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PIA Press Release
2006/09/19

BSP offers to exchange Lebanon OFWs' currencies for pesos

by Jun C Mendoza

Lucena City (19 September) -- The Bangko Sentral ng Pilipinas (BSP) has given Overseas Filipino Workers who came from Lebanon seven days from their arrival to exchange their Lebanese currencies into pesos.

The advisory is in conformity to the Currency Exchange Facility which was open and approved by the Monetary Board of the BSP as a public service to the OFWs affected during the conflict between Israel and the Hezbollah.

Prior to the effectivity of the CEF, Lebanese currency was not allowed in exchange of the peso.

Under the CEF guidelines which was issued as Memorandum Circular No. M-2006 and effected as of Sept. 1 ,every OFWs from Lebanon was allowed by the BSP or other authorized agent bank (AAB) to exchanged from as high as 300,000 Lebanese Livres.

OFWs must present pertinent documents certifying of their stay in Lebanon such as, passport,and other papers proving that they have been to the said country. The papers must have certification and signed by the Philippine Embassy with date of their arrival in the Philippines.

The BSP will determine the amount of the value between the Lebanese Livres to the peso and will be posted daily at the Reference Exchange Rate Bulletin. The AABs, particularly those with branches at the airports may allow extended office hours to accommodate all OFWs coming from Lebanon wanting to exchange their Lebanese currencies.

The CEF was established during the Middle East conflict between Kuwait and Iraq sometine in 2003. The CEF was meant for incoming OFWs who were allowed to exchange their earned money, but on limited amount and time. (PIA-Quezon) [top]

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