Signing of the LOI by Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas (right) and Finance Minister Taro Aso of the Ministry of Finance of Japan (left). Secretary Carlos G. Dominguez III of the Department of Finance (middle) served as a witness to the signing.
TOKYO, JAPAN – Governor Benjamin E. Diokno, Bangko Sentral ng Pilipinas (BSP), and Minister Taro Aso, the Ministry of Finance of Japan (JMOF), signed today a Letter of Intent (LOI) signifying the mutual interest of the BSP and JMOF 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.