What is the currency in the Philippines?
Planning a trip to the enchanting islands of the Philippines? From the turquoise waters of El Nido to the vibrant streets of Manila, one thing you’ll definitely need is a solid grasp of the local currency. So, what is the currency in the Philippines, and how can you make the most of your money while travelling? Read on for a deep dive into the Philippine peso, from its history and denominations to tips for spending smartly.
Currency in the Philippines
The currency in the Philippines is the Philippine peso. Known locally as “piso”, this currency has been the backbone of commerce across the archipelago for over a century. Its currency code is PHP, and its symbol is the unmistakable ₱. You’ll spot it on everything from your jeepney fare to restaurant bills.
The peso is subdivided into 100 centavos, with both coins and notes making up the denominations. Whether you’re buying a halo-halo at a street stall or splurging on a fine-dining experience in Makati, understanding the denominations can save you from awkward moments at the cash register.
Philippine peso denominations
Banknotes:
- ₱20
- ₱50
- ₱100
- ₱200
- ₱500
- ₱1,000
Coins:
- 1 centavo (1c)
- 5 centavos (5c)
- 10 centavos (10c)
- 25 centavos (25c)
- ₱1
- ₱5
- ₱10
- ₱20
Pro tip: The ₱20 coin, introduced as a durable replacement for the ₱20 note, is a collector’s favourite. Impress your travel mates by pointing it out when you’re paying for your next Filipino delicacy!
History of the Philippine currency
The Philippine peso has a history as vibrant and diverse as the islands it represents. From its colonial roots to its modern iterations, the peso’s journey reflects the Philippines’ dynamic past.
The Spanish-Filipino peso
During the Spanish colonial era in the 16th century, the Philippines relied on the peso de ocho, also known as the Spanish dollar. This iconic coin became a staple across Asia and the Americas, thanks to its silver content and wide acceptability.
By the late 19th century, the Spanish-Filipino peso emerged, featuring localised designs like the “Isabelinas” and “Alfonsinos” coins. These coins signified an important transitional phase as the Philippines inched closer to independence.
The introduction of the Philippine peso
The modern Philippine peso was introduced in 1903 under American rule. Pegged to the gold standard initially, the currency gained full independence with the establishment of the Central Bank of the Philippines in 1949. Today, the vibrant banknotes celebrate national heroes and landmarks, making them miniature lessons in Filipino history and culture.
Where to get Philippine pesos
Before embarking on your adventure, you’ll need a combination of cash and card to keep your transactions smooth. While cards are widely accepted in cities, cash is still king in rural areas and for small purchases.
The easiest way to get your pesos? Travelex. You can order your Philippine pesos online and have them delivered straight to your door. Or, opt for click & collect at one of our stores, conveniently located across the UK and most major airports.
Why choose the Travelex Money Card?
The Travelex Money Card is your ideal travel companion. Preload it with pesos, lock in your exchange rate, and enjoy the convenience of cashless payments wherever Mastercard prepaid is accepted. It’s secure, practical, and perfect for a worry-free holiday spending.
How much is the Philippine peso worth compared to GBP?
Exchange rates can vary, but as of today, £1 gets you approximately ₱70. Rates fluctuate, so check Travelex for the most accurate and up-to-date information. Planning ahead can save you money and give you peace of mind.
Hot tip: Lock in your rate by buying pesos online with Travelex. This ensures you get the best value, even if rates change before your departure.
Tips for spending money in the Philippines
- Small change is a lifesaver: Keep coins and smaller denominations handy for jeepney rides, tricycle fares, and market shopping.
- ATMs: Easily found in urban centres but less so in remote areas. Withdraw enough cash before heading to secluded destinations.
- Tipping: While not mandatory, a 10% tip is a thoughtful gesture in restaurants and for good service.
- Bargaining: Haggling is common in local markets. Be polite and use your best smile—you might score a better deal!
- Cash vs. Card: While many high-end establishments accept cards, cash is best for day-to-day transactions in small towns and rural areas. Always keep some cash in your wallet.
- Money Exchange: You can top up a Travelex Money Card, quickly and easily wherever you are and withdraw cash if you need it.
- Currency Conversion Apps: Download the Travelex Money App to top up your card, see your spending, and lock in your best rate while you’re abroad.
The role of currency in Filipino culture
Money in the Philippines isn’t just a tool for commerce—it plays a significant role in cultural practices and traditions. During weddings, for example, guests often participate in a “money dance” where they pin bills onto the bride and groom as a symbol of prosperity and well-wishes. Similarly, giving aguinaldo (monetary gifts) to children during Christmas and special occasions is a time-honoured tradition that strengthens family bonds.
Filipinos are also keen savers. Many households use small coin banks, or alkansya, to collect loose change, fostering a culture of financial responsibility from an early age.
Ready to buy some Philippine pesos?
You’ve booked your flights, packed your bags, and dreamed about paradise. Now it’s time to sort out your pesos. Buy Philippine pesos online at Travelex for free home delivery on orders over £500. Alternatively, pick them up via click & collect from one of our many UK locations.
Want a cash-free alternative? Load a Travelex Money Card with pesos and enjoy secure, stress-free spending on your adventures.
Final thoughts
Wherever you go in the Philippines, may your journey be as bright and colourful as the currency in your pocket. The Philippine peso is more than just money; it’s a reflection of the country’s rich history, culture, and traditions. Whether you’re bargaining for handcrafted souvenirs in a bustling market or treating yourself to a beachfront cocktail, a little knowledge about the peso will help you make the most of your Filipino adventure.
Safe travels, and don’t forget the sun cream!