Manila, Jan. 15 -- Malacanang said the recent weakening of the peso against the U.S. dollar, which slid to PHP59.44 on Wednesday, is driven by a mix of global and domestic factors, stressing that the Bangko Sentral ng Pilipinas (BSP) is closely monitoring the situation and stands ready to act if needed.

Palace Press Officer Claire Castro said President Ferdinand R. Marcos Jr. is in constant coordination with monetary authorities.

"Unang-una po, lagi naman din pong nagkakaroon ng pagmi-meeting ang BSP at ang Pangulo (First of all, the BSP and the President always have meetings)," Castro said during a Malacanang press briefing on Thursday.

She said the peso's movement reflects developments beyond government control.

"Ang pagtaas ng piso...