Philippine markets closed due to rain, floods

Posted at 08/07/2012 8:12 AM | Updated as of 08/08/2012 7:44 AM

MANILA - Philippine markets will be closed on Tuesday after the weather bureau raised the highest rainfall warning over the capital Manila.

The weather bureau said "serious flooding" was expected in the capital. Government offices were ordered closed except for emergency response agencies.

Central bank Governor Amando Tetangco said the Philippine Dealing System, the electronic currency trading platform, was closed. The Philippine stock exchange said there will be no equities trading and
no clearing.

On Monday, the Philippine stock index closed flat at 5,284.16 points. The Philippine peso ended firmer at 41.835 per dollar from Friday's close at 41.85.

Northern Philippine provinces have been battered by torrential monsoon rains in the past weeks, causing floods and landslides in some areas.