Dollar-peso spot trading suspended due to Taal Volcano eruption
MANILA, Philippines — The Bankers Association of the Philippines (BAP) on Monday suspended the dollar-peso spot trading due to the Taal Volcano eruption.
“Pursuant to BSP Circular No.1043 Section 3(b) of Annex A and Malacañang’s announcement of no work of government offices due to Taal Volcano eruption, please be advised that BAP USD/PHP spot trading will be CLOSED,” BAP managing director Benjamin Castillo said in a statement.
Castillo also encouraged banks to “exercise management discretion to ensure the safety and welfare of their people during this emergency situation brought about by Taal Volcanic eruption.”
Malacañang earlier ordered suspension of classes in all levels and government work in Metro Manila, Calabarzon, and in Region 3.
A phreatic eruption occurred at Taal Volcano Sunday afternoon. Phreatic eruption is a steam-driven episode that occurs when water beneath the ground or on the surface is heated by magma, lava, hot rocks, or new volcanic deposits.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.