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Philippines - Philippine Peso - Currency Guide

 

Foreign exchange guide to Philippines and the Philippine Peso (PHP)

     

USD/PHP 90-day view

USDPHP at 48 is a little below its 90-DAY average, range 48-48.73.
🔔 USDPHP is at 90-DAY LOWS.
|
Alert:90-DAY LOWS |
 
Recent USD to PHP 90-day trend

General Currency Info - 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.

   

PHP News, Forecasts and Trends

In September 2020 the Philippine peso climbed to a three-year high against the US dollar. Migrant workers from Asia’s developing countries, such as the Philippines, have been sending home record amounts of money in recent months, defying pandemic expectations and propping up home economies at a critical time.

However, it appears workers are just sending money home in advance of their own return due to a bleak job market, particularly in the Middle East.

The Philippines government, expects almost 300,000 overseas Filipinos to come home this year, with potentially severe consequences as remittances make up about 10% of the economy.

The above interactive chart shows the USD to PHP exchange rate, trend and recent alerts for the last 90 days.

US Dollar to Philippine Peso - Historical Rates

USD/PHPChangePeriod
48.1527
24 Nov 2020
0.1% ▼1 Week
48.5723
01 Nov 2020
1% ▼30 Days
48.5814
02 Sep 2020
1% ▼90 Days
51.0778
02 Dec 2019
5.9% ▼1 Year
47.0731
03 Dec 2015
2.1% ▲5 Years
43.7747
04 Dec 2010
9.8% ▲10 Years

USD/PHP 10 year historic rates & change to 01-Dec-2020 : 48.0807

 

U$10,000 USD
=
₱480,797 PHP

Converted at USD/PHP interbank rate, compare Send Money and Currency Exchange exchange rates.

US Dollar to Philippine Peso - Quick Conversions

USD PHP
U$ 1 48.08
U$ 5 240.40
U$ 10 480.80
U$ 20 961.60
U$ 50 2,404
U$ 100 4,808
U$ 250 12,020
U$ 500 24,040
U$ 1,000 48,080
U$ 2,000 96,160
U$ 5,000 240,400
U$ 10,000 480,800
U$ 50,000 2,404,000
U$ 100,000 4,808,000
More amounts
USD PHP
U$ 0.0208 ₱ 1
U$ 0.1040 ₱ 5
U$ 0.2080 ₱ 10
U$ 0.4160 ₱ 20
U$ 1.0400 ₱ 50
U$ 2.0799 ₱ 100
U$ 5.1998 ₱ 250
U$ 10.40 ₱ 500
U$ 20.80 ₱ 1,000
U$ 41.60 ₱ 2,000
U$ 104.00 ₱ 5,000
U$ 207.99 ₱ 10,000
U$ 1,040 ₱ 50,000
U$ 2,080 ₱ 100,000
More amounts
 

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?

 

Travel, Currency and Money saving tips for Philippines

There is a lot more the Philippines than just Manilla so try to get out of the capital, do a little research beforehand about the few possible bad areas and you will be fine. There are ATMs available in most decent sized cities but more than a few travelers have been caught without access to ATMs 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 prepaid 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.

 

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.

 

Send Money to Philippines - Best Rates

When searching around for information on how to get a good exchange rate when sending money to Philippines you need to start with finding out the latest Philippine Peso exchange rate for foreign transfers also called International Money Transfers (IMTs), which can be very different to the wholesale rate and also to currency exchange rates.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees 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 :

  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.

Use the above Send to Philippine Peso 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!


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