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Money in Philippines


Money in Philippines

The Philippine Peso(₱)(PHP) is the official currency and in almost all cases the only currency recognised for normal transactions. The only other currency that would be recognised in rare cases would be the US Dollar. As of May 2011, one U.S. dollar trades at around ₱43. Peso bills come in denominations of 20, 50, 100, 200, 500 and 1000. One peso is equivalent to 100 centavos and coins come in 5, 10 and 25 centavo variants in addition to the 1, 5 and 10 peso coins. There are 2 versions of each bill with the newer version in circulation since December 2010 (albeit it is still rare to have them). The newer notes have similar colours to their old counterparts, have the same people at the front (Except for the 500-peso note which also features former President Aquino) but rather than historical sites at the back, these newer notes feature Filipino natural wonders and species unique to the country. The older notes will remain legal tender until 2013. Money changers are not so common in the Philippines outside the some heavily touristed areas. A rule of thumb: the more currency you wish to exchange, the more favourable the rates can be. Banks on the other hand are widely available to exchange currency but usually impose a minimum amount (usually around USD100.00) and have limited hours of operation, usually from 9 AM to 3 PM on weekdays. The notable exceptions are Bank of the Philippine Islands (BPI) and Banco De Oro (BDO) which have longer hours of operation. Don't exchange money in stalls along the streets as some of them might be exchanging your money for counterfeit money, contact Bangko Sentral ng Pilipinas (Central Bank of the Philippines) if you suspect the money you've been given to be counterfeit. Money changers do exist at department stores, supermarkets and hotels but needless to say the rates are highly unfavourable to the customers and some will only exchange into PHP. Be aware that no person is allowed to enter or leave the Philippines carrying more than PHP10,000 of coins and banknotes without prior authorisation by Bangko Sentral ng Pilipinas. Those who have not gained prior authorisation will have to declare the excess money at the customs desk. However bringing-in any amount in foreign currency is legal but anything in excess of USD10,000 (or its equivalent) must be declared.

The Most Frequently Asked Travel Questions about Philippines

Exchange Rates for the Philippine Peso

As at May 2011:

  • U.S. Dollar $1 - ₱43
  • Euro €1 - ₱61
  • Pound Sterling £1 - ₱70
  • Saudi Rial SR1 - ₱12
  • Japanese Yen ¥1 - ₱0.53
  • Australian Dollar $1 - ₱45
  • South African Rand R1 - ₱6.50
  • Hong Kong Dollar $1 - ₱5.52
  • Singapore Dollar $1 - ₱35


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Philippines Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.

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