Currency in Philippines PHP - Things to know
Foreign exchange guide to Philippines and the Philippine peso
What's in this Philippines currency guide?
What currency is used in Philippines?
The official currency of Philippines (country code: PH) is the Philippine peso, with symbol ₱ and currency code PHP.
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Things to know about the Philippine peso
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.
The Philippine peso banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 1 centavo, 5 centavos, 10 centavos, 25 centavos, and 1 peso. The banknotes come in denominations of 5 pesos, 10 pesos, 20 pesos, 50 pesos, 100 pesos, 200 pesos, 500 pesos, and 1,000 pesos. The banknotes feature images of famous Philippine historical figures, such as Andres Bonifacio, Jose Rizal, and Emilio Aguinaldo. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
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.
Travel Ideas and Money Tips for Philippines
The Philippines is a gorgeous archipelago made up of more than 7,000 islands, which are home to stunning beaches, lush rainforests, and friendly locals. The country is known for its diverse culture, tropical climate, and unique cuisine. English is widely spoken in the Philippines, making it a popular destination for English-speaking travelers and expats.
Best things to do and see in Philippines
1. Visit Boracay Island
2. Explore Intramuros
3. Discover Puerto Galera
4. Go on a whale and dolphin watching tour
5. Swim with whale sharks in Donsol
6. Visit the Chocolate Hills in Bohol
7. Take a dip in the hot springs of Mt. Pinatubo
8. trek through the Rice Terraces of Ifugao
9. Pay respect at the Lapu-Lapu Shrine
10. Party at Boracay Island
Top Travel tips for Philippines
1. When travelling to the Philippines, it is important to be aware of the country's customs and traditions.
2. The Philippines is a predominantly Catholic country, so it is important to dress modestly and be respectful of religious sites and ceremonies.
3. English is widely spoken in the Philippines, so travellers should not have any trouble communicating with locals.
4. The currency in the Philippines is the Philippine peso, which is relatively easy to exchange for major currencies.
5. The best time to visit the Philippines is during the dry season from November to April. typhoons and heavy rains can occur during the wet season from May to October.
Is it safe in Philippines?
It is generally safe to travel in the Philippines, although certain areas may be off-limits due to safety concerns. Travelers should always check with the local authorities before traveling to any new or unfamiliar destination.
USD/PHP Market Data
The below interactive chart displays the USD/PHP change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Philippines?
The domestic currency in Philippines is the Philippine peso.
What is the Philippine peso currency code and symbol?
The three letter currency code for the Philippine peso is PHP — symbol is ₱.
Which countries use the Philippine peso?
It is the domestic currency in Philippines.
Is the Philippine peso a closed currency?
No, the Philippine peso is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and PHP?
Here are some popular conversion amounts for USD to PHP (US dollar to Philippine peso)*.
*Converted at the current USDPHP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Philippines - Best Rates
To get a good (and fair) exchange rate when sending money to Philippines you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Philippine peso amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted PHP amount will be transfered to the recipient account you specify in Philippines.
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!
Expat Money & Business Guide to Philippines
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Philippines.
What is the cost of living in Philippines?
The cost of living in Philippines is relatively low compared to other countries. Rent, food, and transportation are all relatively inexpensive.
How is the expat life in Philippines?
The expat life in Philippines can be quite comfortable. There is a wide variety of housing options available, from apartments to villas. Many expats live in gated communities with security guards. The cost of living is relatively low, and there are a number of good schools to choose from. English is widely spoken, which makes communication easy.
Any laws in Philippines that foreigners should be aware of?
There are many laws that foreigners should be aware of in the Philippines. Some of these laws include the following:
The foreigner must obtain a visa before entering the Philippines.
The foreigner must obtain a residence permit before living in the Philippines for more than three months.
The foreigner must obtain a work permit before working in the Philippines.
The foreigner must register with the Philippine Bureau of Immigration if he or she plans to stay in the Philippines for more than 60 days.
What is doing business like in Philippines?
In general, doing business in the Philippines is fairly easy. The country has a well-developed infrastructure and a relatively stable political environment. Businesses are generally free to operate without too much government interference. However, there are some bureaucratic procedures that can be time-consuming. Additionally, crime is a serious problem in the Philippines and businesses may be targets for theft or other crimes.
How is the economy in Philippines?
The Philippines has a mixed economy in which the government plays a regulatory role in ensuring that businesses operate fairly and equitably. The country is abundant in natural resources and labor, and its agricultural and manufacturing industries are growing. However, the Philippines faces challenges in terms of infrastructure, corruption, and poverty.
Managing your finances in Philippines
Here we list some key points for expats and businesses to consider when managing financial dealings in Philippines:
Understand Philippine peso currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the PHP exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Philippine peso bank account: A local PHP bank account can make it easier for you to manage your finances and pay bills while you are in Philippines. It may also be more convenient to use a local PHP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Philippines. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Philippines. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Philippines, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
You can read about the best providers and compare the latest deals for international money transfers to Philippines in our Send Money to Philippines guide.