What Currency Is Used in the Philippines? Your Guide to the Philippine Peso

Travelling to the Philippines?You’ll be using the Philippine peso (PHP), locally known as “piso.”

Understanding the basics of this currency will make transactions easier, whether you’re exploring city markets or beachside resorts.

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Overview of the Philippine Peso

The Philippine peso, abbreviated as PHP and symbolised by ₱, is the country’s official currency.

• Symbol: ₱
• ISO Code: PHP
• Subdivision: Each peso is divided into 100 centavos (sentimos in Filipino)

With peso notes and coins featuring historic figures and landmarks, handling this currency gives a glimpse into the Philippines’ culture.

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Currency Denominations

Here’s a breakdown of the Philippine peso’s denominations. Having a variety on hand will make paying for everything from street food to souvenirs much easier.

Banknotes

• ₱20, ₱50, ₱100, ₱200, ₱500, ₱1,000some text
  • Each note has a unique colour for easy identification.
  • Commonly used for food, shopping, and transport fares.

Coins

• ₱1, ₱5, ₱10: Used for small purchases and local transport.
• 1, 5, 10, 25 centavos: Helpful in markets and convenience stores, though less common in cities.

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Currency Symbols and Codes

The peso is represented by the ₱ symbol and PHP code.

• ₱ Symbol: Used in stores, menus, and markets for easy identification.
• PHP Code: Handy for checking exchange rates and online transactions.

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History of the Philippine Peso

The peso has a long history, dating back to the Spanish colonial era.

• Colonial Origin: First introduced during Spanish rule, linked to early trading systems.
• Evolution: Changed through various periods of governance, including American rule, before evolving to its current form.

Today, the peso represents both the country’s economic identity and historical journey.

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Security Features

To prevent counterfeiting, Philippine peso notes come with several built-in security features.

• Watermarks: Visible when held up to the light.
• Security Threads: Thin embedded lines that appear under certain lighting.
• Holographic Patches: Shiny, rainbow patches on higher denominations like the ₱500 and ₱1,000.

Recognising these features helps you verify genuine notes, ensuring smooth transactions.

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Exchanging Currency

Exchanging currency in the Philippines is easy, with plenty of options.

• Banks: Offer reliable rates but may have limited hours.
• Airports: Convenient, though often with slightly higher fees.
• Authorised Money Changers: Common in tourist areas, providing competitive rates.
• ATMs: Widely available in cities, allowing you to withdraw pesos directly with an international card.

Each option has its own convenience, so choose based on your location and needs.

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Tips for Handling Philippine Currency

Here are a few quick tips for managing pesos while travelling:

• Check for Authenticity: Familiarise yourself with the peso’s security features.
• Carry Small Bills and Coins: Smaller vendors and local transport may not have change for larger bills.
• Know the Exchange Rate: Staying updated on the rate helps with budgeting.

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Ready to Use the Philippine Peso?

With this guide, you’re prepared to handle the Philippine peso confidently. Understanding the basics will make your trip smoother, whether you’re paying for a meal in a city café or browsing a market by the beach.

Enjoy your travels, and make every peso count!