Philippines:Typhoon, monsoon, floods

PHILIPPINES - In Brief 21 Aug 2013 by Romeo Bernardo
Financial markets remained closed for the third straight day as a public holiday today followed two days of heavy rains and severe flooding in Metro Manila and surrounding provinces.  Storm Maring (international name, Trami) dumped over a month's volume of rains in the south of Manila yesterday shutting down schools and offices, cancelling flights, and causing casualties (8 dead, scores injured) and  damages to infrastructure and agriculture initially estimated at P67 million.  Final costs of previous years' typhoon-induced floodings ran in the  billions of pesos, affecting economic output and inflation over succeeding months.  Suspension of trading insulated local markets from the turmoil that swept across southeast Asian markets in past days.  Local markets will re-open Thursday after Western markets have had digested information from the minutes of the Federal Reserve's July meeting, expected to be released today.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.