MANILA, Jan. 6 (Xinhua) — The Philippines and Japan have renewed their Bilateral Swap Arrangement (BSA) efficient on Jan. 1, 2025, the Philippine central financial institution mentioned Monday.
The Bank of Japan, appearing as an agent for the Minister of Finance of Japan, and the Bangko Sentral ng Pilipinas (BSP) signed the Fourth Amendment and Restatement Agreement of the Third BSA.
The BSA is a two-way association wherein each authorities can swap their native currencies for the U.S. dollar.
The association additionally permits the Philippines to swap the Philippine peso towards the Japanese yen.
According to the BSP, the scale of the BSA stays unchanged, that’s, as much as 12 billion {dollars} or its equal in Japanese yen for the Philippines, and 500 million {dollars} for Japan.