In the Philippines, cash is still the primary method of payment, while online payment methods are gradually becoming more common across various types of transactions.
1.Philippine Peso
The official currency of the Philippines is the Philippine Peso (PHP). The pesos in circulation today include both banknotes and coins.
· Commonly used banknotes come in six denominations: ₱20, ₱50, ₱100, ₱200, ₱500, and ₱1,000.
· Commonly used coins come in seven denominations: 1, 5, and 25 sentimos, and ₱1, ₱5, ₱10, and ₱20.
2.Exchange Rate
It’s important to be aware of the exchange rate between the Philippine Peso and your home currency. If you want to exchange money at the most favorable time, you can check real-time exchange rate fluctuations regularly.
3.Currency Exchange
You can exchange your home currency for Philippine Pesos before departure in your home country, or upon arrival at currency exchange counters or ATMs at the airport.
Major cities in the Philippines—such as Manila, Cebu, and Clark—have many currency exchange shops that often offer competitive rates. Be sure to choose a reputable exchange provider, and consider comparing the daily rates across several shops to get the best value.
4.Payment Methods
Cash Payment: Cash remains the primary method of payment in the Philippines, especially in rural areas and among small retailers.
Mobile Payments: Mobile payment systems are becoming increasingly widespread. In many everyday transactions, you can use local e-wallets such as GCash and Maya Business for quick and convenient payments. Other online payment methods are also accepted in certain situations.
Credit Card Payment: Credit cards are generally used for large transactions, particularly in urban areas.
