Philippine markets closed due to 'Glenda'

Posted at 07/16/14 9:40 AM

MANILA, Philippines - Financial markets in the country were closed on Wednesday (July 16) as typhoon "Glenda" (Rammasun) hit Metro Manila.

Trading at the Philippine Stock Exchange and Philippine Dealing System, used for foreign exchange trading, were suspended after government offices were ordered shut.

"Please be advised that there will be no trading at the Philippine Stock Exchange and no clearing and settlement at the Securities Clearing Corporation of the Philippines, July 16, due to the suspension of clearing and settlement operations in the Philippine banking system," the PSE said in an advisory.

The BSP also issued an advisory: "This is just to confirm that in pursuant to Malacanang announcement of work suspension in government offices today, 16 July 2014, BSP is suspending PhilPaSS operations."

Philippine authorities have evacuated almost 150,000 people from their homes and shuttered financial markets, government offices, businesses and schools on Wednesday.

The typhoon, the strongest to hit the country this year, has already torn through eastern islands, toppling trees and power lines and causing blackouts. On Wednesday, it brought storm surges to the Manila Bay area and prompted disaster officials to evacuate slum-dwellers on the capital's outskirts.

Typhoon Glenda (Rammasun) was gusting up to 185 kph (115 mph) on Wednesday with sustained winds of 150 kph (93 mph) near its center.

Some banks suspend operations

Several banks announced they were suspending operations in Metro Manila and nearby affected areas because of the typhoon.

BDO said branches in Metro Manila and areas under signal 2 and 3 are suspended.

Metrobank said there will be no operations on Wednesday at its head office and branches in Metro Manila, Marinduque, Rizal, Cavite, Laguna, Bicol, Pangasinan, Zambales, Tarlac, Pampanga, Bulacan, Bataan, Quezon and Mindoro.

China Bank, China Bank Savings and Plantersbank head offices and Metro Manila branches were also closed on Wednesday.

Philippine Bank of Communications said all branches in Metro Manila, Central Luzon and Southern Luzon were shut on Wednesday.

Day 1 of franchise conference cancelled

Meanwhile, organizers of the Franchise Asia Philippines 2014 cancelled the first day of its two-day international conference on Wednesday due to the typhoon.

Organizers have yet to decide on whether to push through with Day 2 of the conference on Thursday (July 17).

Aside from the international conference, Franchise Asia Philippines features a three- day international expo (July 18 to 20), and educational seminars for would-be franchisors and franchisees (July 18 to 20). - With Reuters