The Bangko Sentral ng Pilipinas said banks have suspended today, 17 March 2020, trading in government securities and foreign currencies.
In a statement, the BSP said the Bankers Association of the Philippines informed them that “there will be no transactions for Peso/USD trades and government securities.”
This is in compliance to President Rodrigo Duterte’s order to lock down Metro Manila and the rest of Luzon for one month to contain the spread of the virus.
The Philippine Stock Exchange announced it suspension Monday night. With all public transportation suspended, brokers could not facilitate clearing and settlement of accounts because their people could not go to work.