The Philippine peso-US dollar spot trading and the operations of banks in the areas heavily affected by Taal Volcano activity were suspended on Monday.

In a statement, the Bankers Association of the Philippines (BAP) explained that the closure of the spot trading was pursuant to Bangko Sentral ng Pilipinas Circular 1043 Section 3(b) of Annex A and Malacañang’s announcement of no work of government offices following the volcanic activity.