The peso breached a key level against the US dollar on Tuesday as the government met with the central bank and economic managers.

The peso pierced the P64 level vs the greenback in morning trading and slid further to close at P64.17, data from the Bankers Association of the Philippines website said. On Monday, the peso ended at P63.95.

Volume soared to $1.726 billion from $1.648 billion on Monday.

The peso had been losing ground against the US dollar almost daily since it topped P63 nearly two weeks ago. It spawned concerns from economists of higher inflation which would affect consumer spending, a key factor in economic growth.

September inflation came in at 7.2 percent from 6.1 percent in August while second quarter economic growth was at 2.3 percent.

President Ferdinand Marcos Jr. met with Bangko Sentral ng Pilipinas Gov. Eli Remolona Jr. and the economic managers to discuss the implications of the BSP’s October monetary policy decision where it raised policy rates by 50 basis points and strengthen coordination in addressing inflation and broader economic challenges.

''The government continues to implement measures to mitigate the effects of El Niño and expedite public spending for infrastructure and social protection. Accelerating priority expenditures and addressing implementation bottlenecks remain crucial to ensuring that government programs deliver timely results,'' the Presidential Communications Office said in a statement.

''These efforts aim to ease cost pressures on Filipino families, support communities affected by El Niño, and accelerate the implementation of programs that create jobs, encourage investment, and sustain economic growth,'' it added.

Economist Emmanuel Leyco told Bilyonaryo News Channel's Midday Report that ''the next few months are not good for the economy.''

He pointed out that an International Monetary Fund forecast of 3.4 percent before the peso began going down could not be attained, adding he thinks the ''peso will continue to depreciate and inflation will continue to go up.'' PHS