President Ferdinand Marcos Jr. ''closely monitors (the peso-dollar rate) on a regular basis, and he is in close contact with the economic managers on this matter'', Press Secretary Trixie Cruz-Angeles on Tuesday.

Cruz-Angeles made the statement as the peso threatened to cross the P59 versus the dollar level as it hit an intraday low of P58.999.

It ended at another all-time low of P58.99, the fifth straight session the peso lost ground against the dollar.

Cruz-Angeles said the exchange rate was not discussed in today's Cabinet meeting but added '' the President is in constant touch with the Economic Team, and they are closely monitoring this.''

''As you know, the inflation rate isn't due to any local factors. It's really about the exchange rate,'' she added.

Volume at the foreign exchange portal of the Bankers Association of the Philippines rose from Friday.

Turnover amounted to $1.062 billion from Friday's $985 million. DMS