Markets closed due to bad weather

Rescuers use a rubber dinghy to rescue trapped residents after heavy monsoon rains spawned by tropical storm Fung-Wong (local name, Mario) flooded Marikina city, east of Manila, Philippines and most parts of the metropolis Friday, Sept. 19, 2014. AP

Financial markets in the Philippines were shut down yesterday due to inclement weather brought by Tropical Storm “Mario,” which flooded many parts of the National Capital Region and nearby areas.

As the government suspended work in all offices in Metro Manila early yesterday morning, trading at the stock, bond, money and foreign exchange markets was likewise suspended due to lack of clearing and settlement operations.

“Please be advised that there will be no trading at the Philippine Stock Exchange and no clearing and settlement at the Securities Clearing Corp. of the Philippines today, Sept. 19, due to the suspension of clearing and settlement operations in the Philippine banking system,” the PSE said in an advisory.

It was the second time this year that financial markets were shut down by bad weather. The last time a similar suspension happened was in July 16 due to Typhoon “Glenda.” There were likewise similar trading suspensions due to extreme weather conditions in the last few years.

Economists are closely watching whether the recent weather disturbance could affect economic prospects. Before Mario wreaked havoc on the National Capital Region, the country’s second most important metropolis—Cebu— likewise suffered flooding and was placed under a state of calamity.

There were many banks that either suspended or shortened their operations in Metro Manila and other parts of Luzon. On the other hand, it was business as usual in most of the major shopping malls such as those operated by SM Prime Holdings, Robinsons Land and Ayala Land Inc.

In the case of Robinsons Malls, free parking was offered to people evacuating their cars from flooded neighborhoods.

“We have opened our parking areas early for those who may want to secure their cars from being affected by the floods,” said Roseann Villegas, head of corporate public relations at Robinsons Land. “Parking is free of charge.”

Villegas said RLC has likewise extended assistance by way of relief goods donation to the residents of Calasiao, Pangasinan, who are now in evacuation centers due to floods spawned by an earlier weather disturbance, Typhoon “Luis.” Doris C. Dumlao