Currency and Bank In Philippines

The Philippine Peso (PhP) is the Philippine’s currency. Coins come in 5, 10 and 25 centavo denominations, as well as 1, 5, and 10 pesos, while notes come in 10, 20, 50, 100, 200, 500, and 1,000 peso denominations.

There was a time when the Philippine Peso was up 50 Php to a dollar, which actually meant good for tourists and dollar earners in the country because a US dollar could already go a long way. However, this didn’t make a good impression of the economy at all. It indicated that the economy is not stable but volatile, alerting businessmen and investors to stay clear of doing business with the Philippines for the time being.

However, in the midst of the worsening global financial crisis, the Philippine Peso rallied, and it continues to do so right to this day. The Philippine Pesos is now down to 44 pesos to a dollar, a sign that the economy is improving.

Banks are usually authorized to exchange foreign currency. There are banks practically every where, including shopping centers, but the exchange rate may vary, so you may need to do a bit of looking around first.

If you are planning to stay in the Philippines for good or for a few months at the least, you may need to open a bank account. There is a sea of options when it comes to this as banks in the Philippines seem to sprout from everywhere. In practically every street and corner, there’s a bank opening its doors, and welcoming you with open arms.

When choosing a bank, get recommendations from Filipino friends or do your own research on its reputation, interest rates, products and services offered, and accessibility. The best bank in the Philippines right now in terms of assets and deposits is Banco de Oro, followed by Metro Bank, Bank of the Philippine Islands and Land Bank of the Philippines.