DOWN. Concerns on the possibility of a recession in the US increased following another large increase in the Federal Reserve funds rate. This resulted in further depreciation of the Philippine peso and the drop to below 6,300 for the Philippine Stock Exchange index (PSEi) on Friday (Sept. 23, 2022). (PNA graphics) MANILA - Recession worries resulted in the local main stocks index ending the week below 6,300-level while the peso registered another record-low against the US dollar despite its sideways close on Friday. The local currency again slipped to its new record low after closing the week at 58.5, which is little changed from its 58.49 finish a day ago. It opened the day at 58.35, weaker than its 58.1 start in the previous session. It traded between 58.5 and 58.25, resulting in an average of 58.349. Volume declined to USD985 million from the previous session's USD1.51 billion. Philippine monetary authorities said the local unit continues to be market-determined although the cen