The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the opening of a currency exchange facility (CEF) for Egyptian pound.
“At present, the Egyptian banknotes are not convertible to pesos. Under the facility, overseas Filipino workers (OFWs) and their family members returning from Egypt will be allowed to exchange their Egyptian pound (EGP) to Philippine peso,” BSP Governor Amando Tetangco Jr. said.
He added that the facility was established as part of the central bank’s initiative to assist OFWs displaced by the conflict in Egypt.
Meanwhile, the BSP noted that to date, it has assisted thousands of OFWs under five CEFs: 1990 (Kuwait-Iraq war); 2003 (US-Iraq war); 2006 (Israel-Hezbollah conflict) and 2011 (Libyan and Syrian conflict).
It explained that under the CEF, OFWs and their Egypt-based family members will be allowed, through the BSP head office, its regional offices and branches, as well as authorized agent banks (AABs), to exchange their EGP holdings to Philippine peso up to a maximum amount equivalent to not more than P10,000 per eligible person.
To avail of the facility, OFWs and their family members shall present documentary proof of their travel from Egypt (original passport or original or certified true copy of the travel document issued by the Philippine Embassy in Cairo stamped with an exit visa by the Egyptian Immigration).
The central bank also said that the facility shall be available for a period of six months reckoned from the effectivity date of the implementing circular or 15 days after publication.
Meanwhile, those who returned from Egypt starting August 15, 2013, and onward can exchange their EGP for pesos until the facility closes.
“The conversion of EGP to Philippine peso shall be at the latest available exchange rate at the time of exchange as disseminated by the BSP-Cash Department and the BSP’s regional branches and offices. The implementing circular covering the detailed guidelines for the CEF shall be issued shortly,” the BSP said.