Philippines:Typhoon, monsoon, floods

PHILIPPINES - In Brief 21 Aug 2013 by Romeo Bernardo

Financial markets remained closed for the third straight day as a public holiday today followed two days of heavy rains and severe flooding in Metro Manila and surrounding provinces.  Storm Maring (international name, Trami) dumped over a month's volume of rains in the south of Manila yesterday shutting down schools and offices, cancelling flights, and causing casualties (8 dead, scores injured) and  damages to infrastructure and agriculture initially estimated at P67 million.  Final costs of previous years' typhoon-induced floodings ran in the  billions of pesos, affecting economic output and inflation over succeeding months.  Suspension of trading insulated local markets from the turmoil that swept across southeast Asian markets in past days.  Local markets will re-open Thursday after Western markets have had digested information from the minutes of the Federal Reserve's July meeting, expected to be released today.

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