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Currency Exchange Facility For Repatriated OFWs from Libya Set by BSP

Thursday, March 3, 2011

UPDATE [April 29, 2011]:
For repatriate OFWs from Libya (or if you know someone) have only until June 30, 2011 to avail of the currency exchange facility (CEF) to convert their Libyan Dinars to peso after the Monetary Board of the Bangko Sentral ng Pilipinas (BSP)decided to terminate the CEF by July 1, 2011.

UPDATE [March 11, 2011]:

OFWs (from Libya) who went back to the Philippines, prior to the voluntary repatriation announced by the Department of Foreign Affairs on February 24, 2011, are not considered repatriated due to conflict, and therefore, not entitled to receive the Php 10, 000.00 grant.

- OWWA Memorandum of Instruction No. 001-B series of 2011

UPDATE [March 7, 2011]:
The BSP will accept Libyan dinar for conversion to Philippine pesos starting Monday, 07 March 2011 from 9:00 am to 2:00 pm. using the BSP exchange rates published daily in the BSP Reference Exchange Rate Bulletin.

The BSP and the banks require the OFWs to present pertinent documents such as passport or valid travel papers issued and signed by the Philippine Embassy and stamped with the date of the their arrival in the Philippines.

This Currency Exchange Facility (CEF) is available exclusively for Overseas Filipino Workers (OFWs) displaced by the current situation in Libya. Each OFW will be allowed to exchange up to a maximum equivalent of ten thousand pesos (P10,000.00) in Libyan dinars.

- BSP Media Release

Overseas Filipino Workers (OFWs) repatriated from conflict-torn Libya will have the chance to exchange the Libyan dinars they brought with them as the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved today the opening of a Currency Exchange Facility.

Their Libyan currencies may be exchanged with the BSP or other banks but only up to a maximum of Php 10,000.00 equivalent of Libyan dinars and only within 7 days upon arriving in the country. OFWs who intend to do so will be asked to present documentary proof of their travel from Libya, primarily, their passports.

The peso-dinar exchange rate will be set by BSP and will be posted daily in the BSP Reference Exchange Rate Bulletin.

- Source: BSP Website

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