Vice President and Presidential Adviser on OFW Concerns Jejomar Binay has assured overseas Filipino workers (OFWs) repatriated from Libya that they will be able to convert their hard-earned money into Philippine pesos.
“The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has already approved the opening of a Currency Exchange Facility (CEF) that will allow the conversion of the Libyan dinar (LYD) to Philippine pesos (PHP),” Binay said in response to queries from OFWs who have returned from the strife-torn country.
The Vice President had directed his staff to meet returning OFWs at the airport to facilitate their availment of benefits and hear their concerns. It was during such a meeting that the question of currency conversion was raised.
“Our returning kababayan [countrymen]need not worry that they will not be able to use their hard-earned savings here. As of the moment, the Libyan dinar cannot be converted to the peso, but the BSP has seen fit to correct this,” he said.
Binay reiterated his call for Filipinos remaining in Libya to heed the immediate evacuation order of the Department of Foreign Affairs.
The BSP, in a statement, said OFWs and their Libyan-based family members “will be allowed to exchange their LYD holdings to PHP up to a maximum amount equivalent to not more than PHP20,000.00 per eligible person. The exchange may be done through the BSP head office, its regional offices and branches, as well as authorized agent banks. OFWs and their family members shall present documentary proof/s of their travel from Libya [original passport or original/certified true copy of the 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’.”
According to the statement, the CEF will be open to those who have returned from Libya from May 29, 2014, and will be available for four months starting from the effectivity date of the circular to be issued for its implementation, or two days after its publication in a newspaper of general circulation.
The rate of conversion will be based on the latest available exchange rate at the time of exchange as indicated in the BSP Reference Exchange Rate Bulletin.