BSP opens new facility for OFWs in Libya

MANILA, Philippines - The Bangko Sentral ng Pilipinas will be opening another currency exchange facility for overseas Filipino workers returning from Libya amid the conflict in the area.

In a statement, the central bank said the Monetary Board last week approved the re-opening of the Libyan Dinar Currency Exchange Facility.

“The facility allows returning OFWs and their families from Libya to exchange their LYD holdings to PHP (Philippine peso) up to a maximum equivalent amount of P20,000 per eligible person,” the BSP said.

The BSP earlier opened a currency exchange facility for the Libyan dinar from Aug. 11 to Dec. 9. This will be made available again for another six months after the BSP issues the circular for its implementation.

Those wanting to exchange their Libyan dinars into pesos should present proof of their travel from Libya such as their original passport or travel document issued by the Philippine Embassy in Tripoli with an exit stamp by Libyan authorities or from other countries that served as exit points for repatriation.

The facility will be made available at the BSP head office, its regional offices and branches, and authorized agent banks as well.

The currency exchange facility allows Filipinos repatriated from war-torn countries to exchange their foreign currency notes which are not easily convertible to peso.

So far, the BSP has put up seven currency exchange facilities with the first one established in 1990 following the Kuwait-Iraq war.

The second was introduced in 2003 during the US-Iraq war, then in 2006 during the Israel-Hezbollah conflict. The fourth was established in 2011 during the conflict in Libya, while the fifth and the sixth were created in 2013 following the disputes in Syria and in Egypt.

The seventh currency exchange facility for the Libyan dinar, established in August, was opened following the continuing conflict between Libya and Syria.

Remittances from Filipinos abroad provide support to domestic consumption, the largest driver of the Philippine economy.

Last year, cash remittances amounted to $22.968 billion and made up more than eight percent of the country’s GDP in 2013.