Wednesday, October 5, 2011

Philippine Money

The unit of Philippines currency is called peso, which is divided into 100 centavos. The smallest coin currency in PI is 5 cents; the biggest paper money is 1,000 pesos. 

Most credit cards are widely accepted; credit card fraud does exist, as in any other country. Travellers' cheques are also widely accepted, with most hotels and exchange offices requesting to see the  certificate of issue from your bank. The larger cities have a remarkable number of legal money changers, often streets full of them, but you may have to ask around for one that changes travellers' cheques. Remarkably, the bigger hotels give a better exchange rate for travellers' cheques than many exchange offices on the street. But it can be difficult to change travellers' cheques in some areas, even in Boracay, Puerto Galera, Moalboal and Bohol; but cash dollars will always be accepted. 

The US dollar is the most accepted foreign currency to carry in remote places, but most hard currencies will be accepted in the cities and larger hotels. There is no real black market, so avoid anyone who approaches you in the street.

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