Libyan Dinar Currency Exchange Facility

Bangko Sentral ng Pilipinas OFFICE OF THE GOVERNOR

CIRCULAR NO. 843

Series of 2014

Subject: Libyan Dinar Currency Exchange Facility

7 August 2014 approving the establishment of a Currency Exchange Facility (CEF) for overseas Filipino workers (OFWs) returning from Libya, the following guidelines shall govern the implementation of the CEF: Pursuant to Monetary Board (MB) Resolution No. 1227 dated

1 OFWs and their family members who returned from Libya shall be

not more than PHP20,000.00 per eligible person. eligible to avail of the CEF. The maximum amount of Libyan Dinar (LYD) that may be exchanged for Philippine pesos (PHP) shall be equivalent to

LYD may be converted to PHP provided that the currency is considered

information available from the Department of Foreign Affairs (DFA) at convertible with the BSP, at the time of exchange. In determining and authorized agent banks (AABs)a shall be guided by the latest official the time of exchange. whether the LYD has been demonetized and should no ionger be Iegal tender in Libya (i.e., has not been demonetized), even if not freely accepted for exchange, the BSP Head Office, Regional Offices/Branches

3. Regional Offices/Branches, as well as AABs shall use as reference rate BSP-Cash Department (BSP-CD) and the BSP-Regional Monetary Affairs accordance with the reference rate on the date of the AABs purchase. In converting the latest available rate at the time of exchange that shall be disseminated by: the BSP-Treasury Department (BSP-TD) to. the Sub-Sector. The BSP shall purchase the LYD acquired by AABs under the CEF at the same rate at which the AABs purchased the LYD, in LYD toPHP, the BSP HeadOfficeand Iits

4 The facility shall be open to those who have returned from Libya from

29 May 2014 and shall be available for a period of four (4) months reckoned from the effectivity date of this Circular.

a AABs refer to all categories of banks duly licensed by the BSP {except Offshore Banking Units (OBUs)]. It is understood that each category of bank should function within the operational parameters defined by existing laws/regulations for the specific bank category to which they respectively belong.

A. Mabini St., Malate 1004 Manila, Philippines * (632) 708-7701 www.bsp.gov.ph " [email protected]

5 Documentary requirements

a. Exchange by the persons concerned

Original passport with exit stamp by Libyan authorities and/or authorities from other countries that served as exit points for repatriation; or

t. Original travel document issued by the Philippine Embassy in

Tripoli with exit stamp by Libyan authorities and/or authorities from other countries that served as exit points for repatriation; or

H. Certified true copy of such travel document in cases where

Philippine government agency. The certified true copy must be signed by an authorized official of said government the original copy is required to be surrendered to another

agency.

b Exchange through an authorized representative

I Circumstances under which exchange may be done through

a representative are limited to the following:

(b (a) : Physical incapacity of the eligible person/s to personally do the exchange due to illness or physical Death of the eligible person/s. disability; and

I Authorized representative: Anyone of the following legally

capacitated relatives of the eiigible person/s may be an authorized representative:

(a (b ) () Parent Child Brother/Sister Legal spouse

Ii. Documentary requirements. The authorized representative

shall submit the following documents before the currency exchange:

The documents specified under item 5.a;

(b) Proof of identity of authorized representative:

(i) Authorized representatives shall be required to

present the original and submit a clear copy of at least . one (1) valid photo-bearing" Identification Document (ID) issued by an officia! authority

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For this purpose, the term official authority shall refer to any of the following:

2 (1 Its political subdivisions and instrumentalities; Philippines; Government:of the Republic of the

3) Government owned and controlled

corporations (GOCCs); and {4} Private entities or institutions registered with

Securities and Exchange Commission (SEC) or or supervised or regulated either by the BSP.

