 million shares valued at P4.19 billion.

Most active shares were led by Ayala Land, down 85 centavos to P24.40; SM Investments Corp., down P16 to P797; Semirara Mining and Power Corp., up 50 centavos to P38.50 and Emperador Inc., down 38 centavos to P17.42. DMS