Central bank sets up currency conversion for Pinoys from Ukraine

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Metro Manila (CNN Philippines, May 26) — Overseas Filipinos and family members who have returned from Ukraine since February 18 may get their Ukrainian hryvnia funds converted through a facility unveiled by the Bangko Sentral ng Pilipinas.

The BSP has set up a Ukrainian Hryvnia (UAH)-Currency Exchange Facility (CEF) allowing the conversion of the foreign currency, which isn’t freely convertible to the Philippine peso. It will be available from May 30 to Sept. 29, unless extended or terminated by the central bank.

Those eligible may exchange their UAH assets worth not more than ₱20,000 each, said the BSP. The exchange may be done in multiple transactions assuming the limit is not reached, and can be done through an authorized representative.

The UAH-PHP conversion may be availed in the BSP head office, regional offices and branches, or through participating authorized agent banks provided the foreign currency being exchanged is considered legal tender in the besieged country.

“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 central bank chief Benjamin Diokno.