Filipino money is officially known as the Philippine Peso, abbreviated as PHP. The Philippine Peso is the official currency of the Philippines, and it is issued and regulated by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
The Philippine Peso comes in both coins and banknotes, with coins denominations ranging from 1 centavo to 10 pesos, and banknotes ranging from 20 pesos to 1000 pesos. The design of the Philippine Peso features various national symbols, historical figures, and iconic landmarks.
What is the origin of the Filipino money’s name – Peso?
The term “Peso” was derived from the Spanish word “peso de ocho,” which means “piece of eight.” It was a widely used silver coin in the Spanish colonies during the colonial period.
What is the symbol of the Philippine Peso?
The symbol used for the Philippine Peso is “₱,” which is similar to the dollar sign “$” but with two vertical lines instead of one.
Is the Philippine Peso accepted outside of the Philippines?
While the Philippine Peso is not commonly accepted outside of the Philippines, some currency exchange facilities may accept it in other countries. It is best to exchange your Philippine Pesos for the local currency of the country you are visiting.
What is the current exchange rate of the Philippine Peso?
The exchange rate of the Philippine Peso fluctuates daily based on market conditions. It is recommended to check with a financial institution or online currency converter for the most up-to-date exchange rates.
Where can I exchange my foreign currency for Philippine Pesos?
You can exchange your foreign currency for Philippine Pesos at various exchange centers, banks, hotels, and airports in the Philippines. It is advisable to compare rates before making an exchange to get the best value for your money.
Can I use US dollars in the Philippines?
While some establishments in tourist areas may accept US dollars, it is generally recommended to use the Philippine Peso for transactions in the country. It is advisable to carry some Philippine Pesos for convenience.
Are there any commemorative or special edition Philippine Peso banknotes?
Yes, the Bangko Sentral ng Pilipinas occasionally issues special edition banknotes to commemorate significant events or honor notable individuals in Philippine history. These special edition banknotes are highly sought after by collectors.
What are the security features of the Philippine Peso banknotes?
Philippine Peso banknotes are equipped with various security features to prevent counterfeiting, such as embedded security threads, watermarks, and holograms. It is important to familiarize yourself with these security features to detect counterfeit notes.
Can I use outdated or damaged Philippine Peso banknotes?
While the Bangko Sentral ng Pilipinas encourages the public to exchange damaged or outdated banknotes for new ones, some establishments may not accept them. It is advisable to exchange damaged or outdated banknotes at a bank or financial institution.
What is the most common denomination of the Philippine Peso banknotes?
The most commonly used Philippine Peso banknote is the 1000 peso bill, followed by the 500 peso bill. These higher denominations are typically used for larger transactions.
Is tipping customary in the Philippines?
Tipping is not mandatory in the Philippines, but it is appreciated for good service. It is common to tip servers in restaurants, taxi drivers, and hotel staff a small amount as a sign of appreciation.
Can I use credit cards in the Philippines?
Credit cards are widely accepted in major establishments in the Philippines, especially in urban areas. However, it is advisable to carry cash for transactions in smaller establishments or remote areas where credit card acceptance may be limited.