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BSP re-opens Currency Exchange Facility for OFWs and their families returning from Syria

07.16.2013

As part of the BSP’s initiative to assist the overseas Filipino workers (OFWs) who were displaced by the conflict in Syria, the Monetary Board approved the re-opening of the Syrian Pound (SYP) Currency Exchange Facility (CEF). The facility allows returning OFWs and their families from Syria to exchange Syrian currency for Philippine pesos (PHP) up to a maximum amount equivalent to not more than PHP10,000.00 per eligible person. To avail of the facility, OFWs and their family members shall present documentary proof of their travel from Syria  (e.g., original passport or original travel document issued by the Philippine Embassy in Damascus stamped with an exit visa by the Syrian Immigration and Passport Directorate).  The exchange may be done with the BSP Head Office, its Regional Offices and branches, as well as with authorized agent banks (AABs).

The facility was initially available from 30 January to 30 May 2013 and will remain available for another six (6) months starting from the effectivity date of the Circular covering its implementation. 

 Detailed guidelines are in Circular No. 780, series of 2013 dated  10 January 2013 (except for item 4, period of availability) which is posted at the BSP website.

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