(Bloomberg) -- The Philippines is bracing for flash floods and landslides that may be triggered by heavy rains brought by tropical cyclone Koinu, which reached typhoon category on Monday morning.

The center of the typhoon was spotted 675 kilometers (419.4 miles) east of Aparri in northern Cagayan province, with maximum sustained winds of 120 kilometers per hour and gusts of up to 150 km/hour, weather agency Pagasa said. It’s moving northwestward at 10 km/hour.

The typhoon is enhancing the southwest monsoon that causes rains and thunderstorms in the main Luzon island. Koinu is forecast to exit the Philippine territory on Thursday when it’s expected to make landfall over the southern part of Taiwan, Pagasa said. 

The Philippines suspended its currency and fixed income markets on Sept. 1 after government offices including the central bank were shut due to monsoon rains from three cyclones. About 20 cyclones pass through the Philippines each year, making it one of the world’s worst-hit countries.

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