BSP enables currency conversion for Filipinos returning from Ukraine

The Bangko Sentral ng Pilipinas (BSP) established a Ukrainian Hryvnia (UAH)–Currency Exchange Facility (CEF) for overseas Filipinos (OFs) returning from Ukraine. This is part of the central bank’s sustained efforts to help OFs affected by emergencies or unforeseen problems abroad that require repatriation.

“The BSP considers the repatriation of OFs from Ukraine to be of national interest. Our OFs are new heroes and key contributors to the Philippine economy. As such, the BSP is happy to assist our OFs, particularly those affected by the armed conflict in Ukraine,” said BSP Governor Benjamin E. Diokno.

The UAH-CEF will provide liquidity assistance to displaced or affected OFs returning from Ukraine by allowing conversions to Philippine pesos (PHP) of their holdings of UAH, a currency not freely convertible to PHP.

OFs and their family members who have returned from Ukraine since 18 February 2022 are eligible for the currency exchange. They may also convert their UAH holdings through an authorized representative.

The amount of UAH that may be exchanged shall not be more than the equivalent of PHP20,000.00 per eligible person, except for highly meritorious reasons and subject to BSP approval.

The exchange may be done in multiple transactions if the eligible person has not reached the limit and the CEF is still available.

UAH-PHP conversion may be carried out at the BSP-Greater Manila Regional Office located in the BSP Head Office, at BSP-Regional Offices and Branches, or through participating authorized agent banks provided that the UAH being exchanged is considered legal tender in Ukraine (i.e., not demonetized).

The CEF shall be available from 30 May to 29 September 2022, or upon its extension or termination as determined by the BSP.