BSP extends Libyan Dinar exchange facility for repatriated OFWs

Date Posted: February 27th, 2015 08:14 AM

Labor and Employment Secretary Rosalinda Dimapilis-Baldoz yesterday lauded the the Bangko Sentral ng Pilipinas for approving the re-opening of the Libyan Dinar Currency Exchange Facility (LYD-CEF) for overseas Filipino workers (OFWs) repatriated from Libya for another six months, or until 29 July 2015. The approval came shortly after Baldoz sent a letter to Amando M. Tetangco, BSP Governor, requesting for the extension of the LYD-CEF, thus, giving life to BSP Circular 867, dated 14 January 2015, allowing the conversion of Libyan Dinar to Philippine pesos to an amount equivalent to not more than P 20,000.00. Its predecessor circular, BSP Circular 843, took effect on 7 August 2014, and expired on 9 December 2014. "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. Thus, we made this representation with the BSP to revive its special foreign exchange facility for the conversion of Libyan dinars into pesos as this will certainly help our OFW repatriates,” Baldoz said. The labor and employment chief 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. According to the BSP circular, OFWs may avail of the LYD-CEF upon presentation of original passport, or original travel document issued by the Philippine Embassy in Tripoli, with exit stamp by Libyan authorities and/or authorities from other countries that served as exit points for repatriation. Certified true copy of such travel document may also be presented in cases where the original copy is required to be surrendered to another Philippine government agency. Said certified true copy must be signed by an authorized official of said government agency. Exchange may also be done by the OFW’s legal spouse, child, parent, brother/sister, or any authorized representative in case of physical incapacity due to illness, or disability, or death, of the eligible OFW. 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, 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. As of 21 February, the Overseas Workers Welfare Administration, or OWWA, recorded 4,603 OFW repatriates from Libya. Of the number, 497 OFWs were sent home at the time Libya was on Alert Level 3 from 29 May-19 July; and 4,124 OFWs during Alert Level 4 from 20 July to present. The record further shows that at least 3,074 OFW repatriates were active members of OWWA; 1,349 OFWs were non-active; and 180 OFWs without record. The LYD-CEF, under the auspices of the BSP, is among the many initiatives under the DOLE’s Assist W. E. L. L. (Welfare, Employment, Livelihood, and Legal Assistance Program—which 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. END/hjtg

Created Mar 11th 2015, 15:12


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