Typhoon Noru Slams Into the Philippines, Shuts Markets

The local currency, stock and bond markets will be closed on Monday due to the impact of typhoon Noru.

According to the weather bureau, Karding is packing maximum sustained winds of 140 kilometers per hour near the center and gusts of up to 170 km/h. It went to the South China Sea on its way to Vietnam.

Noru had sustained winds of 195 km/h and gusts of up to 250 km/h when it hit land. The local weather bureau said that there will be heavy to intense rains over the capital region and agricultural provinces.

Marcos said in a Facebook post that he has approved the recommendation of the disaster coordinating council to stop government work and school classes on Monday.

There will be no trading in the foreign exchange, stock and bond markets on Sept. 26 due to the government shutdown. The regular bills and bonds were delayed by a day.

Loss of lives and damage to homes, infrastructure and agriculture are caused by about 20 typhoons each year.

75% of the nation's standing rice crops are planted in farms that could be affected by the typhoon, according to the Department of Agriculture.

In September 2009, a typhoon killed more than 500 people and caused 11 billion pesos in damage to infrastructure and agriculture after it dumped a month's worth of rain on the capital region.

Noru, the 11th tropical storm to hit the Philippines this year, could cause catastrophe bonds in the country.

The capital city Manila is likely to feel the effects of typhoon strength winds and significant rain when Super typhoon Noru makes its way through the Philippines. Super typhoon Noru is a serious threat to the Philippines because of its high wind speeds.

In provinces that will be on the typhoon's path, pre-evacuation was made, according to local media.

The Philippine Coast Guard said that more than 2,500 people were stuck in various ports as sea travel was stopped. The Manila International Airport Authority canceled more than forty flights on Sunday.

Shoppers were allowed to wait out the storm inside the shopping mall because it was closed early. SM Prime will provide free wi-fi and charging stations to customers.

The weather bureau warned of heavy rains in Metro Manila. It said that areas that are highly susceptible to these hazard are expected to be flooded.

Ditas B Lopez helped with the project.