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Bacolod City, Philippines Saturday, August 27, 2016
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Cross-border facility starts operations

MANILA -- The cross-border liquidity arrangement between the Bangko Sentral ng Pilipinas and the Bank of Japan are set to be implemented starting Friday.

Guidelines governing the BSP's liquidity facility and operationalizing the CBLA will take effect Friday.

This allows banks operating locally, including Japanese lenders, to access Philippine Peso liquidity against their Japanese Yen holdings during emergency situations.

The BSP and the BOJ agreed to establish the CBLA in February 2015, with the goal of enhancing financial stability in the Philippines.

Designated officers for the CBLA's implementation are Wilhelmina Manalac, BSP's international sub-sector managing director, and Keiji Fukusawa, BOJ's international coordination division head.

Through the provision of PHP-JPY liquidity, the collaboration reinforces the commitment of both central banks to support the long-standing financial and economic relationship between the Philippines and Japan.*PNA

 

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