Philippine stocks experienced a sharp one-day drop yesterday, recording the worst stock market performance since 2008, during the collapse of investment banking giant Lehman Brothers.
The Philippine Stock Exchange index (PSEi) registered a huge 6.75% loss yesterday (June 13, 2013), closing at 6,114.08 — a steep decline not seen since October 27, 2008 when local stocks dropped a whopping 12.27% as an aftermath of the Chapter 11 bankruptcy filing of Lehman Brothers in September 2008.
Those complaining that the year 2012 had very few long holidays now have a reason to be happy about for next year.
With Malacanang Palace announcing the official dates of holidays in 2013, the next year will have at least 16 regular, special, and non-working holidays — leading to four (4) long weekends in March, August, November, and December next year.
It’s also possible that most people will take a 5th long weekend during Christmas week, since December 23, 2013 is a Monday and is “sandwiched” between the preceding weekend and the Christmas holidays.
