Financial markets suspend operations
Philippine Stock Exchange in Manila. AFP FILE PHOTO
MANILA, Philippines—Philippine financial markets suspended operations on Monday as the metropolis prepared for the strongest typhoon to hit the country since last year’s Supertyphoon Yolanda.
As early as 6 a.m., the Philippine Stock Exchange announced the suspension of trading at the bourse and the clearing and settlement operations at the Securities Clearing Corporation of the Philippines. This followed the suspension of the clearing and settlement operations in the Philippine banking system ahead of the landfall of Typhoon Ruby in Luzon.
The Bangko Sentral ng Pilipinas (BSP) said clearing operations were suspended Monday following Malacañang’s issuance of a work stoppage order.
“Under BSP guidelines, clearing operations are suspended if work suspension is announced before 9 a.m.,” the BSP said in an advisory.
Due to inclement weather caused by Typhoon Ruby, Banco Oro Unibank said its branches in Greater Metro Manila had suspended operations except for certain branches.
It added that its automated teller machines and electronic channels were operational.
Metrobank said branches in South Luzon directly affected by the typhoon had also suspended their operations on Monday while those in Metro Manila, Laguna, Cavite and Rizal were open but only up to 2 p.m.
Bank of the Philippine Islands announced that branches in areas affected by Typhoon Ruby were open only until 2 p.m. on Monday while some branches may close earlier, depending on weather conditions.
ING Bank Asia chief economist Tim Condon said last year’s Typhoon Yolanda was the culprit behind some of the country’s inflation problems, causing an unusual yearend food component spike that—along with a big electricity tariff hike—caused inflation to accelerate to over 4 percent by the end of the first quarter from 2.9 percent in 2013.—Doris C. Dumlao with a report from Paolo G. Montecillo
Originally posted: 1:58 PM | Monday, December 8th, 2014
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