Quantcast
Latest Stories

Markets closed due to bad weather



Philippine financial markets were shut down Monday as heavy rains brought by Tropical Storm “Maring” flooded the National Capital Region and some parts of Luzon, reminiscent of how the “Habagat” (monsoon) downpour paralyzed the metropolis around the same time last year.

The Philippine Stock Exchange announced early Monday morning that there would be no trading at its bourse as clearing and settlement at Securities Clearing Corporation of the Philippines had been suspended. As operations at government offices were suspended, clearing and settlement operations in the Philippine banking system likewise ground to a halt.

Most banks declared work suspension in the NCR and affected areas of Luzon but some chose to remain open for business. Bank of the Philippine Islands, Metropolitan Bank and Trust Co. and Citibank were among those that kept their doors open except in areas where a local holiday was observed, including Quezon City, which celebrated its foundation day.

Most employees, however, were sent home earlier than the usual working hours. On the other hand, BDO Unibank, HSBC, Philippine National Bank, Rizal Commercial Banking Corp., Security Bank, China Bank, Union Bank, United Coconut Planters Bank and East West Bank immediately suspended work in affected areas.

The banks encouraged customers to use electronic banking channels like online banking and automated teller machines to conduct vital transactions. In Aug. 7 last year, an inclement weather that flooded the metropolis similarly forced Philippine financial markets and banking operations to a halt. Meanwhile, Metro Manila’s major shopping malls and grocery chains remained open for business. Ayala Land Inc., SM Prime Holdings, Robinsons Land Corp., Megaworld Corp. as well as retailer Puregold Price Club Inc. said they were open to serve consumers.

In the case of SM Prime, only its shopping mall in Bacoor was closed.  Because surrounding area of SM Bacoor was flooded, portions of this Cavite mall took in water but sandbags were placed to prevent flood from getting in, based on an advisory from SM. Doris C. Dumlao


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , stocks



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • 57-nation group plays key Ukraine monitoring role
  • French President Hollande’s top aide resigns
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • Marketplace