Philippine financial markets close due to transport strike

Philippine financial markets are closed on Monday, October 16, as a two-day transport strike in protest of the PUV Modernization Program got underway.

Over the weekend, the Bangko Sentral ng Pilipinas (BSP) suspended clearing operations on the heels of a work suspension order in government offices issued by Malacañang to avoid the negative impact of the transport strike.

With the clearing operations suspended, trading at the Philippine Dealing System (PDS) was also suspended.

The Philippine peso firmed up against the dollar on Friday as investors cashed in on gains from the greenback's strength ahead of US inflation data. The local currency gained 4 centavos to close at P51.390:$1 from 51.430 on Thursday.

The Philippine Stock Exchange (PSE) also suspended trading on Monday. The benchmark PSEi closed at 8,447.94 on Friday, the highest so far on record.

The Pinagkaisang Samahan ng Tsuper at Operator Nationwide (PISTON) is opposing the government's Public Utility Vehicle modernization program (PUVMP), which they claim is a jeepney phaseout plan that would require operators to buy newer, more expensive models.

Among the groups supporting the nationwide transport strike are Kadamay, Migrante, League of Filipino Students, and Kilusang Mayo Uno. — VDS, GMA News