Money and Insurances

Bank notes and coins

The currency in the Philippines is the Philippine peso (or piso). ISO standard code is PHP. The peso is divided into 100 centavos (or centimo). Currently (January 2008), the US dollar (USD) is worth about 42 pesos, and the euro (EUR) about 66 pesos. Current are coins of 1, 5, 10, and 25 centavos and 1, 5 and 10 pesos, and bank notes of 20, 50, 100, 200, 500 and 1000 pesos. The 5 and 10 peso notes are no longer printed, but still legal tender. We have never seen one of them since 2004.
A few years ago, all old Philippine currency was replaced by new banknotes and coins, which are now the only ones valid. Older notes cannot be used anymore.

Be carful with the 20 and 50 peso notes. They are nearly of the same colour and in a batch of 50 peso notes you may find some of 20 pesos. Your money changer (see below) did win 30 pesos with every piece of 20 pesos smuggled in the batch.

 

20 pesos

50 pesos

100 pesos

200 pesos

500 peso

1000 peso

 
From left to right: 1 centavo, 5, centavos, 25centavos, 1 peso, 5 pesos and 10 pesos PHP 0.01PHP 0.05PHP0.25PHP1.0PHP5.0php10

Foreign exchange (FOREX)

You are allowed import and export up to PHP 10'000. You may also import other currency up to the equivalent of USD 10'000. If you have to import larger amounts, then you have to declare the imported amount at the customs of your arrival port or airport. You nearly won't be able to get Philippines pesos abroad. Best choice are USD or EUR, but the euro is not yet accepted in remote places.

Years ago it had been fine to change your US dollars at money changer boots in Malate. Today you get anywhere the same amount of pesos for your greenbacks. When you arrive at Manila's NAIA, you find 3 bank counters just before leaving the airport. Get your first pesos there and your taxi ride to downtown Manila will become much cheaper.

All over the country you find a large array of banks. But only few are allowed to change your foreign money into pesos. (ref. righthand list)

Best known banks in the Philippines

■ Philippines National Bank (PNB)

■ Equitable PCI Bank

■ Metrobank

■ Rizal Commercial Bank Corporation (RCBC)

■ Bank of the Philippine Islands

■ Citibank

■ Hongkong Shanghai Banking Corporation (HSBC)

If you stay longer than a month we suggest that you open an ATM account at PNB. In less than 20 minutes you get your ATM card which is valid anywhere in the country. There are no fees and your money up to PHP 250'000 is guaranteed and sure.

Cash

It is wise to have 2 or 3 USD 100 bills stowed anywhere in a secure place on your body (moneybelt). They make sure that you can get a plane ticket from any place in the Philippines to Manila.
Make sure that you always have lots of small banknotes and coins in your pocket. "Sorry, no change" is the standard trick to get some extra pesos from you. In Makati's Burgos street there is a 24/24 hours shop where you can buy food, drinks, cigarettes and more. All prices are indicated as PHP x.50. Couriously they do never have 50 centavo coins available...

Credit Cards

Plastic money becomes more and more common in the Philippines. In large cities and in tourist crowded places like Boracay you may pay everything with your plastic money, but in remote locations it may be worthless.Be also aware that the exchange rates applied by the large credit card companies are up to 10% below the local exchange rate.

There are incidents of credit card fraud in the Philippines, but they are also known in many other countries. So, do always keep an eye on your credit card. Do not allow hotel receptionists, bank clerks or any other person do go to a back-office with your credit card. Your card number and the security code on its back might be copied and used for Internet purchase or several blank slips may be produced and your signature be forged.

Track your credit card account using the Internet. If you encounter problems do not hesitate to call your credit card company. Master Card: 1 800 1111 0061 and Visa: 1 800 1111 0248 or have your home country's credit card hotline number with you. If you do not have a cell-phone with you, go to an Internet Café and use Skype.

Travellers Cheques

Traveller cheques are sure. Still the best one is American Express (AmEx). Why? They are blue and blue colour is still a challenge for Xerox machines. While you do not encounter problems to get local money for your travellers cheques in large cities as Manila or Cebu-City, you may not get a centavo in remote locations.

Insurances

A travel-insurance policy might be a good idea. It may cover incidents like theft and medical problems. But do not forget the monstrouous paperwork you will have to do. Hospitals usually ask you on admission whether you have an insurance. Mercury drugs also accepts your insurance policy but in both cases you will have to pay cash and get an official receipt for your insurance. In case of theft you will need a police officer able to issue a readable theft report.

Otherwise you may consider that doctor's and hospital's fees are far less expensive than an insurance policy. A day in a hospital costs about USD 100 including doctor's service, a private aircon room with cable TV and refrigerator, medicaments, food brougth from a nearby eatery and fine nurse's services.

Emergency

Before you leave your home country we recommend to subscribe to an emergency repatriation insurance. In Switzerland you may choose REGA or Air Glacier, in Germany ADAC provides similar services. Inquire in your own country. Annual fees are around USD 40 and if you have serious health problems these organizations bring you back home either by a commercial airline (for not life threatening cases) or ambulance jets with experienced medical staff.

For medical problems see also our MEDICAL page.