BSP opens currency exchange facility for OFWs from Egypt

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) will open a currency exchange facility for Filipinos returning from Egypt.

“At present the Egyptian bank notes are not convertible to pesos... We’re putting up this facility as part of our initiative to assist OFWs (overseas Filipino workers) displaced by the conflict in Egypt,” BSP Governor Amando M. Tetangco Jr. told reporters late Friday.

The ongoing conflict in Egypt has killed hundreds and injured thousands as the supporters of the deposed President Mohamed Mursi clash with police forces. This has also displaced families in the area including migrant workers.

Tetangco said this new facility would allow OFWs and their families to exchange their Egyptian pounds into Philippine pesos up to a maximum of P10,000 per eligible person.

Those who want to avail of the facility should present documentary proof of their travel from Egypt such as their original passports, or their original or certified true copy of travel documents issued by the Philippine Embassy in Cairo and stamped with an exit visa by the Egyptian immigration.

Tetangco said this currency exchange facility will be available for a period of six months following the effectivity date of the implementing circular.

“Those who returned from Egypt starting Aug. 15 and onwards can exchange their Egyptian pounds for pesos until the facility closes,” Tetangco said.

He added the exchange rate that will be used will be the “the latest available... at the time of the exchange as disseminated by the BSP Cash Department and the BSP offices and branches.”