The peso yesterday skidded to a six month low of 42.755 to the US dollar, level last seen in November but managed to close at 42.66, slightly down from Monday’s close of 42.655. The total value of transactions at the Philippine Dealing System reached a high $850.76 million.

Meanwhile share prices rose with the Philippine Stock Exchange index moving up 1.63 percent to 2,849.29. Trading reached P3.80 billion.

Philippine Long Distance Telephone Co., was up P30 to P2,635. Ayala Land Inc. was up P0.25 to P10.25 .

Bank of the Philippine Islands was up P1.50 to P53.50. Mother company Ayala Corp., went up P22.50 to P345.

Most Asian currencies fell amid jitters about a global slowdown and high oil price.

One trader in Manila said the peso was trading in line with other Asian currencies against a firmer dollar.

But he added: "There is potential for further peso weakness as inflation concerns are still prevalent."

The peso, Asia’s top performer in 2007 with a 19 percent gain versus the dollar, has been weighed down in recent months by concerns about slowing exports and rising oil prices.

It has lost 3 percent versus the dollar so far this year.

The South Korean won briefly hit 1,047.6 per dollar, down almost 0.6 percent from late Asian trade on Friday.

Markets in South Korea were closed on Monday for a holiday.

The Thai Baht slipped as far as 32.28 per dollar, down about 0.4 percent from late Asian trade on Monday to its weakest level since Feb. 25.