Philippine peso. History of the monetary unit. The appearance of banknotes and the exchange rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

When preparing for a trip to a new country, it is desirable to have an idea about the local currency and its exchange rate in relation to the main world currencies. This material will help you get acquainted with the history of the Philippine peso, find out what banknotes look like. It should be noted that it is possible to purchase this currency in advance in the country from which the trip is made. You can also buy Philippine pesos at the airport or bank upon arrival in the Philippines.

History of the currency

The Philippine peso is abbreviated as PHP. According to the international standard, this currency is assigned the code 608. This currency is the official payment instrument of the Philippines. One peso is divided into 100 centavos, which are also called centimos. May 1, 1852 is considered to be the date of birth of the monetary unit. It was then that the Spanish-Philippine Bank began issuing "hard pesos". The new currency replaced the reals, which had been used up to that point in the Philippines, from circulation. At the moment, slightly modified banknotes, put into circulation in 2001, are used on the territory of the state.

Denominationbanknotes

It should be noted that the cost of goods and services on the islands is quite low. Therefore, the population and guests of the country, as a rule, use banknotes of 5, 10 and 20 pesos. In addition, denominations of 50, 100, 200, 500 and 1000 pesos are used in circulation. It would be appropriate to say that the new banknotes in denominations of five and ten pesos have not been issued for a long time. They are replaced by coins with the same denomination. Nevertheless, old banknotes are still in circulation and can be used in purchase and sale transactions. In addition, there are coins in 5, 10 and 25 centavos, as well as in denominations of 1 peso.

Where is the best place to buy Philippine pesos

Traveling to the Philippines, you should know that you can exchange your existing currency for pesos at the closest possible rate to the official rate only in the capital of the state, Manila. This can only be done at bank branches, since exchange points, as a rule, do not have a sufficient number of national banknotes. It should be emphasized that most of the banknotes have a rather shabby appearance, they are dirty and crumpled. Many are wondering how much 1 Philippine peso will be in rubles. First of all, it is of interest to domestic tourists and travelers. At the moment, the Philippine peso has a ratio of 1:1, 32 to the ruble. It is important to note that there are no restrictions on the import of foreign currency into the Philippines. In addition, bank receipts confirming the fact of purchase and sale of banknotes should be kept. They can be useful in situationswhen before leaving the Philippine Islands, the amount of pesos remained on hand and it must be exchanged for another currency.

Change Philippine pesos to another currency

Of all the existing banknotes in this state, preference is given to American dollars. Therefore, it is recommended to take them with you when traveling. There will never be a problem with exchanging US dollars for Philippine pesos at a good rate.

Moreover, the American currency is also suitable for paying for goods and services. Often in the Philippines, prices are quoted in both local pesos and US currency. They are accepted everywhere, and on the black market, banknotes of large denominations are most valued. At the same time, one-dollar bills may be viewed with suspicion. British pounds sterling and euros are not so highly valued, so it is almost impossible to exchange them outside the capital or other large cities. But knowing the exchange rate of the local national unit to other currencies does not hurt. For example, the euro to the Philippine peso has a ratio of 1 to 54.24. That is, one peso costs about two euro cents. The exchange rate of the Philippine peso to the yuan is 1 to 0, 14.

Recommendations for exchanging pesos. Philippine Banking Hours

Experienced travelers and experts do not recommend exchanging currency for the Philippine peso by hand. Fraud is quite common in this country. It is advisable to carry out the exchange in official institutions. In addition, it shouldavoid being with a large amount of money near street exchange offices and ATMs. It is better not to show your funds once again.

It would be nice to mention the working hours of banking institutions in the Philippines. The standard schedule is from 9 am to 3 pm. Some banks are open until 15:30. The most favorable Philippine peso exchange rate at the branches of the Central Bank of the Philippines. It is closest to the official quotes of the country's main financial institution. In addition, it should be noted that credit cards are accepted as a means of payment only in large cities, but in the provincial regions of the Philippines you will not be able to use them. Therefore, it is recommended that you carry the required amount of local currency in cash.

Other ways to get cash pesos in the Philippines

You can also cash travelers checks in the Philippines. To implement this procedure, you will have to tinker a little. So, you will need to fill out a number of documents, as well as provide a certificate of purchase of traveler's checks. In hotels, catering establishments or shopping centers, you can use American Express, Diners Club, Master Card and Visa plastic cards. For the most profitable exchange of Philippine pesos, it is better to have traveler's checks in US dollars with you.

It should also be noted that there are round-the-clock ATMs in all major cities of the country. However, there are not as many of them as we would like. The commission for receiving cash through ATMs ranges from 5 to 10 percent. ExceptIn addition, in some hotels the service charge can reach up to 15%.

In conclusion, it must be emphasized that when purchasing jewelry or antiques with the Philippine peso in legal outlets, it is important to keep the receipt or certificate for the goods. They will need to be presented to the airport staff during customs clearance. Otherwise, it is unlikely that these items will be taken out of the country.