The currency in the Philippines is the Peso (PhP) and the Centavo. 100 centavos = P1. Coin denominations are: 5, 10, and 25 centavos, P1, P5 and P10. Bill denominations are: 20, 50, 100, 200, 500 and 1,000 pesos.
Foreign currency may be exchanged at your hotel, and in most of the large department stores, banks and authorized money changing shops. Exchanging money anywhere else is illegal and the laws are strictly enforced.
Most large stores, restaurants, hotels and resorts accept major credit cards including American Express, Visas and MasterCard. Traveler’s checks preferably American Express are accepted at hotels and large department stores. Personal checks drawn on foreign banks are generally not accepted.