(Bloomberg) -- The Philippines suspended government work, canceled flights and shut currency trading on Wednesday as heavy rains flooded the capital and nearby areas.
Classes in public schools were also halted as the disaster management agency warned that rains triggered by the southwest monsoon may cause flash floods.
The rainy season often leads to flooding in parts of the Philippines, and more than 30 people died in landslides and floods last month after Typhoon Gaemi intensified monsoon rains. The current situation isn’t as bad, but Manila’s weather forecaster said landslides are likely with moderate to heavy rains also seen hitting other parts of the main Luzon island. There is currently no active tropical cyclone in the country.
A major dam in metropolitan Manila overflowed, prompting President Ferdinand Marcos Jr.’s office to warn residents in low-lying areas to be on alert. Some families have evacuated from their homes with the heavy downpour causing waist-deep floods in some areas, GMA News reported. Some domestic flights were canceled.
The Bankers Association of the Philippines halted the currency spot and swap markets, while the central bank suspended monetary operations. Trading in the stock and bond markets continued, with the main share index closing marginally lower.
Currency trading is usually halted when the government suspends public work on account of inclement weather. It was canceled for two straight days last month following the suspension of work in government offices due to heavy monsoon rain.
--With assistance from Andreo Calonzo, Cecilia Yap and Cliff Venzon.
(Updates with evacuation, flight cancellations.)
©2024 Bloomberg L.P.
