If you're planning aholiday in the Philippines,this is what you need to know about currency, cash and credit cards.
Currency
The unit of currency in the Philippines is the Peso (P) which is divided into 100 centavos (c). Bank notes come in: P10, P20, P50, P100, P200, P500 and P1000. Coins come in: 5c, 10c, 25c, P1, P5, and P10.
Credit Cards & Travellers’ Chequesin the Philippines
Most major credit cards are accepted with Visa and MasterCard being the most widely so. AmEx is also accepted in a few places in the major tourist areas, but will not be quite as useful. Credit cards are only really accepted in expensive hotels, shops or restaurants or for large purchases. Cash advances can be obtained at most ATM's but these tend to incur a relatively large fee. Check with your card issuer before travelling. Travellers’ cheques are widely accepted in tourist areas, but can be expensive to change. If using travellers’ cheques US Dollars are the best type to take, but make sure you have local currency when leaving tourist areas as you will not be able to exchange them in rural areas.
ATMs
ATM's are widespread throughout major cities in the Philippines such as Manila & Cebu but will not be available in remote parts of the country. Cirrus / Plus seems to be the most prevalent card accepted. You may want to notify your bank before leaving home, as some will automatically refuse withdrawals from exotic destinations as a fraud prevention method. Some of the more remote areas of the archipelago have few or no ATM's so it is worth planning your expenditure to ensure you have enough money to survive in these areas.
Currency Exchange in the Philippines
You will find money changers all over the Philippines – US dollars are the most useful foreign currency to bring as they are the most widely accepted currency (especially in non-touristy areas). It is essential to ask for advice from your guide when changing money at local exchange booths, and be sure to count the money given to you carefully before leaving.
Money changers will be able to give you the official exchange rates and are located at the airport, local banks, and other authorized foreign exchange dealers in commercial establishments. If do wish to change money before you arrive be aware that the rates will not be as good as those you will get in the Philippines so it is probably worth changing as little as possible.
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