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Saturday, March 01, 2003
BSP sets currency exchange help
THE Monetary Board yesterday said the Bangko Sentral ng Pilipinas (BSP) would accept currencies of Kuwait, Iraq, Israel and Turkey for conversion to pesos from overseas Filipino workers (OFWs) returning to the Philippines from these countries if war erupts in the Middle East.
At present, banknotes from these countries are not convertible to pesos.
BSP Gov. Rafael Buenaventura said that in approving the implementing guidelines in accepting war-affected currencies from OFWs, the Monetary Board noted that if war breaks out in the Middle East, banking and remittance services may be disrupted and OFWs may face difficulties in converting currencies of these countries.
This currency exchange facility is the second assistance package from the BSP for Middle East-based OFWs.
Last week, BSP opened a rediscounting window for personal consumption loans granted by qualified banks to OFWs or their immediate families adversely affected by the Middle East crisis to encourage qualified universal, commercial, thrift and rural banks to extend such loans.
The Monetary Board said this package of assistance from BSP should ease the plight of OFWs who have contributed much to the economy by way of their foreign exchange remittances.
Under the currency exchange facility guidelines, each OFW will be allowed to exchange up to the equivalent value of P10,000 of any or a combination of the following currencies: Kuwaiti dinar, Iraqi dinar, Israel shekel and Turkish lira.
In converting these banknotes, OFWs should present documentary proof that the money being exchanged came from salaries, savings, and /or sales proceeds from the disposition of personal assets.
OFWs will have only seven working days from the date of their arrival to convert these banknotes with the BSP’s Cash Department in Manila and/or its regional offices and branches, as well as with authorized agent banks (AAB).
AABs, particularly those with branch offices at the airports, may extend banking hours as needed to accommodate arrivals.
(March 1, 2003 issue)
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