MANILA, Philippines - Philippine financial markets are closed from Wednesday to Friday in observance of public holidays.

The Philippine Stock Exchange has earlier announced that there will be no trading on the following calendar days in view of Proclamation no. 1699 signed by President Arroyo:

• December 30 (Wednesday): Rizal Day. Jose Rizal is the Philippines' national hero.
• December 31 (Thursday): last day of the year

January 1 (Friday), meanwhile, is a regular holiday in celebration of new year's day.

This forms part of the Arroyo government's "holiday economics," which aims to boost domestic tourism and to allow Filipinos to have more time with their families.