QuestionsQuestions (BSP MEMORANDUM)
The memorandum was issued pursuant to Monetary Board Resolution No. 283 dated February 27, 2003 approving the implementation of the Currency Exchange Facility for Overseas Filipino Workers.
The facility covers Kuwaiti Dinar, Iraqi Dinar, Israeli Shekel, and Turkish Lira.
Each OFW may exchange up to a total of PHP 10,000 of any or a combination of the covered currencies.
The BSP will accept banknotes for conversion to pesos from OFWs returning to the Philippines from Kuwait, Iraq, Israel, and Turkey; authorized agent banks (AABs) also provide similar exchange facilities.
OFWs returning to the Philippines from Kuwait, Iraq, Israel, and Turkey.
The applicant must fill up the prescribed Currency Exchange Facility Conversion Slip (pro-forma attached as Annex A).
A reasonable excess may be allowed in case of difficulties in providing change in smaller denominations of the foreign currency, computed to the nearest PHP 10,000 equivalent.
Exchange is allowed only within seven (7) working days from the date of arrival at any authorized bank and with the BSP Cash Department and Regional Offices/Branches.
Those with branch offices at Philippine international airports: Ninoy Aquino International Airports 1 and 2, Clark, Subic, Laoag, Cebu, Davao, and Zamboanga.
AABs should extend banking hours, up to 24 hours as needed, to accommodate arrivals.
Representatives of advised branches are to attend the “Know your Money and Counterfeit Detection Seminar Workshop” conducted by the BSP Cash Department for the covered currencies.
They may require presentation of documentary proof such as passport or valid travel papers (issued and signed by the Philippine Embassy, stamped with the date of OFW’s arrival), and documentary proof of source of income.
AABs may purchase acceptable banknotes at rates set by the BSP, separately identified, in the BSP Reference Exchange Rate Bulletin.
They must submit to the BSP-International Operations Department a consolidated weekly summary report of currencies purchased under the facility using the prescribed form (Annex B).
Yes. The FX purchases under the facility shall not be included in the FX position of banks.