Glenda forces closure of banks, markets

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Banks and most businesses suspended their operations in Metro Manila on Wednesday due to widespread power outages and flooding brought about by typhoon Glenda.

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“Due to inclement weather, [the]Bank of the Philippine Islands is suspending work in all areas currently under Typhoon Signal 3. This includes head offices in Metro Manila,” the bank said in an advisory.

The bank also said that its ATMs were limited to 71 percent accessibility because of communications failures and power outages.

In a separate advisory, BDO Unibank Inc. said it suspended the operations of its branches in areas under Signals 2 and 3, which are mostly in Central and Southern Luzon.

“Due to severe conditions of rains and winds caused by typhoon Glenda, BDO Metro Manila and nearby affected branches, are suspended in all areas under Signal 2 and 3,” BDO stated.

Maybank Philippines Inc. (MPI) informed the public that they have closed
typhoon-affected branches temporarily on Wednesday to ensure the safety of employees and customers.

“All MPI branches in Metro Manila, Alaminos, Bulacan, Cabanatuan, Cavite, Laguna, Legaspi, Mindoro, Naga, Olongapo, Pampanga, Quezon, and Tarlac, are closed today. However, the rest of MPI branches in Visayas and Mindanao are operational,” the bank said in a notice.

“The bank’s priority is to provide customers with uninterrupted service. MPI’s Internet banking platform, maybank2u.com.ph, is online to service the banking requirements of our customers,” it added. MPI has 79 branches nationwide, of which 30 are in Metro Manila.

PSE, clearing house suspend operations
In a brief statement issued early in the day, the Philippine Stock Exchange said it has suspended trading, while the Securities Clearing Corporation of the Philippines has stopped its transactions “due to the suspension of clearing and settlement operations in the Philippine Banking System.”

Likewise, the PDS Group, operator of the Philippine Dealing & Exchange Corp. (PDEx) also suspended trading and settlement transactions for bonds on the local market on Wednesday.

The benchmark Philippine Stock Exchange Index closed at 6,834.04 points on Tuesday, while the Philippine peso settled at P43.40 to the US dollar.

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