BSP opens peso exchange facility for Syrian currency

MANILA, Philippines - Overseas Filipino workers (OFWs) returning from Syria may now convert their Syrian pound for pesos with the Bangko Sentral ng Pilipinas (BSP), which opened a currency exchange facility for that purpose.

The facility, which will be opened for four months, is meant to “provide assistance to returning OFWs,” a circular stated. A civil unrest in Syria forced them back home. Data from the Department of Foreign Affairs put the total tally of repatriated OFWs to 3,310 as of Jan. 8.

“The facility shall be opened to those who have returned from Syria from Jan.1, 2012,” the BSP’s circular said. It will be located at the BSP head office in Pasay City and its regional offices and branches nationwide.

Authorized agent banks (AABs), especially those located at the country’s main international airports, may also handle the exchange procedure, the circular said.

This was not the first time the BSP established a temporary money exchange facility for displaced OFWs. In March 2011, the central bank also opened a similar platform for the Libyan dinar during the time Libya was also at war.

According to the BSP, an “eligible person” can exchange up to a maximum of P10,000 in equivalent currency. Based on the BSP’s exchange rate bulletin last Friday, one Syrian pound is equivalent to P0.5749.

In order to exchange their money, OFWs should provide documentary requirements such as passport and travel documents from the Philippine Embassy in Damascus both stamped with exit visa.

Should the OFW concerned is already deceased or disabled, an immediate family member – parent, legal spouse or sibling – may go to BSP on his or her behalf by virtue of an authorization letter and valid ID.

If deceased, the death certificate of the OFW will also be required, the circular said. A conversion slip to be given by authorities will also need to be filled up and later on attached to the OFW’s passport.

On the part of the BSP and agent banks, the circular said service charges for the currency exchange should be waived and that business hours should be extended if needed.

Public posters and advisories, both in English and Filipino, will also have to be put up for awareness about the facility, it added.

“AABs shall advise their branches on the activation and implementation of the (facility) not later than one banking day following the BSP’s issuance of the guidelines for public information,” the circular explained.

Agent banks were also reminded to exercise “due diligence” and observe proper customer identification as laid out under Republic Act 9160 or the Anti-Money Laundering Act of 2001.

Collected Syrian pounds will have to be surrendered to the BSP’s cash department 10 days after exchanging them with pesos. “The currency purchased by AABs shall not be included in the computation of the foreign exchange position of said banks,” the circular said.