The peso on Monday continued sliding against the US dollar, narrowly ending up at P64 against the greenback in just 11 days.

The peso hit an intraday low of P63.95, which wound up as the closing value as volume at the Bankers Association of the Philippines website soared to $1.648 billion from Friday's $1.284 billion.

Last Thursday, the Bangko Sentral ng Pilipinas raised policy rates by 50 basis points but it explained that it did so to put a lid on inflation, which had surged to 7.2 percent. It added that when the peso reaches a threshold where it is considered inflationary, the central bank it will come in.

The peso's downward path, economists have said, is due to the strength of the US dollar and oil prices which fetched $115 a barrel last week as Middle East tensions persist.

A weak peso means the Philippines will be buying more expensive fuel and food. PHS