The Philippine peso fell to a new record low on Wednesday, as investor confidence continued to be rattled by a widening corruption scandal at home that has already taken a toll on economic growth.

The local currency weakened by 18.5 centavos from the previous day to close at 59.17 against the dollar, surpassing the previous record low of 59.13 set on Oct. 28. Trading volume was heavy, rising to $1.7 billion from $1.47 billion in the prior session.

“Locally, market confidence is being tested by governance issues and slower growth, which make investors more cautious,” John Paolo Rivera, a senior research fellow at the state-run Philippine Institute for Development Studies, said.