MANILA - Philippine peso gains a third of a percent to 46.45 per US dollar, highest so far this year, prompting the central bank to intervene to curb its strength, dealers said.

"BSP (the central bank) is soaking up all the dollar selling at the year-low level," said a Manila-based dealer, who estimated the central bank bought $350-400 million.

One-month offshore dollar/peso NDFs briefly eased to 46.45, implying no change from the spot.

"The one-month NDFs have traded as low as par on the offshore market and players are fully convinced that 46.45 will break and a new year low will be established soon," added the dealer.