Japan and the Philippines have renewed their Bilateral Swap Arrangement (BSA) with effect from 1 January 2025 through the signing of the fourth Amendment and Restatement Agreement of the Third BSA by the Bank of Japan, acting as agent for Japan’s Minister of Finance, and the Central Bank of the Philippines (Bangko Sentral ng Pilipinas). The BSA remains a two-way arrangement allowing the two authorities to swap their local currencies in exchange for the US Dollar, and it also allows the Philippines to swap the Philippine peso against the Japanese yen. The size of the arrangement is unchanged at up to USD 12 billion (or its equivalent in Japanese yen) for the Philippines, and USD 500 million for Japan.
Central Bank of the Philippines 2025-01-06
Central Bank of the Philippines and Bank of Japan renew USD 12 billion bilateral swap arrangement effective 1 January 2025
Japan and the Philippines have renewed their Bilateral Swap Arrangement (BSA) effective 1 January 2025, through an agreement between the Bank of Japan and the Central Bank of the Philippines. The BSA allows currency swaps with the US Dollar and enables the Philippines to swap the Philippine peso against the Japanese yen, maintaining the arrangement size at up to USD 12 billion for the Philippines and USD 500 million for Japan.