{"id":1244,"date":"2016-01-28T10:00:03","date_gmt":"2016-01-28T02:00:03","guid":{"rendered":"http:\/\/primer.com.ph\/tips-guide\/?p=1244"},"modified":"2021-07-01T09:47:16","modified_gmt":"2021-07-01T01:47:16","slug":"expat-guide-the-philippine-peso","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/tips-guides\/2016\/01\/28\/expat-guide-the-philippine-peso\/","title":{"rendered":"Guide to The Philippine Peso"},"content":{"rendered":"

The currency in the Philippines is called Philippine Peso<\/strong> or simply ‘peso’. It is denoted by \u20b1 or written as ‘PHP’, ‘PhP’, ‘Php’, or ‘P’ and is issued by Banko Sentral ng Pilipinas (BSP) or the Central Bank of the Philippines.<\/span><\/p>\n

There are three ways to get hold of Philippines peso:<\/span><\/p>\n

1. Through the exchange of currency <\/strong>at Money Changers – the equivalent value of your currency differs from day to day, depending on the exchange rate. Here’s where you can have your money exchanged:<\/span><\/p>\n

\u2022 Czarina \u2013 This money changer is one of the most popular in the black market because of its high exchange rate. They also offer other services aside from money exchange. For more information, click here<\/a>. <\/span><\/p>\n

\u2022 Sanry\u2019s \u2013 Located on the ground floor of Glorietta 1, this money changer is accessible to almost everyone that lives in Makati area. They also have branches scattered across the nation. For more information, click here<\/a>. <\/span><\/p>\n

\u2022 Banks \u2013 Some banks in the Philippines offer to money exchange even if you don\u2019t have an account with them. Although the exchange rate at banks is a bit lower than the black market, it still stands a good offer.<\/span><\/p>\n

2. Through ATM withdrawal<\/strong> – You can only use your foreign ATM card in the Philippines if your bank have a branch here. As of 2016, there are 20 foreign banks operating in the country. See if your bank is included in the list:<\/span><\/p>\n

ANZ Banking Group Ltd.<\/span><\/p>\n

Bangkok Bank Public Co. Ltd.<\/span><\/p>\n

Bank of America NA<\/span><\/p>\n

Bank of China Ltd. – Manila Branch <\/span><\/p>\n

Cathay United Bank Co., Ltd. – Manila Branch<\/span><\/p>\n

Citibank, N.A.<\/span><\/p>\n

CTBC Bank (Philippines) Corp. (formerly called Chinatrust (Phils.) Commercial Bank Corp.)<\/span><\/p>\n

Deutsche Bank AG<\/span><\/p>\n

Hongkong and Shanghai Banking Corporation<\/span><\/p>\n

Industrial Bank of Korea – Manila Branch<\/span><\/p>\n

ING Bank NV (formerly called Internationale Nederlanden Groep Bank NV)<\/span><\/p>\n

JP Morgan Chase Bank NA<\/span><\/p>\n

Korea Exchange Bank<\/span><\/p>\n

Maybank Philippines, Inc.<\/span><\/p>\n

Mega International Commercial Bank Co. Ltd.<\/span><\/p>\n

Mizuho Bank Ltd. – Manila Branch<\/span><\/p>\n

Shinhan Bank – Manila Branch<\/span><\/p>\n

Standard Chartered Bank<\/span><\/p>\n

Sumitomo Mitsui Banking Corp. – Manila Branch<\/span><\/p>\n

The Bank of Tokyo-Mitsubishi UFJ, Ltd.<\/span><\/p>\n

United Overseas Bank Limited, Manila Branch<\/span><\/p>\n

For the directory of banks and non-banks in the Philippines, click here<\/a>.<\/span><\/p>\n

3. Through establishing a bank account <\/strong>– Not all foreigners can apply for a local bank account. There are specific requirements to be presented first before you can open one in the Philippines. If you want to know how click here<\/a>. <\/span><\/p>\n

Here\u2019s how the Philippine banknotes currently look like:<\/span><\/p>\n

New Generation Currency (NGC) Series (2010 – present)<\/span><\/p>\n

1000 pesos<\/span><\/p>\n

\"NGC-1000-2\"<\/p>\n

500 pesos<\/span><\/p>\n

\"NGC-500-2\"<\/p>\n

100 pesos<\/span><\/p>\n

\"NGC-100-2\"<\/p>\n

200 pesos<\/span><\/p>\n

\"NGC-200-2\"<\/p>\n

50 pesos<\/span><\/p>\n

\"NGC-50-2\"<\/p>\n

20 pesos<\/span><\/p>\n

\"NGC-20-2\"<\/p>\n

In a recent report<\/a>, BSP has announced that the old Philippine banknote series will no longer be valid starting 2017. If you still have some, you can get it exchanged to new ones in the nearest bank.
\n<\/span><\/p>\n

Here’s how the Philippine coins currently look like:<\/span><\/p>\n

New Generation Currency (NGC) Coin Series\u00a0(2018 – present)<\/span><\/span><\/p>\n