Bad weather forces suspension of PSE trading

Inclement weather conditions forced the suspension of trading at the Philippine Stock Exchange (PSE) and the clearing and settlement at the Securities Clearing Corp. of the Philippines (SCCP).

PSE president Hans Sicat also cited the Bangko Sentral ng Pilipinas Philippine Clearing House Corporation (PCHC)'s suspension of clearing and settlement for the day.

"Due to the inclement weather and the Bangko Sentral ng Pilipinas (BSP) and Philippine Clearing House Corporation (PCHC) suspension of clearing and settlement today, please be advised that there will be no trading at the PSE and no clearing and settlement at the SCCP today, 7 August 2012," he said in a memorandum posted on the PSE website.

The SCCP is a clearing and settlement agency for trades made at the PSE.

Heavy rain pounded Metro Manila and neighboring provinces since Monday night, swamping many areas Tuesday morning.

On Tuesday, Malacañang issued Memorandum Circular No. 33 suspending work in government offices and classes in college level in Metro Manila and Zambales, Bataan, Pampanga, Pangasinan, Tarlac, Bulacan, Laguna, Cavite, and Rizal.

"However, those agencies whose functions involve the delivery of basic and health services, preparedness/response to disasters and calamities, and/or the performance of other vital public services shall continue with their operations and render the necessary services," Ochoa said. –KG, GMA News

source: gmanetwork.com