BSP creates facility for OFWs to exchange Egyptian pounds for pesos

Tags: Bangko Sentral ng Pilipinas
The Monetary Board of the Bangko Sentral ng Pilipinas has approved the opening of a currency exchange facility that will allow overseas Filipino workers and their families returning from Egypt to exchange Egyptian pounds for Philippine pesos.

“At present, the Egyptian banknotes are not convertible to pesos. It is not part of our international reserves. The facility was established as part of the BSP’s initiative to assist OFWs displaced by the conflict in Egypt,” BSP Governor Amando Tetangco Jr. told reporters over the weekend.

"Those who returned from Egypt starting Aug. 15, 2013 and onwards can exchange their Egyptian pounds for pesos until the facility closes," Tetangco said, who noted the facility will be closed six months after its implementation.

A total ban on OFW deployment was applied to Egypt after its crisis alert level was raised to Level 4, causing a mandatory repatriation for Filipinos working in the country.

Tetangco further explained that Egyptian pounds can be converted to Philippine pesos through the BSP’s head and regional offices, as well as authorized agent banks.

Valid identification papers such as passports or certified true copies of travel documents are required for the exchanges, which have a limit of P10,000 per person.

To date, the BSP has put up five facilities in response to conflict in the Middle East. They were established in 1990 for Kuwait-Iraq war; 2003, US-Iraq war; 2006, Israel-Hezbollah conflict; and in 2011, due to the Libyan and Syrian conflicts.

Though the thousands forced to come home may dent the $5.1 billion the BSP predicted to be remitted by OFWs in May, Labor Secretary Rosalinda Baldoz assured those who were repatriated thatjobs and livelihood programs awaited them in the Philippines. — RT/BM, GMA News

Tags: Bangko Sentral ng Pilipinas

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