PH, Japan central banks renew bilateral swap arrangement; BOC issues guidelines for PH-Korea FTA; LandBank releases P2.9-B in loans for farmers under RCEF

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00:00Japan and the Philippines renewed their bilateral swap arrangement where both authorities can exchange their local currencies for U.S. dollar.

00:08Meanwhile, Land Bank hands out 2.9 billion in loans for Farmers Under Rice Competitiveness Enhancement Fund, or ARCEF.

00:16These and more in tonight's business news wrap-up by Kate Renya.

00:22Japan and the Philippines renewed their bilateral swap arrangement, or BSA, on New Year's Day nearly a week ago.

00:30The agreement allows both countries to exchange local currencies for U.S. dollars and enables the Philippines to swap pesos for yen.

00:38The BSA remains unchanged in size, up to 12 billion U.S. dollars for the Philippines and 500 million U.S. dollars for Japan.

00:46This arrangement aims to strengthen financial cooperation and support global financial stability.

00:52Meanwhile, the Bureau of Customs, or BOC, has released guidelines for the Philippines-South Korea Free Trade Agreement, or FTA, effective December 31, 2024.

01:03The FTA aims to boost trade by reducing or removing import taxes on eligible South Korean goods provided they meet specific origin rules.

01:12The BOC's guidelines cover product checks, certificates of origin, and export responsibilities.

01:18The BOC is working to ensure smooth implementation and compliance with the FTA to strengthen economic ties between the two countries.

01:26The Land Bank of the Philippines has provided 2.89 billion pesos in loans to nearly 65,000 rice farmers over six years through the ERCARCEF program.

01:39This initiative helps with rice production, post-harvest activities, and farm machinery.

01:44Most borrowers, or the 98%, are individual farmers.

01:48Land Bank fully supports the seven-year extension of the ERCARCEF program to strengthen Filipino rice farmers and improve agricultural competitiveness.

01:57As of October 2024, Land Bank has lent Php 769.68 billion to the agricultural sector, benefiting over 3.93 million farmers and fisherfolk.

02:09Kate Renya, from the National TV Network, for Indo and Better Philippines.

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