Philippine Stock Exchange Appeals to Government to Open Financial Clearings, Settlements During APEC

The Philippine Stock Exchange, Inc. (PSE) has asked the Bangko Sentral ng Pilipinas (BSP) to make financial clearing and settlement operations among the services available to the public during the November 17 and 20, 2015 work holidays declared for government offices in the National Capital Region (NCR) in relation to the Asia-Pacific Economic Cooperation (APEC) meetings in Metro Manila.

Government work suspension in NCR includes the suspension of the operations in the Philippine Payments and Settlements System (PhilPaSS) of the BSP which settles transactions of financial institutions.

Normal check clearing operations in the Philippine Clearing House Corporation are also dependent on the PhilPaSS being available.

“The Philippines is referred to as the bright spot in ASEAN and the country is at the center of economic activity in the region. I think stakeholders, including the investing public, fund managers even the banks would greatly appreciate it if the markets are not closed for four straight days,” PSE President and CEO Hans B. Sicat said.

Aside from the suspension of government work on November 17 and 20, Malacanang earlier declared November 18 and 19, 2015 as special non-working days in NCR in line with the APEC Economic Leaders’ Meeting scheduled on the said dates through Proclamation No 1072, s. 2015 released in July. –

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