Philippines reopens financial markets after one day suspension amid COVID-19 spike

The Philippines has decided to reopen the financial markets after stopping operating for a day due to COVID-19 scare, the government said late Tuesday.

The inter-agency task force for the management of emerging infectious diseases (IATF) said PSE-trading can resume on Wednesday its operating but off-site operations only and that trading floor will remain closed.

In its meeting late on Tuesday night, the IATF granted the trading platforms exemption from the enhanced quarantine measures that the government is implementing in an effort to contain the COVID-19 spread.

The IATF made the latest decision after the financial managers assured the authorities that necessary safeguards to ensure the safety of their employees and the community they interact with are in place.

Philippine President Rodrigo Duterte announced on March 16 enhanced community quarantine measures for the island of Luzon to address the public health dangers posed by COVID-19.

These measures include strict home quarantine and suspension of mass public transport facilities to arrest the spread of the virus.

In compliance with the enhanced measures, financial market platforms suspended their operations on March 17.

The Philippines now has 187 COVID-19 cases, including 14 deaths. Enditem