The Bankers Association of the Philippines (BAP) and Bloomberg have announced a series of new initiatives aimed at furthering the growth of the FX market in the Philippines.
The BAP has appointed Bloomberg as the new calculation agent for the USD/PHP spot reference rate. The spot reference rate is frequently used as a benchmark by onshore and offshore banks, corporations and asset managers in the Philippines for trade execution, valuation and benchmarking of portfolios.
“We are pleased to partner with Bloomberg to provide enhanced solutions to the FX community in the Philippines,” says BAP’s managing director, Benjamin Castillo. “These new initiatives will support the Bangko Sentral ng Pilipinas’ (BSP) financial market development reforms to better organise and deepen the country’s FX market. We look forward to execution efficiency, increased market liquidity and transparency leveraging Bloomberg’s technology platform and industry best practices.”