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Money
Currency: Peso (P) = 100 centavos. Peso notes are in denominations of P100, 50, 20, 10, 5 and 2. Coins are in denominations of P5, 2 and 1 and 50, 25, 10, 5 and 1 centavos.
Currency exchange: While the US Dollar is generally (though not officially) accepted as legal tender, foreign currencies can be exchanged in banks and authorised cambios (bureaux de change), which are available in all the major cities.
Credit & debit cards: Visa and MasterCard are the most widely accepted; Diners Club and American Express are also taken. Check with your credit or debit card company for details of merchant acceptability and other services that may be available.
Travellers cheques: It is often difficult to exchange these in the smaller towns. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars.
Currency restrictions: The import and export of both local and foreign currency is unlimited. Gold must be declared. Note that currently there are certain restrictions for foreign currency transfers.
Exchange rate indicators
The following figures are included as a guide to the movements of the Peso against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 5.08 | 5.47 | 5.62 | 5.10 | | $1.00= | 3.49 | 3.60 | 3.56 | 3.21 |
Note: The Government has changed the Peso fixed rate to the US Dollar, devaluating the local currency which is now under free flotation.
Banking hours: Mon-Fri 1000-1500.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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