Transport strike shuts Philippine financial markets

Photo via rappler.com

By Chrisee Dela Paz/rappler.com – There will be no clearing and settlement operations by the Bangko Sentral ng Pilipinas (BSP) and the Securities Clearing Corporation of the Philippines on Monday, October 16, following an order from Malacañang to suspend government work due to a two-day nationwide transport strike.

The Philippine Stock Exchange (PSE) also suspended trading for Monday.

“Following the announcement by Malacañang of work suspension in government offices, [BSP] clearing operations for tomorrow, October 16, are suspended,” the central bank announced on Sunday, October 15.

“Please be informed that there will be no trading at the [PSE] and no clearing and settlement at the Securities Clearing Corporation of the Philippines tomorrow, October 16, 2017, due to the suspension of operations in the Philippine Payments and Settlements System,” the local bourse also announced on Sunday.

Aside from government offices, Presidential Spokesperson Ernesto Abella also announced the suspension of classes at all levels in public and private schools nationwide on Monday, due to the planned transport strike.

Several groups are set to protest the government’s jeepney modernization program. (READ: Buses, jeepneys in the Philippines to be modernized by 2020)

The Pinagkaisang Samahan ng mga Tsuper at Operator Nationwide (Piston) and other transport groups oppose the plan to phase out jeepneys aged 15 years and older.

A similar transport strike staged last September also prompted several local government units to call off classes.

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