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PHILIPPINES (PHP) PHILIPPINE PISO
The Piso is the name of the currency in the Philippines. Before 1967, the
currency was called peso, as the coins and banknotes had the English language on
them. One piso is divided into 100 sentimo, or centavos (Spanish name). The
international currency code is PHP. The Bangko Sentral ng Pilipinas is the name
of the central bank in the Philippines.
Currently in circulation
The most commonly seen coins in circulation are in the denominations of 25
sentimo and 1, 5 and 10 piso. Coins to the value of 1, 5 and 10 sentimo are also
in circulation but are more rarely seen. Banknotes come in the values of 20, 50,
100, 200, 500 and 1,000 piso. There are also notes of 5 and 10 piso but these
are being phased out by the highest coins.
Exchange facilities and traveller’s cheques
In the large cities there are numerous bureaux de change and these will be found
in the usual spots; banks, airports etc.. It is always wise to check the exact
details of any transaction before you go ahead with a currency exchange. Be
mindful of the usual rate of exchange and be careful with the commission
charges. Traveller’s cheques are best taken to the Philippines in US dollars.
They are welcome in the largest cities and more touristy areas, but you may
struggle to spend them in other parts of the country.
Using credit/debit cards
The major credit card names are welcome in the largest and most reputable stores
in Manila and other large cities. There are also plenty of ATM machines in these
areas. Cash advances can sometimes be a problem and may not always be available
so it may be better to take cash and traveller’s cheques.
Restrictions
If you are importing local currency worth more that PHP 5,000, you will need to
seek authorisation for this from the Bangko Sentral ng Pilipinas. It is the same
case for exporting local currency. There are no restrictions in place for either
importing or exporting foreign currency.
Philippines: an overview
The Philippines are made up of an archipelago of literally thousands of islands.
In fact there are around 7,107 islands, but just over 1,000 of them are
inhabited. The endless possibilities for tourism in this part of the world has
not been realised to its deserved potential. The Philippines offers many natural
wonders and a climate that would be very welcoming to most sun worshippers.
Bohol Island is known to have over 1,000 strange looking mounds which resemble
giant mole hills. These are known as the ‘chocolate hills’ and need to be seen
to be believed.
The Philippines is quite a cheap country to live in. The cost of living is a
fraction of the average of western European countries. You would be able to eat
in quite an exclusive restaurant in Manila for a few pounds/ $5/Eur 4. Outside
of the capital, hotels are affordable and a room for two people for well under
£35.00/$50.00/Eur 40.00, is definitely not out of the question.
