Chinese RMB, Korean won to be more accessible to public next month
Bacolod City -- Recent reports from the Bangko Sentral ng Pilipinas (BSP)state that they will start to convert Chinese renminbi (RMB) and Korean Won by December 1.
The bank's Monetary Board included the RMB and KRW among the list of currencies convertible with the BSP.
"This means that the said currencies can now be bought and sold by local banks from the BSP, in turn making these currencies easier for the public to convert with local banks", expressed BSP Governor Armando Tetangco Jr.
Rene Katipunan of BSP-Negros Occidental in a telephone interview with PIA said that it is up to the discretion of the local banks to convert the mentioned currencies and accommodate their clients.
Tetangco said that in deciding to include the RMB and the KRW in the list of convertible currencies, the Monetary Board "took into consideration the country's growing economic linkages with China and South Korea, and (government's) current thrust to increase trade with these countries and promote the Philippines' tourism industry."
Meanwhile, Bangko Sentral, this province, they are still open for the public particularly the Overseas Filipino Workers who may want to convert their Livres (currency of Lebanon) with BSP until December 31 of this year. The OFW's are advised to bring proper documentation like proof of their travel from Lebanon such as passport or valid travel papers (issued and signed by the Philippine Embassy, stamped with the date of the OFWs arrival in the Philippines).
The BSP's Monetary Board opened last August the Currency Exchange Facility (CEF) that allowed Overseas Filipino Workers (OFWs) from Lebanon to exchange Lebanese currency for Philippine pesos.
(PIA/EAD)