Under the ASEAN Swap Agreement—for which the Philippines recently renewed its participation for another two years up to November 2021—the country’s commitment is $ million, which allows us to draw up to an equivalent of $ million when the need arises. Also, the BSP has a Bilateral Swap Agreement with the Bank of Japan.
And the investment of emerging economies’ official  18  BIS Review 87/2009  reserves in US Treasuries contributed to compress long-term yields both in the United States and globally. All this fed global liquidity and rising asset prices. The countries that pegged their currencies to the dollar effectively imported US monetary policy regardless of whether it was appropriate for domestic conditions.