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Japanese, Philippine central banks extend bilateral swap agreement

The Bank of Japan and Bangko Sentral ng Pilipinas signed an extension of their bilateral swap agreement, effective Oct. 6.

The Japanese central bank signed the agreement, acting as agent for the country's Minister of Finance, according to a same-day release.

The pact allows the Philippines to swap its local currency against Japanese yen, in addition to U.S. dollars of up to US$12 billion equivalent for the Philippines and US$500 million for Japan.

The move should promote the use of local currency in Asia in the medium term, said the parties, among other things.