Insurance Commission (IC)

Valid IDs include the following:

1 Passport, including those issued by foreign

governments

((5) 3} (4 NBI clearance Police clearance Professional Regulation Commission ID Driver's license

(6) ( (( 10) Voter's ID Tax Identification Number Postal ID Barangay Certification GSIS eCard

{(12 {(13 {(15) (11) 14) Overseas Workers Welfare Administration ID SsS card Unified Multi-Purpose (UMID) ID Senior citizen card OFW ID

(17) Alien Certification of Registration/Immigrant (18) Government offices and GOCCs (e.g., Armed (19) Certification from National Council for the (20) DSWD Certification (21) Company IDs .issued by private entities (16} Welfare of Disabled Persons or institutions registered with or supervised or regulated either by the BSP, SEC or IC; Seaman's book Forces of the Philippines, Home Developmentl Certificate of Registration Mutual Fund) IDs

(ii) Where the authorized non-Philippine resident, similar IDs duly issued by the foreign government where he/she is a resident or a citizen may be presented; representativeis a

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c) In case of physical incapacity of an eligible person, an authorized representative shall also submit an original

Ietter of authority signed by the OFW/family member/s indicating the foliowing:

(i) Name/s of OFW/family member/s and

(ii) Relationship -of representative; representative to OFW/family

member/s; and (iii) Reason/s for appointing a representative with

medical certificate; or

{} In case of a deceased returnee, representative shall also submit the authorized the following

documents:

(i) Letter from the representative indicating name/s of OFW/family member/s 3 the and

representative and circumstance/s of the OFW/family member's death;

(ii) Copy of death certificate (issued in the Philippines) (ii) Proof of filiation;

or report of death (issued abroad) for deceased returnees; and

(e Other additional documentary proof/s, as may be

required by the BSP/AABs.

6 Accomplishment of CEF Conversion Stip (In English and Filipino)

(Attachment 1 or 2)

Each OFW/family member (personally or through an authorized representative) shall fill-up the prescribed CEF Conversion Slip for the currency exchange, and present the required documents. The serial numbers and denominations of the LYD to be exchanged should also be indicated at the back of the Conversion Slip.

7. Proof of exchange

the following on the original passport or travel document of each The BSP Head Office, Regional Offices/Branches and AABs shall stamp

person who availed of the exchange using at least font size "14":

CEF served on: Date: Amount of FX: Amount of PHP: Bank name/branch: Name and signature of Bank Officer:

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For those with original passports, stamping shall be made on the "limitations" page (page 3) of the passport.

8. AABs, particularly those with branch offices at Philippine international

airports (including the Ninoy Aquino International Airport Terminals 1 2, and 3, Clark, Subic, Laoag, Cebu, Davao and Zamboanga) and seaports, shall extend their banking hours as needed, to accommodate those who wish to avail of the facility.

9. AABs activation and implementation of the CEF not later shall advise their branches on than the

one (1) banking day following the BSP's issuance of the guidelines for public information.

10. All bank branch offices iocated at airports/seaports shall post

signage(s)/public. advisory(ies) in English and Filipino about the CEF program in conspicuous places, preferably before the baggage carousel and customs desk. The signage/advisory should not be smaller than 24 inches in width and 18 inches in height, with the notice printed in font size of at least "85", with all letters in bold.

11. AABs are reminded to comply with the provisions of Republic Act

No. 9160, otherwise known as the Anti-Money Laundering Act of 2001, as amended, particularly on the requirements for customer identification and due diligence, record-keeping and reporting of covered and suspicious transactions to the Anti-Money Laundering Council.

12. Bearing in mind the objective of the CEF program to provide assistance

to returning OFWs, AABs are enjoined not to collect any kind of service fee from those availing of the program.

13. AABs shall submit to BSP - CD (Head Office) the Consolidated Summary

of Purchases (Attachment 3) under the CEF, together with copies of the filled-up Conversion Slips (Attachment 1 or 2) for each transaction within three (3) banking days from the end of reference week.

