The official currency of Philippines is the Peso, which is codified as PHP. 100 centavos make one Peso. Currency notes are available in denominations of Php 1,000, 500, 200, 100, 50, 20, 10 and 5. Coins are available in denominations of Php 10, 5, 2 & 1 and 50, 25, 10 & 5 centavos.

US Dollars, Euros and Pounds Sterling are the major currencies accepted in the country. In Philippines, the limit on the import and export of foreign currency is 10,000 USD.     

24-hour ATMs are widely available in Philippines and are located at all the major cities like Manila, Makati and others. BancNet, MegaLink and Expressnet are the three major local ATM consortia in Philippines. ATMs also allow the access to PLUS and Cirrus networks. The maximum withdrawal limit by ATMs in Philippines is 115 USD.

In Philippines, currency can be exchanged at money changers, banks, hotels, and bureau de change located at the airports. There are numerous banks in Philippines including Asia United Bank, East West Bank, Export and Industry Bank, Philippine Bank of Communications and Philippine Veterans Bank, among others.

Some foreign banks who have their branches in the country are Bank of America, Citibank, Standard Chartered Bank, JPMorgan Chase & Co. and others. Banks in Philippines operate from 9 am to 3 pm from Monday to Friday. The commercial banks and Central Bank dealers in Philippines encash travellers’ cheques and major foreign currencies.

Travellers’ cheques in US Dollars are most commonly accepted in the country. These are widely accepted by all major hotels, restaurants and shops in Philippines. Travellers’ cheques in Pounds sterling incur an additional charge. To encash travellers’ cheques, purchase receipt is required.

Licensed money changers are located along the Adriatico or Mabini Streets in Manila. The exchange rate offered by them is 10%– 20% higher than that offered by banks. Further, credit cards like American Express, Diners Club, MasterCard and Visa are accepted by all major department stores, hotels and resorts throughout the Philippines.

Money changers are also located at the Ninoy Aquino International Airport in Manila. At this airport, there are two banks that offer currency exchange services.

In Philippines, currency should only be exchanged at licensed money changers.