1. Guides
  2. Country Guides (A-Z)
  3. Philippines - Foreign Exchange & Currency Guide

Foreign Exchange Guide to Philippines

Latest market mid-rate: 1.0 =

Country Code:
PH
Domestic Currency:
Philippine peso
Symbol - Code:
₱ PHP
Telephone Prefix:
+63

In this guide we review :

  1. Philippine peso info - general info about the Philippine peso
  2. Philippine peso in the markets - recent PHP moves and predictions from the FX markets
  3. Travelling in Philippines - currency & money saving tips
  4. Buying Philippine peso cash online - travel money for Philippines
  5. Sending money to Philippines - save on Philippine peso bank transfers to Philippines
  6. Philippine peso exchange rates - latest info & charts.

Philippine peso (PHP) general currency information

The three letter currency code for the Philippine peso is PHP and the symbol is . It is the domestic currency in Philippines.

The Philippine peso is termed an ‘exotic’ currency, which means that there is far less participation in the market for pesos than in the market for more established currencies, such as euros or Australian dollars. For this reason, the price paid to change your money into or from pesos (the price being equivalent to the market bid-ask spread) is far higher relative to the amount of money being changed than it would otherwise be.

‘Liquidity’ in the peso market, or the level of participation, is also far less than in many other emerging market currencies, including the Indian rupee, the South African rand, the Brazilian real and even the Thai baht, among others. In fact, even though the Philippine peso is the world’s thirty-third most traded currency (as of 2016), peso trading contributes to just 0.1% of the foreign exchange market’s total daily turnover.

As an exotic currency, the peso is considered riskier than currencies from major developed nations, which means that its value will fall against the FX majors (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.

Since 2000, the peso’s lowest valuation against the US dollar came in April 2004 when USD/PHP reached 57.72. Its post-2000 high occurred in January 2000 when USD/PHP fell to just 39.28.


Philippine peso (PHP) in the markets

Between January and October, the Philippine peso was Asia’s worst performing currency, driven by a deterioration in the Philippines’ current account, but the peso produced an impressive turnaround towards the end of the year. A 3.2% appreciation against the dollar between November 1st and December 22nd placed the peso second only to the Korean won in the list of Asia’s best performers of the period. Heading into Christmas, USD/PHP also closed back below 50 on a weekly basis (closed at 49.99) for the first time since June.

The peso’s strength into year-end made a mockery of gloomy forecasts from earlier in the year. In the third quarter, analysts at Alpari, Natixis, Standard Chartered and Macquarie all predicted year-end USD/PHP rates between 52 and 53.

Recent peso buoyancy is most likely the result of the speedy passing of the Tax Reform for Acceleration and Inclusion bill – a cornerstone of the Philippine government’s plan to raise funds for President Duterte’s massive infrastructure projects.

For 2018, sentiment is once again downbeat on the peso. A survey of FX analysts conducted by Bloomberg in December had a median estimate of 51 pesos per dollar at year-end. One analyst predicted 56 per dollar – a rate unseen since 2005.


Philippines currency and money saving tips

There is a lot more the Philippines than just Manilla so try to get out of the capital, do a little research before hand about the few possible bad areas and you will be fine. There are ATM's available in most decent sized cities but more than a few travelers have been caught without access to ATM's when getting out of the majors cities, and a lot of popular destinations are nature spots so carrying some cash on you is a good idea. Also using a Prepaid Travel Card can be a good idea so you don't have to take your credit card everywhere on you. Only drink from bottles water and make sure it is properly sealed when you buy it.

For getting around buses are the most commonly used means of transportation. Second to that are ferries. On arrival at the international airport the easiest, and most expensive, way to get a taxi is take the White Pre-Paid Taxi. First line on the right of exit. A trip to Makati or Ermita will cost you 500-600 pesos. Normal cheaper taxis are available upstairs on the 4th floor, these should be white coloured also.

For local trains in Manilla the three line LRT/ MRT elevated railways are a travel bargain and very cheap. While they don't go everywhere, an indirect trip via Taft and EDSA stations (connection is via an overhead footbridge then through Metropoint Mall) is a good way to avoid a taxi clogged in slow traffic.



Philippines Trip Checklist   

  1. Compare PHP travel cash rates - probably why you are here!
  2. Hotel deals - Save on your accomodation in Philippines
  3. Travel insurance - for those unexpected travel adventures...
  4. Lonely Planet - world's best travel guide (coupon and deals)

Travel money for Philippines

Save money and time by Ordering your Philippine peso online from Travelex, you get better rates and can pick up the PHP cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Philippine peso otherwise you may get much worst exchange rates.



Sending money to Philippines

When sending money to Philippines it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Philippine peso amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted PHP amount will be transfered to the recipient account you specify in Philippines.

By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Philippine peso deposited into the recipient bank account in Philippines and less margins and fees kept by the banks!


Philippine peso - exchange rates

Loading PHP/USD Chart
PHP calculator

Major PHP cross rates
View Full List (A-Z)
1PHP=

Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.