The Philippine peso slumped to a new all-time low of P63.09 against the US dollar on Monday, four days before the central bank's policy-setting body meets.

''On Thursday because of the big drop to P63, the Monetary Board might not just do a 25 basis points (increase) that's what we were originally expecting. It may be a 50 basis points (increase) now I wouldn't be surprised if it is a 50 to counter the depreciation of the peso,'' said Ed Francisco, president of BDO Capital, in an interview with ANC Market Edge,

''I think (50 basis points hike) should do enough to stem further depreciation,'' added Francisco.

The peso's previous historic low was P63.06 on October 15. On Friday, the peso rallied to end at P62.97 after dipping to an intraday low of P63.23.

On Monday, the peso opened at P62.98 before declining to P63.17 in midday trading.

Volume at the Bankers Association of the Philippines website rose to $1.778 billion from $1.598 billion on Friday. PHS