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Signing of the Letter of Intent between the MoF of Japan and the Bangko Sentral ng Pilipinas

Joint Press Release

TOKYO, JAPAN – Minister Taro Aso, the Ministry of Finance of Japan (JMOF), and Governor Benjamin E. Diokno, Bangko Sentral ng Pilipinas (BSP), signed today a Letter of Intent (LOI) signifying the mutual interest of the JMOF and BSP to explore the establishment of a Japanese Yen (JPY) –Philippine Peso (PHP) Direct Trading Framework.

Under the envisioned trading framework, the JPY can be directly priced against PHP, and vice versa, reducing foreign exchange risks and encouraging wider use of both currencies.

The framework is also viewed as a good opportunity to deepen bilateral economic and commercial ties between Japan and the Philippines as its implementation is expected to boost trading and investment volume between the two countries.