MANILA, Philippines — The Philippine peso slumped to a new record low against the US dollar on Wednesday, as market confidence remained weak amid lingering governance issues at home. The local currency lost 18.5 centavos to close at 59.17 against the greenback. This broke the previous record low of 59.13 seen last Oct. 28. READ: US dollar still dominates forex markets A weak peso cuts both ways for the Philippines. It can lift remittance inflows from migrant Filipino workers, fueling purchasing power in the consumption-reliant economy. But it also risks fanning import costs and reigniting inflation. Prolonged currency weakness, meanwhile, […]... Keep on reading: Peso falls to new record low of 59.17:$1 amid weak market confidence