Supertyphoon shuts down PH financial markets

Supertyphoon “Carina” (international name: Gaemi) shut down the local financial markets on Wednesday, with the Philippine Stock Exchange (PSE) and banking institutions pressing pause on their usual daily activities. The local bourse, in an early morning advisory, imposed a trading suspension “in light of the inclement weather and resulting floods in various areas and localities.”

The PSE index stood at 6,753.12 as of latest trading. The Securities Clearing Corp. of the Philippines also suspended clearing and settlement. Transactions logged on Jul. 22 and Jul. 23 will be settled on Jul. 25 and Jul. 26, respectively.

“Transactions to be effected on July 25, 2024 and onwards shall follow their regular settlement dates,” it added.

Meanwhile, the Philippine Dealing System also halted fixed income and foreign exchange trading. The peso stood at P58.435 against the greenback as of the latest closing.

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The private banks suspended operations of some of its branches and imposed shortened banking hours due to heavy rains and flooding. These banks encouraged their users to transact via digital platforms instead of going out to visit physical branches for their safety.

Land Bank of the Philippines closed some of its branches in Metro Manila, while several branches across Batangas, Cavite and Bulacan remained operational albeit shortened hours. The Development Bank of the Philippines also temporarily closed some of its branches.