Financial market ops suspended due to ‘Ulysses’

Financial market ops suspended due to ‘Ulysses’

MANILA – Trading of foreign exchange and equities, among others, have been suspended for Thursday due to the onslaught of Typhoon Ulysses.

In an advisory, the Bangko Sentral ng Pilipinas (BSP) said since Malacañang suspended work in government offices in typhoon-affected areas, this also covers several operations.

These include cash deposits and withdrawals at the Security Plant Complex, the operation of the Philippine Payment and Settlement System (PhilPass), the peso-US dollar trading, and monetary operations.

Relatively, equities trading at the Philippine Stock Exchange, Inc. (PSE) has also been suspended.

In a memorandum issued Wednesday, the PSE said trading will continue for Thursday, November 12, if “the current public storm signal warning signal number 3 has been downgraded to signal number 2 or 1 in Metro Manila”.

“Otherwise, if the public storm warning signal remains at signal number 3, then there will be no trading at the PSE,” it said.

The memorandum also said that since Philpass operations have been suspended relative to the work suspension in government offices, there will also be no clearing and settlement activities in the Securities Clearing Corporation of the Philippines on Thursday.

“Should there be trading tomorrow, please note that the trades transacted today, November 11 (Wednesday), and tomorrow, November 12, (Thursday), will be due for settlement on November 17 (Tuesday),” it added.

As of its 8 a.m. bulletin Thursday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said Typhoon Ulysses has weakened “and is about to leave the landmass of Luzon”.

The cyclone is forecast to move towards the West Philippine Sea and may exit the Philippine Area of Responsibility Friday morning or afternoon.

Currently, Tropical Cyclone Warning Signal (TCWS) No. 3 is raised over Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac, Zambales, Pangasinan, Cavite, and the National Capital Region (NCR). (PNA)

Leave a Reply