BSP, DFA Sign MOU on Currency Exchange Facility for OFWs

MANILA, Philippines - The Bangko Sentral ng Pilipinas represented by Deputy Governor Diwa C. Guinigundo (left) and the Department of Foreign Affairs led by Undersecretary Linglingay F. Lacanlale (second from right) signed a memorandum of understanding to help overseas Filipinos, who are hastily repatriated from  foreign countries due to significant security risks or armed conflict, exchange their foreign currency to Philippine pesos. Other signatories were BSP director of the international operations department Patria B. Angeles and DFA Assistant Secretary Domingo P. Nolasco. The MOU expedites the process of setting up currency exchange facilities (CEFs) that allows returning OFWs with foreign currencies that are not readily convertible to have them exchanged at the BSP head office, its regional offices and branches nationwide, and at authorized agent banks. So far, the seven CEFs that have been established have allowed repatriated Filipinos to exchange over P200 million worth of foreign currencies. The CEF for overseas workers from Libya is now activated and is available until Dec. 9, 2014.