The Philippine peso weakened past the 62-per-US-dollar mark on Friday, breaking through this closely watched level and piling additional pressure on the benchmark stock index, which is on track for its largest monthly decline since March.

The peso fell as much as 0.6% to an all-time low of 62.25, surpassing the previous record of 61.995 set earlier this month. The currency has been under sustained pressure due to rising crude oil prices, and some analysts had flagged the 62 level as a potential trigger for official intervention.

In a statement responding to media queries, the Philippine central bank said, "We are monitoring the foreign exchange market." The bank added that policymakers intervene "to address disorderly market conditions and temper extreme volatility, especially in cases where such volatility could aggravate inflation."

Central bank Governor Eli Remolona said on Wednesday that policymakers would not defend a specific exchange rate but remain committed to smoothing out sharp movements in the currency. The peso has depreciated by more than 5% against the dollar this year, ranking it among Asia's worst-performing currencies.