Philippine Currency

The monetary unit used in the Philippines is the peso (P, correctly spelled Piso), divided into 100 centavos (c). However, the only foreign currency to have in the Philippines, is US dollars - it's no longer true to say that nothing else is considered to exist. The US dollar certainly exists more than most though.

The CB seeks to ensure the integrity of the currency and enforces the highest degree of protection for the country’s currency. It provides the highest standard of service to banks and to the public. It makes sure that the demand for currency notes and coins is met effectively and efficiently.

Currently, the exchange rate floats around Php 40 / $1 USD, but does vary somewhat. This is one reason why so many foreigners, on limited retirement funds especially, come here to live. But, upon coming here to live, many foreigners, especially Americans, can lose track of what they spend here, knowing that it's so cheap here compared to other parts of the world. Read our Only a Dollar page to get more insight on this.