Question & AnswerQ&A (BSP MEMORANDUM)
The Currency Exchange Facility is designed to allow Overseas Filipino Workers (OFWs) returning from Kuwait, Iraq, Israel, and Turkey to convert foreign banknotes into Philippine Pesos easily and within a regulated framework.
The accepted currencies are Kuwaiti Dinar, Iraqi Dinar, Israeli Shekel, and Turkish Lira.
Each OFW is allowed to exchange up to a total of Php 10,000 equivalent of the acceptable foreign currencies.
Applicants must fill out the prescribed Currency Exchange Facility Conversion Slip and may be required to present documentary proof such as a passport or valid travel papers stamped with the date of arrival in the Philippines and proof of source of income.
OFWs can exchange currencies at the BSP-Cash Department and Regional Offices, as well as authorized agent banks (AABs) especially those with branches in international airports like Ninoy Aquino International Airport (NAIA) terminals 1 and 2, Clark, Subic, Laoag, Cebu, Davao, and Zamboanga.
The exchange must be done within seven (7) working days from the date of arrival.
Yes, AABs particularly at international airports may extend banking hours up to 24 hours as needed to accommodate OFW arrivals.
AABs facilitate the exchange by accepting currencies at BSP-set rates, submitting weekly reports of amounts purchased, extending operating hours, and ensuring their representatives attend workshops on currency verification and counterfeit detection.
AABs purchase the acceptable banknotes at rates set by the BSP, which are published separately in the BSP Reference Exchange Rate Bulletin.
No, the foreign exchange purchases made under this facility shall not be included in the foreign exchange position of banks.