Japan, the Philippines renew bilateral swap agreement

The size of the BSA remains unchanged: $12b for the Philippines and $500m for Japan.

Japan and the Philippines have renewed their Bilateral Swap Agreement (BSA), effective 1 January 2025.

The two countries’ central banks signed the fourth amendment and reinstatement agreement of their third BSA, according to an announcement by the Bangko Sentral ng Pilipinas (BSP) published on 6 January.

The size of the BSA remains unchanged, at up to $12b or its equivalent in Japanese Yen for the Philippines; and $500m for Japan.

Under the BSA, 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.

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Bangko Sentral ng Pilipinas

Bank of Japan

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