The currency in the Philippines is the Peso (PhP) and the Centavo.
100 centavos = P1. Coin denominations are: 1, 5, 10, and 25 centavos,
P1, and P5. Bill denominations are : 10, 20, 50, 100, 500 and 1, 000
Foreign currency may be exchanged at your hotel, and in most of the
large department stores, banks and authorized money changing shops.
Exchanging money anywhere else is illegal and the laws are strictly
for the current Dollar - Peso exchange rate.
Most large stores, restaurants , hotels and resorts accept major credit
cards including American Express , Visas and MasterCard. Traveller'
s checks preferably American Express are accepted at hotels and large
department stores. Personal checks drawn on foreign banks are generally
Travelers cheques and cash can be changed at the Boracay Tourist Center,
the foreign exchange counter at the Allied Bank next to the Queen's
Beach Resort in Angol, and the Boracay branch of the Allied Bank (tel:
288 3026). At the latter, you can open a peso or dollar account (minimum
opening balance of P1000 or US$200).
The Boracay Tourist Center will give cash advances on popular credit
cards (for a 7.5% fee). The Allied Bank will only accept American Express.
The Boracay Tourist Center in Manggayad rents out safe deposit boxes.