MANILA: The Philippines cancelled currency trading on Wednesday (Aug 28) following a suspension of work at government offices in the capital and nearby areas due to heavy rain.
Monetary operations at the Bangko Sentral ng Pilipinas will be shut for the day, it said in a Facebook post. There is trading in the stock and fixed-income markets, according to officials.
Executive Secretary Lucas Bersamin earlier suspended classes in public schools and government work in the capital and nearby areas due to rains triggered by the southwest monsoon that may cause flash floods.
A major dam in metropolitan Manila has overflowed, which could lead to flooding, prompting President Ferdinand Marcos Jr.’s office to warn residents in low-lying areas to be on alert.
Manila’s weather forecaster said landslides are likely with moderate to heavy rains also seen hitting other parts of the main Luzon island. There is currently no active tropical cyclone in the country.
More than 30 people died from landslides and floods last month in the Philippines after Typhoon Gaemi intensified monsoon rains. - Bloomberg
