Philippines cancels forex trading, government work amid heavy rain
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More than 30 people died from landslides and floods in July in the Philippines after Typhoon Gaemi intensified monsoon rains.
PHOTO: AFP
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MANILA – The Philippines cancelled currency trading on Aug 28 following a suspension of work at government offices in the capital and nearby areas due to heavy rain.
The country’s central bank Bangko Sentral ng Pilipinas said on Facebook that its monetary operations will be shut for the day. There is trading in the stock and fixed-income markets, according to officials.
Philippines 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 south-west monsoon that may cause flash floods.
The overflow of a major dam in metropolitan Manila has heightened flood risks, prompting President Ferdinand Marcos Jr’s office to warn residents in low-lying areas to be on alert.
The meteorological agency has warned of possible landslides due to moderate to heavy rains 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 in July in the Philippines after Typhoon Gaemi intensified monsoon rains. BLOOMBERG
