The Philippine peso divides into 100 centavos. Bills circulate in denominations of 20, 50, 100, 200, 500, and 1,000 pesos. Coins exist for 1, 5, 10, and 20 pesos, plus 5, 10, and 25 centavo pieces, though centavo coins appear rarely in daily transactions. The Bangko Sentral ng Pilipinas issues all currency. Bills feature national heroes including José Rizal on the 1-peso coin and historical figures like Manuel Roxas and Sergio Osmeña on paper notes. Security features include embedded threads, watermarks, and optically variable ink. Counterfeit detection remains important in cash transactions, particularly with 500 and 1,000 peso notes.
ATMs operate throughout Metro Manila, Cebu City, Davao City, and other major urban centers, typically dispensing 100, 500, and 1,000 peso bills with withdrawal limits between 10,000 and 40,000 pesos per transaction depending on the bank and card type. BDO, BPI, Metrobank, and Security Bank maintain extensive ATM networks. International cards bearing Visa, Mastercard, Cirrus, or Plus logos function at most machines. Withdrawal fees for foreign cards range from 200 to 250 pesos per transaction as of 2024, charged by the local bank in addition to any fees imposed by the cardholder's home institution. ATMs in provincial capitals and tourist areas like Boracay Island, El Nido in Palawan, and Puerto Princesa generally accept international cards, but machines in smaller municipalities often accept only domestic cards or remain out of service intermittently. Cash remains essential throughout the Visayas and Mindanao outside major cities. In remote areas including parts of the Cordillera Central, Siargao Island outside General Luna town, and islands in the Camiguin group with limited infrastructure, ATM access does not exist and carrying sufficient peso cash becomes necessary.
Credit cards see acceptance in hotels rated three stars and above, shopping malls, chain restaurants, and businesses in Makati, Bonifacio Global City, and commercial districts of Cebu City and Davao City. Visa and Mastercard dominate acceptance, while American Express and Diners Club function at fewer establishments. Small restaurants, family-run guesthouses, jeepney and tricycle transport, market vendors, and most businesses outside urban centers operate on cash only. A 3 to 5 percent surcharge on credit card transactions appears at some hotels and tour operators, though this practice violates credit card network policies. Debit cards with Visa or Mastercard branding function where credit cards do, but PIN-based transactions may fail at older terminals. Cash advances on credit cards work at major bank branches in cities but incur immediate interest charges and fees.
Money changers operate in Manila's Makati and Ermita districts, at Ninoy Aquino International Airport, in Cebu City near Ayala Center, and in tourist zones of Palawan and Boracay. Rates vary significantly, with airport exchanges offering 3 to 5 percent less favorable rates than city money changers. Czarina Foreign Exchange maintains branches across Metro Manila and major cities, providing rates typically within 0.5 percent of interbank rates. Banks including BDO and BPI exchange foreign currency at branches but require identification and may impose minimum amounts. US dollars, euros, Japanese yen, and British pounds exchange readily. Currencies from less economically connected nations may face refusal or unfavorable rates. Exchanging money in provincial areas proves difficult except at select hotels, which offer poor rates. Carrying US dollars in good condition without tears, marks, or excessive wear increases acceptance, as damaged bills face rejection. Bills issued before 2006 sometimes see refusal due to counterfeiting concerns.
Mobile payment platforms have expanded rapidly since 2018. GCash and PayMaya dominate the market, with GCash reporting 94 million registered users as of late 2023. These platforms allow peer-to-peer transfers, bill payments, and merchant purchases through QR codes. Convenience stores including 7-Eleven and Ministop, major fast-food chains like Jollibee and McDonald's, and an increasing number of small retailers accept GCash and PayMaya. Coverage concentrates in Metro Manila, Cebu City, and Davao City, with adoption spreading to provincial capitals. International visitors can establish accounts using passport identification, though verification processes may require a local contact number. Load credits for mobile wallets can be purchased at convenience stores and through bank transfers. These platforms do not replace cash for transportation, markets, street food vendors, or small municipalities.
Banking hours run Monday through Friday from 9:00 AM to 3:00 PM at most branches, with some mall-based locations extending to 5:00 PM or opening on Saturdays. Major banks including BDO, BPI, Metrobank, and Land Bank of the Philippines operate throughout the country. Opening a local bank account as a tourist proves difficult without residency documentation and proof of local address. Non-resident accounts exist but require substantial minimum balances, often 50,000 pesos or more, and extensive documentation including visa status verification.
Tipping practices in the Philippines follow inconsistent patterns. Restaurants include a 10 percent service charge on bills at formal establishments, which goes to the restaurant rather than directly to staff, making an additional 5 to 10 percent cash tip for good service appropriate though not obligatory. Fast-food outlets and casual eateries do not expect tips. Hotel porters typically receive 20 to 50 pesos per bag. Taxi drivers do not expect tips, though rounding up fares by 10 to 20 pesos occurs commonly. Tour guides and drivers expect tips, with 200 to 500 pesos per person per day representing a standard range depending on service quality and tour price. Massage therapists at spas receive 50 to 100 pesos beyond the service charge. These amounts reflect 2024 norms and vary with inflation.
Mobile network coverage in the Philippines operates through three main providers: Smart Communications, Globe Telecom, and DITO Telecommunity. Smart and Globe control the majority market share, with DITO expanding since its commercial launch in 2021. Coverage reaches high quality in Metro Manila, Cebu City, Davao City, and along major highways in Luzon. The Visayas and coastal Mindanao maintain reasonable coverage in populated areas. Signal strength weakens significantly in mountainous regions including much of the Cordillera Central, in interior portions of Palawan, and across smaller islands with limited infrastructure. 4G LTE networks function in cities and provincial capitals, while 3G persists in rural areas. 5G deployment began in 2020 in select Metro Manila and Cebu City areas but remains limited.
SIM cards require registration linked to valid identification under the SIM Registration Act implemented in 2023. Tourists can purchase SIM cards at airport kiosks, convenience stores, and telecom shops by presenting a passport. Smart and Globe SIM cards cost 40 to 50 pesos. Prepaid load credits can be purchased at convenience stores, street vendors displaying network logos, and through mobile apps. A prepaid SIM with 10 GB of data valid for seven days typically costs 150 to 300 pesos as of 2024, depending on promotions. Unlimited social media access packages cost less but exclude general browsing. Network reliability varies, with dropped calls and slow data speeds common during peak hours in congested urban areas and frequent outages in provincial areas during severe weather.
International roaming functions for most major carriers but incurs costs ranging from 50 cents to several dollars per minute for calls and similar rates per megabyte of data unless specific travel packages are activated before arrival. Checking with your home carrier before departure prevents unexpectedly high bills. Portable WiFi devices can be rented at Ninoy Aquino International Airport and through online services, costing approximately 250 to 400 pesos per day with data limits between 1 and 3 GB daily.