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Money
Currency: Philippine Peso (P) = 100 centavos. Notes are in denominations of P1000, 500, 100, 50, 20, 10 and 5. Coins are in denominations of P5, 2 and 1, and 50, 25 and 10 centavos.
Currency exchange: Always use authorised money-changers or banks in Manila. Outside the capital there is a shortage of facilities for changing foreign currency and rates may get progressively worse the further one goes from the city. It is advisable to carry a sufficient amount of Philippine pesos when travelling to other provinces.
Credit & debit cards: American Express, Diners Club, MasterCard and Visa are widely accepted in major establishments throughout the big cities of the Philippines. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
Travellers cheques: Travellers cheques and major foreign currency may be cashed in all commercial banks and Central Bank dealers. They are also accepted in most hotels, restaurants and shops. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars.
Currency restrictions: The import and export of local currency is limited to P10,000; any amount above this must be authorised by the Central Bank of the Philippines. The import and export of foreign currency is unlimited, but must be declared over P10,000.
Exchange rate indicators
The following figures are included as a guide to the movements of the Philippine Peso against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 73.38 | 79.66 | 85.12 | 86.39 | | $1.00= | 50.35 | 52.37 | 53.83 | 54.25 |
Banking hours: Mon-Fri 0900-1600.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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