Baldoz says BSP to allow OFWs to exchange Libyan dinars for pesos

Date Posted: August 11th, 2014 01:01 AM


Baldoz says BSP to allow OFWs to exchange Libyan dinars for pesos Labor and Employment Secretary Rosalinda Dimapilis-Baldoz yesterday said the Bangko Sentral ng Pilipinas on Monday had pledged to establish a special facility that will allow overseas Filipino workers repatriated from Libya to exchange their dinars with pesos. "Undersecretary Ciriaco Lagunzad had met with BSP Deputy Governor Diwa Gunigundo and Director Patria Angeles of the BSP's International Operations and they have agreed in principle to set up the facility. The BSP will issue a resolution to this effect anytime today," said Baldoz. According to Baldoz, the DOLE initiated the meeting as part of its Assist WELL Program that seeks to ensure the smooth reintegration of OFWs from crisis-hit countries and to address the welfare, employment, livelihood, and legal needs of OFW repatriates. "We are very conscious about the hurried manner by which our OFWs have left Libya. They might have forgotten to exchange their Libyan money for acceptable currency, such as US dollars, so we made this representation with the BSP to revive its special foreign exchange facility for the conversion of Libyan dinars into pesos. This will certainly help our OFW repatriates," Baldoz said. Baldoz recalled that in 2011, the BSP had also set up the special foreign exchange facility so that overseas Filipino workers who returned from Libya can exchange their Libyan dinars for Philippine pesos. She left it out to the BSP to provide the details on the foreign exchange facility, such as which banks will be allowed to buy dinars, at what maximum amount, and at what exchange rate. In a report to Secretary Baldoz, Undersecretary Lagunzad said the foreign exchange facility will allow OFWs to exchange their Libyan dinars at the NAIA before they go home. While the BSP has headquarters in Manila, regional branches in La Union, Cebu, and Davao, and smaller branches in San Fernando,Pampanga; Batac, Ilocos Norte; Tuguegarao, Cagayan; Dagupan, Pangasinan; Cabanatuan, Nueva Ecija; Lucena City in Quezon; Naga, Camarines Sur; and Legaspi, Albay where foreign currencies can be exchanged or converted, it can also direct local banks to exchange dinars held by OFW repatriates from Libya with pesos. The local banks can surrender the dinars to the BSP later. Meanwhile, Baldoz said that of the scheduled 110 OFWs who should have arrived yesterday, only 100 had actually enplaned at the NAIA. But another five (5) OFW repatriates arrived very early yesterday morning after their flight was diverted from the NAIA to Clark International Airport. The number had brought the total of repatriates to 881 as of 6 August. Another batch of 42 OFWs from Libya is expected to arrive at 4:00 P.M., also yesterday. END

Created Aug 26th 2014, 15:10


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