Philippines, Japan sign currency swap

The Philippine central bank and the Bank of Japan have signed a currency swap arrangement letting both countries draw from each other's foreign reserves for any "immediate need".

The Philippines can swap as much as $6 billion of its local currency with the Bank of Japan while Japan's finance minister can draw up to $500 million from the Philippine central bank, the central bank said in a statement in Manila.

The deal replaces a smaller agreement from 2001. The Philippines is seeking as much as