Legal Tender and Currency Validity Criteria
- Only Syrian currency recognized as legal tender in Syria at the time of exchange can be converted.
- Demonitized currency is ineligible; BSP and authorized banks will consult DFA for current status.
Exchange Rate and Purchase Rate
- Conversion rates based on the BSP Reference Exchange Rate Bulletin at time of exchange.
- BSP shall purchase Syrian Pounds from authorized banks at the same rate used by banks in acquiring the currency.
Period of Availability
- Facility applies to returnees from January 1, 2012.
- Available for four months from the effectivity date of the circular.
Documentary Requirements for Exchange
- For personal exchange: original passport with Syrian exit visa or travel document with exit visa.
- Exchange via authorized representatives allowed under specific conditions (incapacity or death).
- Authorized representatives limited to legal spouse, child, parent, brother, or sister.
- Additional documents required for representatives including letter of authority, proof of filiation, death certificates for deceased returnees, and valid photo IDs.
- Valid IDs include a wide range from government-issued IDs, professional licenses, to certifications from recognized institutions.
Conversion Slip and Documentation Process
- Each transaction requires filling out a CEF Conversion Slip in English or Filipino.
- Serial numbers and denominations of exchanged currency must be recorded.
Proof of Exchange
- Stamping of passports or travel documents by authorized bank personnel as proof of transaction.
- Details include date, foreign currency exchanged, peso equivalent, bank branch, and officer signature.
Operational Guidelines for Authorized Banks (AABs)
- Extended banking hours at airports and seaports for accommodating the facility.
- Activation and public advisory requirements to be implemented within one banking day after BSP guidelines issuance.
- Posting of conspicuous multilingual signage at airports/seaports in large bold text.
Compliance with Anti-Money Laundering Act
- Banks must observe customer identification, due diligence, record-keeping, and suspicious transaction reporting as per RA No. 9160.
Service Fees and Customer Assistance
- No service fees shall be charged to OFWs or their families for the currency exchange facility.
Reporting and Currency Surrender
- Weekly submission of consolidated transaction summaries and conversion slips to BSP.
- Currency purchased by banks must be surrendered to BSP within 10 banking days.
Foreign Exchange Position and Sanctions
- Syrian Pounds purchased under the facility are excluded from foreign exchange position computations.
- Violations may attract sanctions under Section 37 of RA No. 7653.
Effectivity
- The circular takes effect 15 days after its publication.