TOKYO – Japan and the Philippines have signed an agreement to double the maximum amount of their currency swap arrangement to bolster financial market stability and bilateral economic and trade ties, the Finance Ministry said Monday.
The agreement will allow Manila to swap up to $12 billion, while the maximum amount Tokyo can swap will remained unchanged at $500 million, a statement released by the Japanese ministry said.
“Aside from the crisis resolution facility, this arrangement also introduces a new feature in the form of a crisis prevention scheme to address potential liquidity needs,” the statement added
Source: ABS-CBN News
