MANILA - The Bankers Association of the Philippines said it tapped Bloomberg as the calculation agent for the peso-dollar spot reference rate that is used in trading.

The New York-based economic data provider and news service will calculate the spot reference rate based on trades by BAP member banks. Results will be published on the BAP website and on the Bloomberg terminal.

"We look forward to execution efficiency, increased market liquidity and transparency leveraging Bloomberg's technology platform and industry best practices," BAP managing director Benjamin Castillo said.

"Bloomberg is excited to extend our ongoing partnership with the Bankers Association of the Philippines by improving transparency and efficiency in the Philippines FX market," said Andrea Mosconi, Bloomberg's head of sales for the ASEAN.

Bloomberg is also the official calculating agent for the Philippines interbank reference rate, more commonly known as the "PHIREF."