Today's Edition
MANILA (BLOOMBERG)
The Philippines will suspend classes and government work in the capital region and nearby provinces for a second day on Tuesday due to heavy monsoon rains that caused floods and landslides.
The rains are likely to continue through Thursday, the Department of Interior and Local Government said in a Facebook post. Government work and classes were canceled Monday afternoon as local authorities began evacuating residents in flood-prone areas while dams near the capital Manila overflowed.
The Philippine Stock Exchange said it will announce on Tuesday whether trading will be halted. The central bank has yet to say whether it will trade in the currency market tomorrow.
The weather bureau raised the second-highest rainfall alert over Metro Manila and nine provinces in the main Luzon island for Tuesday to Wednesday, warning the public of more flooding and landslides.
Authorities in Quezon City, the largest and most populated in the capital region, have started evacuation and rescue efforts in more than two dozen villages where floodwaters were reported to be head-deep in some neighborhoods. In Manila, many commuters were stranded as they waded through flooded streets.
At least five people died while seven are missing amid strong winds due to the southwest monsoon and Tropical Storm Wipha over the weekend that also caused landslides, the national disaster agency said in its latest bulletin.
In the capital region, home to more than 14 million people, floods rendered some impassable roads. Nearly 90 vessels and motor boats are either stranded or taking shelter in various ports due to inclement weather, according to the coast guard.
The Philippines, an archipelago of more than 7,600 islands, is one of the world's most vulnerable countries to extreme weather events. An average of 20 tropical storms annually passes through the Southeast Asian nation.
