SINGAPORE -- The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), sold dollars on Wednesday to prevent the peso from sliding past a 17-month trough it first hit on Tuesday, traders said.

The peso hit P47.81 per dollar, a level it first hit on Tuesday, taking its losses in two weeks to 3.5 percent as part of a broad slide in Asian currencies succumbing to a deepening global credit crisis.

"The market is a little whippy with BSP in the market again tempering the peso's fall," a trader in Manila said.

"There is good two-way action again, but seems like dollar buybacks are materializing after yesterday's steep fall from the highs."

A second trader in Manila confirmed the central bank (BSP) sold dollars at P47.80.