A Manila flood has killed more than 50 people in recent weeks and has continued to drench the country with torrential rains in the Philippine capital.

A red alert signal -- warning of serious flooding in the urban heart of the Philippines -- has now been issued by the Philippine Atmospheric, Geophysical and Astronomical Services Administration as deep water in many parts of metropolitan Manila have blocked roads, stranded cars and flooded homes.

In several areas, the water was waist deep or higher, according to a tweet sent out by the Metropolitan Manila Development Authority.

Video footage from CNN affiliate ABS-CBN showed fast-flowing rushes of water carrying rubble past underwater houses in the Manila region as well as people up to their necks in the water scrambling to get out.

Rescue efforts made up of Police officers and army reservists have been put in place, according to CNN.

While authorities in Marikina City imposed a forced evacuation of areas near the Marikina River, which has risen above critical levels, local officials were urging residents to move to higher ground from affected neighborhoods.

Furthermore, the dam on the La Mesa Reservoir near Quezon City began overflowing on Monday night, which reportedly sent even more water toward low-lying areas, the National Disaster Risk Reduction and Management Council said.

The Manila flood forced the closing of the Philippine Stock Exchange on Tuesday. The Philippine National Railways also suspended its provincial and commuter services, CNN reports.

Downpours are expected to continue into Wednesday, according to Pagasa. The administration also warned of landslides and flash floods in some mountainous areas.

The Philippines has already reportedly been hit by massive amounts of rain and wind in recent weeks. The disastrous weather is a result of Tropical Storm Saola, which plowed past the country before hitting Taiwan and China at the end of last week. The combination of Saola and monsoon rains had left a total of 53 people dead in the Philippines by Tuesday morning, according to the disaster council.