Heavy rains suspend banks'check clearing transactions

CEBU, Philippines - The Cebu Bankers Club (CBC) confirmed that check clearing was suspended yesterday due to the heavy rainfall that hit the greater Metro Manila area.CBC spokesperson and past president Prudencio Gesta confirmed that most banks, including his company Rizal Commercial Banking Corporation (RCBC) head-office sent an advisory to all branches to suspend check clearing transactions yesterday.

“Normally, it is the Philippine Clearing House that advises all banks if there’s clearing suspension,” said Gesta.

Most businesses and even classes in Metro Manila area and neighboring provinces in the National Capital Region (NCR) suspended offices, and classes, due to the flood that hit some areas.

According to Gesta, based checking transactions will resume today.

The Philippine Stock Exchange (PSE) in the financial district of Makati, which was also flooded, also announced to close its operations yesterday, also other important offices like U.S. Embassy along Manila Bay, among others.

Malacañang has suspended work in private offices in Metro Manila and provinces in Luzon.

Deputy presidential spokesperson Abigail Valte announced yesterday in a report that based on a directive issued by Executive Secretary Paquito Ochoa, work in private offices in Metro Manila, Zambales, Bataan, Pampanga, Pangasinan, Tarlac, Laguna, Cavite, Rizal and Bulacan were suspended.

Valte said that the order was issued at 9:40 a.m.

Malacañang said that work in private offices was suspended due to massive flooding in the areas mentioned in the directive.

Malacañang has also suspended classes in all levels and work in government offices in the same areas.

Although Cebu had a fairly good weather yesterday, some business operations here were affected like the banks as their head offices in Manila were closed. (FREEMAN)