Phl, Japan Renew Bilateral Currency Swap Deal

The Philippines and Japan have renewed an agreement to trade one currency for another at a preset rate over a given period.

- KEISHA TA-ASAN

The Bangko Sentral ng Pilipinas (BSP) and the Bank of Japan (BOJ), acting as an agent for Japan's Minister of Finance, signed the Bilateral Swap Arrangement (BSA) that took effect on Jan. 1.

"Japan and the Philippines believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability," the BSP said.

This marks the fourth amendment and restatement of the third BSA, which facilitates currency swaps between the two countries.