14. The currency purchased by AABs under the CEF shall be

surrendered to the BSP - CD (Head Office or Regional Branches/Offices) within 10 banking days from purchase by the AABs.

15. The currency purchased by AABs under the CEF shall not be included in

the computation of the foreign exchange position of said banks.

16. AABs found violating this Circular shall be subject to the sanctions

Bank Act). provided under Section 37 of Republic Act No. 7653 (The New Central

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Effectivity. This Circular shall take effect two (2) days after publication.

FOR THE MONETARY BOARD:

AMANDO M. TETANGCO, JR.

(Goe

Agu 201

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Attachment 1

BangKo SenTRal ng PiLiPinas

(KATIBAYAN NG PALITAN PARA SA BUMALIK NA OFW/PAMILYA) CONVERSION SLIP1 for RETURNING OFW/FAMILY MEMBER BSP CURRENCY EXCHANGE FACILITY

(Petsa) Date:

{Pangalan} Name

(Kumpletong tirahan) Complete Address

(Petsa ng pagdating sa Pilipinas) Country of Origin (Bansang pinanggatingan) Date of Arrival in the Philippines Airline/Sea Vessel (Numero ng telepono] Landline No. {with area code} Flight/Vessel No. Mobile No.

Documents presented (katibayang ipinakita): Please indicate the following: (Isulat ang mga sumusunod na detalye)

C C F Travel Document No. (Numero ng Dokumento ng Paglalakbay) Others (iba pang detalye) Passport No. (Numero ng Pasaporte)

To be filled up by BSP/AAB: Signature (Lagda)

Type of Currency Exchange Rate FX Amount Peso Equivaient

(Not to exceed the equivalent of PHP20,000.00) Total

PHP received by: (PHP tinanggap ni)

1 One conversion slip per person Name and Signature (Pangalan at Lagda) Teller

ATTACHMENT 1 Back page of conversion slip:

Serial Number Denomination

Attachment 2

BANGKO SENTRAL NG PILIPInAS

CONVERSION SLIP1 for AUTHORIZED REPRESENTATIVE of RETURNING OFW/FAMILY MEMBER (KATIBAYAN NG PALITAN PARA SA KINATAWAN NG BUMALIK NA OFW/PAMILYA) BSP CURRENCY EXCHANGE FACILITY

(impormasyon ukol sa kinatawan) Name (Pangalan) Complete Address (Kumpletong tirahan} Landline No. (with area code) Information about the representative: IMobile No. Date: (Petsa)

Documents presented (katibayang ipinakita): Please indicate the following: (Isulat ang mga sumusunod na detalye) (Petsa ng pagdating sa Pilipinas) {Passport/travel document/ID detaifs (Bansang pinanggalingan) Date of Arrival in the Philippines Airline/Sea Vessel [(Pangalan ng OFW] Complete Address (Kumpletong tirahan) Landline No. (with area code) (Numero ng telepono) Country of Origin [(Pagkakakilanlan ng kinatawan) Information about the OFW: Tdentification card of representative: (Impormasyon ukol sa OFW) Relationshio to QFW/family member (Relasyon sa OFW/pamilya)] Name of OFW [Flight/Vessel No. [Mobile No.

Letter of authority and other required documents (Liham ng Pahintulot at iba pang hinihingina dokumento) (Numero ng Pasaporte ng OFW/Miyembro ng Pamilya } (Numero ng Dokumento ng Paglalakbay ng OFW/Miyembro ng Pamilya ) Passport No. of OFW/family member Travel Document No. of OFW/family member

To be filled up by BSP/AAB: Signature (Lagda)

Type of Currency Exch ange Rate FX Amount Peso Equivalent

PHP received by: (PHP tinanggap ni) (Not to exceed the equivalent of PHP20,000.00) Total

1 One conversion slip per person Name and Signature (Pangalan at Lagda) Teller

Attachment 2 Back page of conversion slip:

Seriat Number Denomination

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