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The currency in the Philippines is the Centavo and the Peso (P). 100 centavos = P1. Coin denominations are 25 and 50 centavos, P1 and P5. Bill denominations are 5, 10 20, 50, 100, 500 and 1,000 pesos.
Foreign currency may be exchanged at your hotel, most 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, Visa and MasterCard. Travelers’ s checks preferably American Express is accepted at hotels and large department stores. Personal checks drawn on foreign banks are generally not accepted.