WHAT IS THE CURRENCY EXCHANGE FACILITY (CEF)?

The CEF was established by the BSP to provide immediate liquidity assistance to affected Overseas Filipinos (OFs) returning from countries experiencing emergencies (e.g., war) by allowing conversion to pesos of their holdings of third currencies (non-US Dollar). The program finds basis under Secon 73 of Republic Act No. 7653 (The New Central Bank Act).

WHEN DOES THE BSP ACTIVATE A CEF? CEF Activation Process A CEF is acvated when there are OFs who are affected by emergencies abroad which will A Crisis Alert Level 3 (signals require repatriaon. The the voluntary repatriaon of OFs) Department of Foreign Affairs (DFA) nofies the BSP of the issuance of a The highest Crisis Alert or higher is declared by the DFA Crisis Alert Level 3 or higher in the is Level 4 which signals in a certain country. affected country. Monetary Board mandatory repatriaon. (MB) approval is obtained for the acvaon of the CEF.

WHO CAN AVAIL OF THE CEF? DFA nofies the BSP of the DFA provides relevant declaraon of a Crisis Alert OFs and their families who informaon to the BSP Level 3 or higher returned from countries (e.g., number of OFs in the experiencing emergencies/ affected country, any in a parcular country. unforeseen problems that necessitate repatriaon, subject to demonezed currency). compliance with the guidelines covering a parcular CEF The MB grants approval WHERE CAN THE CURRENCY EXCHANGE BE MADE? to the CEF acvaon and CEF its implemenng circular. The exchange may be done with Activation the BSP Head Office and branches, as well as with banks. 7 CEFs activated CEF Value

CEF Accepted Total Peso Amount

Kuwait Acvated Currenciesfor Exchanged by BSP 1990 Iraq Conflict Exchange (in thousands) GULF WAR Gulf War • KuwaiDinar 176,096.25 • Iraqi Dinar • Iraq Saudi Riyal 2003 • Bahrain GULF WAR II Dinar Gulf War II • KuwaiDinar 146.88 • Iraqi Dinar 2006 Lebanon • Israel Shekel • LEBANON WAR Turkish Lira Lebanon Lebanese Livres 88.24 War Libya 2011and 2014 Libyan Civil Libyan Dinar 12,330.71 LIBYAN CIVIL WAR War (1st) Syrian Civil Syrian Pound 7.49 War 2013 Egypt Egypan Egypan Pound 0.00 EGYPTIAN CRISIS Crisis (no availment) Libyan Civil Libyan Dinar 37,689.22 nd 2013 Syria War (2 ) SYRIAN CIVIL WAR TOTAL 226,358.79

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