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Manila Bulletin devider Business devider Typhoon Carina halts Philippine financial markets

Typhoon Carina halts Philippine financial markets

Published Jul 24, 2024 01:41 am

The Philippine financial markets ground to a halt Wednesday, July 24, as Malacañang suspended operations in government offices due to Typhoon Carina and the southwest monsoon.

In the early morning of Wednesday, the Philippine Stock Exchange (PSE) announced a trading suspension, while the Bangko Sentral ng Pilipinas (BSP) confirmed the suspension of dollar-peso trading and monetary operations.

“Please be advised that there will be NO trading at The Philippine Stock Exchange, Inc. today [Wedneday] July 24, 2024,” the bourse said in a memorandum signed by PSE President Ramon S. Monzon.

Meanwhile, the BSP continued some operations despite the suspension of regular work.

These operations encompassed servicing bulk cash deposits, including coins and unfit or unmatched fit banknotes, bulk cash withdrawals at the Security Plant Complex in Quezon City, and the functioning of the Philippine Payment and Settlement System.

On Wednesday, bank operations were also impacted, as some of the country's largest financial institutions announced the temporary closure of their branches in Metro Manila and nearby provinces due to floods and heavy rains.

BDO Unibank, Bank of the Philippine Islands (BPI), Land Bank of the Philippines, Metropolitan Bank & Trust Co. (Metrobank), and Rizal Commercial Banking Corp. (RCBC) also announced shortened banking hour operations.

Nevertheless, the banks assured customers that their respective online banking channels are fully operational.

Amid the persistent heavy rainfall, Malacañang declared a suspension of work in government offices and classes at all levels in Metro Manila on Wednesday.

The Presidential Communications Office (PCO) stated that the decision was made following the recommendation of the National Disaster Risk Reduction and Management Council.

Meanwhile, Malacañang said that the decision to suspend work for private companies and offices is at the discretion of their respective management.

According to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration, Typhoon Carina and the southwest monsoon are expected to continue bringing heavy rainfall and strong winds to most parts of the country until Thursday.

Related Tags

Bangko Sentral ng Pilipinas (BSP) Typhoon Carina PSE trading suspension typhoon
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