Philippines - Money
Currency & Money
Philippine Peso (PHP; symbol Php or P) = 100 centavos. Notes are in denominations of PHP 1,000, 500, 200, 100, 50 and 20. Coins are in denominations of PHP 20, 10, 5, and 1, and 25, 5 and 1 centavos.
MasterCard and Visa (and to a lesser extent American Express and Diners Club) are accepted in major establishments in cities. Elsewhere, credit card acceptance is less reliable.
ATMs are widely available in cities and major tourist areas, but may not be present on smaller islands or in mountain areas. It is best to check ahead before relying on the presence of ATMs. Major banks accepting foreign cards include PNB (www.pnb.com.ph), BPI (www.bpiexpressonline.com) and Land Bank (www.landbank.com).
Local currency: Travellers may bring into or take out of the Philippines up to PHP 50,000 without prior authorization from the Bangko Sentral ng Pilipinas (BSP).
Foreign currency: There is no restriction on the amount of foreign currency that may be brought into or taken out of the Philippines. However, amounts exceeding USD 10,000 (or its equivalent in other foreign currencies) must be declared in writing using the prescribed Foreign Currency Declaration Form upon arrival or departure.
Cash in Pounds Sterling or US Dollars can be exchanged in banks, hotels and some retail outlets. Always use authorised money-changers or banks in Manila. Outside the capital there is a shortage of facilities for changing foreign currency and rates may get progressively worse as you travel further away from the city. It is advisable to carry a sufficient amount of Philippine pesos when travelling to other provinces.
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