(Bloomberg) — Seven people have died in the Philippines as storm Trami barreled across the nation’s main island, causing massive flooding and prompting closure of its currency market for a second day on Thursday.
The Bankers Association of the Philippines said the dollar/peso spot and swap markets will be shut and the central bank closed monetary operations following a suspension of government work in the main Luzon island. The stock market will be open, a spokesperson for the Philippine Stock Exchange said.
Trami — known locally as Kristine — has made landfall over northern Isabela province, still packing maximum sustained winds of 95 kilometers (59 miles) per hour and strong gale-force winds that extend outward up to 730 kilometers, the Philippines’ weather agency said.
Apart from the deaths, seven people were missing and nearly 200,000 people were displaced by the storm, according to the nation’s disaster management agency. Local airlines have canceled more than 70 flights on Thursday, adding to dozens of cancellations earlier in the week. Schools across Luzon were also shut for a second day.
In the Bicol region, south of Manila, severe flooding affected more than a million people, collapsed a bridge and damaged dozens of houses, local media reported.
Executive Secretary Lucas Bersamin’s office said that government agencies involved in health services, disaster response and other vital services aren’t covered by the suspension order. Work stoppage at private companies and offices is left to their discretion, according to a statement from his office.
The Philippines is among countries most exposed to more extreme weather events caused by climate change, with an average of 20 typhoons hitting the nation every year.
–With assistance from Ditas Lopez.
(Adds currency trading suspension, details throughout.)
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