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Manila Bulletin devider Philippines devider PSE may resume operations -- Palace

PSE may resume operations -- Palace

Published Mar 18, 2020 12:00 am
By Genalyn Kabiling The Philippine Stock Exchange may resume operations on Wednesday, March 18, even as Luzon remained on enhanced community quarantine, a Palace official said Tuesday. Cabinet Secretary Karlo Nograles (Photo from Karlo Nograles / Facebook page / MANILA BULLETIN) Cabinet Secretary Karlo Nograles (Photo from Karlo Nograles / Facebook page / MANILA BULLETIN) The decision to exempt the financial markets from the strict quarantine measure against the coronavirus was reached by the inter-agency task force for the management of emerging infectious diseases during a meeting Tuesday. “Capital markets, including but not limited to the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Philippine Stock Exchange, Philippine Dealing and Exchange Corporation, Philippine Securities Settlement Corporation, and Philippine Depository and Trust Corporation, shall be allowed to operate effective March 18, 2020,” according the operational guidelines of the Luzon-wide quarantine read by Cabinet Secretary Karlo Nograles during a Palace press briefing late Tuesday night. He said the financial markets may operate provided they establish skeletal workforces in their respective establishments. The local stock market was shut down Tuesday as a precaution against the coronavirus pandemic. The Philippines reportedly became the first country to halt trading due to the coronavirus. The closure of the equity, currency and bond markets was made after President Duterte placed Luzon under enhanced community quarantine to stem the sharp increase of the coronavirus infections. The month-long quarantine calls for strict home quarantine for Luzon residents, suspension of public transportation, work from arrangements in most companies, heightened presence of uniformed personnel to enforce the directives, among others. Asked if the government committed an oversight when it suspended trading, Nograles explained that it was a government response to a calamity. The President also declared a state of emergency in the country to step up government efforts to contain and stop the spread of the coronavirus disease. Recently a state of calamity has been declared across the country for six months due to the coronavirus. As of Tuesday, the country has recorded a total of 187 cases of coronavirus, including 14 deaths. https://www.dailymotion.com/video/x7srxi6
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