The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Bangko Sentral ng Pilipinas signed the fourth amendment and restatement agreement of the third bilateral swap agreement.
The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar. The arrangement also enables the Philippines to swap the Philippine Peso against the Japanese yen.
The size of the BSA remains unchanged at up to $12 billion or its equivalent in Japanese yen for the Philippines, and $500 million for Japan.
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.
