Home > Community > Financial Markets > CORRECTED-(OFFICIAL)-ADVISORY-Manila FX, debt markets to close

CORRECTED-(OFFICIAL)-ADVISORY-Manila FX, debt markets to close

Published: 16 Jul 2009 21:27:43 PST

(Central bank corrects value date and accompanying statement)

MANILA, July 17 - The Bankers' Association of the Philippines said trading on debt and foreign exchange markets will be suspended from noon (0400 GMT) on Friday due to a typhoon which also kept schools and government offices in the capital closed.

"Since the BSP (central bank) announced that there is no clearing, trading for both FX and government securities will only be until 12 noon," said Antonio Moncupa, president of EastWest Banking Corp and an officer at the banking association, which owns the Philippine Dealing & Exchange Corp (PDEX).

PDEX manages the country's electronic foreign exchange and fixed income trading platforms.

The Philippine Stock Exchange also suspended its regular half-day trading session due to typhoon Molave which dumped rains on the capital and the north of the country.

A central bank official said it suspended its clearing operations on Friday, but its settlement office would continue to service withdrawals until afternoon.

Another central bank official said all foreign exchange transactions on Friday would be value-dated Monday, July 20.