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An improvement of the perfectly matched layer multilevel fast multipole algorithm (PML-MLFMA) for simulating large planar microwave structures is presented. By exploiting the low-rank property of the PML-MLFMA multimodal aggregation and disaggregation matrices, considerable reductions in memory usage and computation time are obtained. The method has been extensively validated, demonstrating complete error controllability when simulating large planar microwave structures. Reductions in memory requirements and CPU time of more than 60% and 40% have been achieved.