The peso closed at P55.92 against the US dollar for a new near 17-year low after it reached a new intraday low of P56.13 against the US dollar in morning trading on Friday.

The figure of P56.13 is the lowest for the peso-dollar exchange rate since August 2005 of P56.16. The peso's all-time low is P56.45 in 2006.

On Thursday, the peso hit a low of P56.09 against the US dollar before closing at P56.06.

Bangko Sentral ng Pilipinas Felipe Medalla said they are open to raising the policy rates by 50 basis points address rising inflation and the Federal Reserve rate hikes, the Philippine News Agency said Friday.

The Philippine Stock Exchange index settled at 6, 361.82, up 9.50 points.

Volume amounted to 538.26 million shares worth P6.6 billion from Thursday's 708.51 million shares valued at P4.69 billion.

In the broader market, there were 92 advances, 72 declines and 62 unchanged.

Most active shares were led by Ayala Land, down 25 centavos to P25.90; BDO, up P2.50 to P118.80; SM Prime, down 35 centavos to P36.90 and SM Investments Corp., down P5 to P839. DMS