Manila closes financial markets in preparation for tropical storm

Photo from ABS-CBN News.

Financial markets were closed on Tuesday, as the capital and the rest of Luzon hunkered down for tropical depression “Maring,” whose rains flooded some areas overnight.

Stock, foreign exchange, and bond trading were suspended, the Philippine Stock Exchange and the Bangko Sentral ng Pilipinas said in separate advisories.

Work in government offices and classes were also suspended in Metro Manila and in the Central Luzon and Calabarzon regions.

The second highest rainfall warning was raised in the capital overnight, bringing floods to low-lying areas.

“Maring” was forecast to slam the Aurora, Quezon area in the northeast Tuesday afternoon, packing maximum sustained winds of 55 kilometers per hour with 65 kph gusts.

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