A practical currency and money guide to travel, living and doing business in Philippines and the Philippine peso (PHP).
What's in this Philippines currency guide:
The official currency of Philippines (country code: PH) is the Philippine peso, with symbol ₱ and currency code PHP.
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 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.
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.
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
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.
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.
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.
The cost of living in Philippines is relatively low compared to other countries. Rent, food, and transportation are all relatively inexpensive.
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.
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.
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.
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.
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.
The exchange rate of Philippine peso (PHP), or the amount of PHP that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/PHP rate plus recent trend, chart, forecasts and historic rates.
The Philippine peso has dropped nearly 20 percent against the US dollar this year as the war in Ukraine causes a flight to safety.
17 Jan 2023
02 Nov 2022
31 Jan 2022
01 Feb 2018
02 Feb 2013
05 Feb 2003
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Philippines or planning a trip or maybe living there, so will need to exchange and spend Philippine peso.
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It is important to note that the exchange rate of the Philippine peso can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect PHP exchange rates before making any financial decisions.