Philippines Shuts FX, Bond Markets as Triple Cyclones Bring Rain

Philippines currency and fixed income markets were suspended on Friday after government offices including the central bank were shut due to monsoon rains from three cyclones.

(Bloomberg) — Philippines currency and fixed income markets were suspended on Friday after government offices including the central bank were shut due to monsoon rains from three cyclones.

The suspension of trading in currency and fixed income markets was announced by the Bankers Association of the Philippines and the PDS Group. There will be regular trading at the Philippine Stock Exchange, the local bourse said.

Work in government offices in the Metro Manila capital region had been halted since late afternoon Thursday and many cities suspended classes due to heavy rains and floods.

The southwest monsoon enhanced by Super Typhoon Saola, severe tropical storms Haikui and Kirogi will continue to bring rains to the main Philippine island of Luzon’s western portion, according to the weather bureau, warning of floods and landslides.

Haikui is forecast to be a typhoon on Friday, and may make landfall or pass close to northern Taiwan as early as Saturday evening, according to the Philippine weather bureau.

At least 22 flights to and from Hong Kong were canceled as were Manila flights to Canton, Xiamen and Jinjiang, according to Ninoy Aquino International Airport.

(Updates with suspension of fixed income trading.)

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