BSP to allow Pinoys exchange Ukraine Hryvnia into PHL peso

THE Bangko Sentral ng Pilipinas (BSP) announced that it has opened a currency exchange facility (CEF) program for overseas Filipinos (ofs) and their families returning from Ukraine.

In a statement late Monday, the BSP said the opening of the facility is part of their initiative to assist overseas Filipinos (of) that are displaced and affected by the Russia-ukraine conflict.

The facility will allow returning ofs from Ukraine and their families to exchange their Ukrainian Hryvnia (UAH) holdings equivalent to not more than P20,000.00 per eligible person, except for highly meritorious reasons and subject to approval of the BSP.

The implementing Circular will take effect five banking days after its publication.

To avail of the facility, the BSP said ofs and their family members shall present documentary proof/s of the ofs’ travel from Ukraine (original passport or original/certified true copy of the travel document issued by the Philippine Embassy in Poland with exit stamp by Ukrainian authorities and/or authorities from other countries that served as exit points for repatriation).

The exchange may be done through the BSP Greater Manila Regional office (Head office), BSP Regional offices and Branches, as well as authorized agent banks.

The facility is open to returning ofs from 18 February 2022 onwards and will be available for four (4) months starting from the effectivity date of the Circular covering its implementation.

The BSP is known to open CEFS to accommodate the proper exchange of currency when Filipino migrant workers are forced to go home by the state for precautionary safety measures at times of crisis abroad.