Currency of the Philippines: history, exchange rate to the ruble and dollar, exchange

When visiting the Philippines, you should learn more about not only its culture and laws, but also the financial side.

The official currency of the Philippines for today is a Filipino peso (piso), consisting of 100 centavos (sometimes called centimo).

Brief historical digression

Officially, this currency was used in the Philippines since May 1, 1852. On that day, the country acquired its own national currency, and earlier on its territory were Spanish Ries and Mexican pesos.

Since 1949, the Central Bank of the Republic of the Philippines - the specially created financial structure of the country - is responsible for issuing state banknotes.

Notation. Banknotes and coins

The currency of the Philippines has an international designation code - PHP. In some cases, it can be denoted by a simple letter P of the Latin alphabet. The Philippine peso has a specially designed "P" symbol with two strikethrough lines (₱). An image with one transverse strip is also acceptable. The sign of this monetary unit is usually placed ahead of the digital symbol of the amount, for example: ₱ 2,000 - two thousand pesos, ₱ 100 - one hundred pesos. When using the centavo badge (c), it is put after the number (15c - fifteen centavos).

To date, the Philippine peso is used in two series of releases: old and new. The difference is that the later version does not contain notes with denominations of 10 and 5 pesos, the other banknotes have the same value (20, 50, 100, 200, 500, 1000). The format of the modern peso is 160 × 66 mm. There are several modifications to almost every one of them. On the money of the new version autographs of President of the Philippines Gloria Macapagal-Arroyo and Rafael Buenaventura, who holds the post of the head of the Central Bank of the country, adorn.

In addition to paper money, metal coins worth 10, 5 and 1 pesos, as well as five, ten and twenty-five centimo are in progress.

Interesting Facts

1. A coin with a reach of 5 centavos has a small hole in the center.
2. Denominations of denominations of 5 and 10 pesos have not been issued for a long time, but are in use (approximately the same as Russian rubles 10). They are very much appreciated by coin collectors from the world, so when you get to such a banknote, you can keep it as a souvenir.
3. Large amounts of money are not often used in the Philippine Islands. This is due to the massive poverty of the population, so when calculating banknotes more than 100 pesos, problems may arise with the delivery of the change.
4. There is an anniversary banknote in nominal value 2000 pisos, dedicated to the centenary of the first republic. Released in 1998. It is much larger than the standard currency of the Philippines. Its format is 216x133 mm.
5. In the same year, an extremely large banknote of 100 thousand pesos and 216 × 356 mm in size was issued. It is so huge that it was included in the Guinness Book of Records as the largest paper bill in history.

Exchange transactions

It is undesirable to go to the Philippines, having only the rubles of the Russian Federation. Despite the fact that now the situation with the exchange of the Russian currency has become somewhat better than a few years ago, there are still very few items ready to work with it. Even if you are lucky enough to find such a place, the exchange rate of the Philippine peso to the ruble will be truly predatory.

The reverse situation with the European currency and US dollars. They can be exchanged almost everywhere, any bank can easily change this money. The money signs of some other countries can also be changed, but their list is not too large.

The US dollar is the currency with which the Philippines are working with the greatest eagerness. Moreover, bills of great dignity are considered more attractive. Their exchange is carried out at a favorable rate. Therefore, it makes sense to leave small bills for money and goods to pay for tipping, and to exchange large money for local currency.

Where can I change Philippine pesos for any other money? Depending on the distance from the capital of the country, the profit from the operation will vary. The further the exchange point from Manila, the less attractive the conditions.

To date, the peso to ruble rate is approximately 1.15 rubles for one Philippine peso. To the dollar, respectively, about ₱ 0.02.

Sharp problems with currency exchange should not arise, because in any locality with a large tourist concentration there is a huge number of points that carry out currency exchange operations.

Credit cards and plastic cards

In the country it is best to use cash, although the use of electronic money from the card is also possible. In this way, you can easily pay in large stores, hotels and other institutions in the capital of the island state. There are ATMs with which you can withdraw cash. In the city of Sabanga, some ATMs even have a Russian-language menu. Limitations on transactions can be in the amount of ten or five thousand pesos.

Some hotels in Manila and other tourist cities can temporarily block a fairly large amount of money if payment is made from a plastic card. This is a kind of deposit. Return of funds to the bank account occurs after 45 days. Because of this, it is easier to make a payment by cashing in advance at a nearby ATM.

Conclusion

The currency of the Philippines is very unique, there are quite a few nuances and peculiarities associated with its use and exchange. It should be borne in mind that the most popular foreign currency in the Philippines is the American dollar, which can be easily and profitably exchanged anywhere. With the rest of the currencies there may be problems, as they are not always ready to work with them.