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[TOKYO] The central banks of Japan and the Philippines announced on Friday that they have agreed to establish a cross-border liquidity arrangement to enhance financial stability in the Philippines.
Under the arrangement, eligible banks operating in the Philippines may obtain pesos from the country's central bank by selling and repurchasing yen with it, which widens the range of facilities available to those eligible banks.
In a joint statement, the central banks said the collaboration between the two reinforces their commitment to support economic and financial ties between the two nations.