BSP opens forex facility for OFWs

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has opened a multi-currency exchange facility for overseas Filipino workers (OFWs) displaced and affected by the tension between the US and Iran as well as the public protests in Lebanon.

The currency exchange facility program approved by the Monetary Board last March 19 allows returning displaced OFWs to exchange their Iraqi dinar, Iranian rial, and Lebanese pound to  peso up to P20,000 per eligible person.

The Iraqi dinar, Iranian rial, and Lebanese pound are not included in the list of acceptable currencies in the Philippines.

The program is available for four months after the lifting of the enhanced community quarantine which was recently extended until April 30 to prevent the spread of the coronavirus disease 2019 or COVID-19.

The BSP said the corresponding circular for the currency exchange facility would be published once the enhanced community quarantine is lifted.

To avail of the facility, the BSP said the OFWs and their family members need to present documentary proof of their travel from Iraq, Iran or Lebanon including original passport or original or certified true copy of the travel document issued by the Philippine Embassy in said countries with exit stamp.

According to the central bank, the exchange may be done through the BSP cash department head office in Manila or Quezon City, BSP regional offices and branches as well as authorized agent banks.

In 2015, the BSP opened a similar facility for OFWs repatriated from Libya. The reopening of the facility originally launched in 2011 allowed OFWs to exchange their Libyan dinar to peso.