Question & AnswerQ&A (BSP CIRCULAR NO. 780)
OFWs and their family members who returned from Syria on or after January 1, 2012 are eligible to avail of the CEF.
The maximum amount exchangeable is equivalent to not more than PHP10,000.00 per eligible person.
The Syrian currency must be legal tender in Syria (i.e., not demonetized) at the time of exchange, even if it is not freely convertible with the BSP.
The BSP Head Office, Regional Offices/Branches, and authorized agent banks are guided by the latest official information from the Department of Foreign Affairs (DFA).
The BSP uses the latest available rate at the time of exchange as indicated in the BSP Reference Exchange Rate Bulletin.
The facility is available for four (4) months from the effectivity date of BSP Circular No. 780.
They must present an original passport stamped with an exit visa by Syrian immigration or an original travel document issued by the Philippine Embassy in Damascus similarly stamped.
Exchange through a representative may be done if the eligible person is physically incapacitated due to illness or disability, or if the eligible person is deceased.
Legally capacitated relatives such as the legal spouse, child, parent, or brother/sister of the eligible person(s) may be authorized representatives.
They must submit the required documents of the eligible person, a signed letter of authority with specific details and medical certificate if applicable, and proof of identity including valid photo-bearing IDs.
No, AABs are enjoined not to collect any kind of service fee from those availing the program.
AABs must comply with Republic Act No. 9160 (Anti-Money Laundering Act) in customer identification, due diligence, record-keeping, and reporting of covered or suspicious transactions.
They must surrender the purchased currency to the BSP Cash Department within 10 banking days from acquisition.
No, they shall not be included in the computation of the foreign exchange position of the banks.
Violations are subject to sanctions provided under Section 37 of Republic Act No. 7653.