BSP allows OFWs from Libya to exchange dinars to pesos

Posted at 08/07/14 4:52 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas is opening a currency exchange facility where overseas Filipino workers repatriated from Libya can exchange Libyan Dinars for Philippine pesos.

Libyan Dinars are currently not convertible to pesos.

In a statement, the BSP said the Monetary Board approved the opening of the currency exchange facility, as part of the government's efforts to assist OFWs returning from Libya.

Under the facility, OFWs and their Libya-based family members will be allowed to exchange their Libyan Dinar holdings up to a maximum amount equivalent to not more than P20,000 per eligible person.

The exchange may be done through the BSP head office, regional offices and branches, as well as authorized agent banks.

The facility is open for OFWs who have returned from Libya starting May 29, 2014. It will be available for four months.

OFWs and their family members should bring documentary proof of their travel from Libya, such as a passport or original/ certified true copy of the travel document issued by the Philippine embassy in Tripoli with an exit stamp by Libyan authorities or authorities from other countries that served as exit points for repatriation.

The BSP had opened a similar currency exchange facility during the Libyan conflict in 2011.

The Philippine government is urging Filipinos in Libya to evacuate, amid the escalating violence in the country.

The Department of Foreign Affairs earlier this week said only a little more than 1,000 out of 13,000 Filipinos in Libya have fled or are waiting to leave.

A ferry is expected to arrive in Libya by Friday to evacuate Filipinos and bring them to Malta, where they will be flown back to the Philippines.