The Ministry of Finance (MoF) of Japan, through the Bank of Japan (BoJ), entered into partnership once again with the Bangko Sentral ng Pilipinas (BSP) to renew the third Bilateral Swap Agreement (BSA) between Japan and the Philippines which began January 1, after it expired by the end of 2021.

An offshoot of the third BSA authorized in October 2014, the renewed BSA was formalized with the signing of the third Amendment and Restatement Agreement of the third BSA. This makes the latest arrangement consistent with the recent changes in the Chiang Mai Initiative Multilateralisation (CMIM).