BSP revives Syria pound exchange for OFWs

MANILA, Philippines - Filipinos sent home from war-torn Syria will get another chance to convert their earnings into pesos with the Bangko Sentral ng Pilipinas (BSP), which has reopened its Syrian pound foreign exchange facility.

Under Circular No. 804 dated July 12, the BSP said the facility, which opened at the beginning of this month, will last until January next year. The facility was first opened last January and closed last April.

The Syrian pound is not directly convertible to pesos with banks and private foreign exchange firms.

This was not the first time BSP established a temporary money exchange facility for displaced overseas Filipino workers (OFWs). In March 2011, the central bank also opened a similar platform for the Libyan dinar during the time Libya was at war.

BSP deputy governor Diwa Guinigundo, in a text message yesterday, said the Department of Foreign Affairs (DFA) “made representations in behalf of remaining workers” from Syria to extend the program.

The limit for each OFW is P10,000 worth of Syrian pounds.

“Our program aims to provide just additional support and not complete restitution. The idea is for OFWs to continue to send money to the Philippines and any remaining unconverted banknotes may be exchanged,” he said.

As of July 2, DFA data showed there were 4,398 Filipinos sent home since last year.

The BSP main office in Pasay City as well as regional offices in Cebu, Davao and La Union may accept applications for the exchange of Syrian pound to pesos.

BSP branches and authorized agent banks, mostly located in the country’s main airports, may also handle the exchange procedure.