In a statement, the Bangko Sentral ng Pilipinas said it signed the third Amendment and Restatement Agreement of the Bilateral Swap Arrangement with the Bank of Japan, acting as agent for the Minister of Finance of Japan.
The arrangement also enables the Philippines to swap the Philippine peso against the Japanese yen, the BSP said. The renewed BSA incorporates amendments to align the BSA with the recent amendments to the Chiang Mai Initiative Multilateralization Agreement. The CMIM core objectives are to address balance of payment and short-term liquidity difficulties in the ASEAN+3 region, and to supplement existing international financial arrangements.
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