MANILA: Philippine financial markets were shut, government work and school classes were suspended on Tuesday as typhoon Nesat pounded the country's main Luzon island, causing floods, toppling trees, and leaving at least one dead and four missing.
The Philippine Dealing System and the Philippine Dealing and Exchange Corp, operators of the electronic system for domestic foreign exchange and debt trading, said they would shut on Tuesday, after the central bank declared no clearing of transactions for the day.
Earlier, the Philippine Stock Exchange said there would be no trading on Tuesday due to a lack of clearing facilities, with government offices and the central bank closed.
In a statement on its website, the exchange also said there would be no settlement of trades on Tuesday.
Nesat, with maximum winds of 140 kph near the center and gusts of up to 170 kph, made landfall north of the capital early on Tuesday. It is forecast to move west northwest at 19 kph.
A 22-month-old boy drowned when he fell off a creek while at least four people were reported missing in the wake of the typhoon, the National Disaster Risk Reduction and Management Council said in its latest update.
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