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

When preparing for a trip to a new country, it is desirable to have an idea of the local monetary unit and its rate in relation to the major world currencies. This material will help you get to know the history of the Philippine peso, find out how the bills look. It should be noted that you can purchase this currency in advance in the country from which the trip is made. In addition, you can buy Philippine pesos at the airport or bank upon arrival in the Philippines.

History of a monetary unit

The Philippine peso is abbreviated using the abbreviation PHP. According to the international standard, this code is assigned code 608. This currency is the official payment instrument of the Philippines. The composition of one peso includes 100 centavos, which are also called centimo. The date of birth of a monetary unit is considered May 1, 1852. It was then that the Spanish-Philippine Bank began issuing "hard pesos". The new currency ousted from the turnover of the real, which was used up to this point in the Philippines. At the moment on the territory of the state used a little modified banknotes, launched in 2001.

Nominal of banknotes

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 in denominations of 5, 10 and 20 pesos. In addition, in circulation, bills of 50, 100, 200, 500 and 1000 pesos are used. It will be by the way to say that new banknotes worth five and ten pesos have not been issued for a long time. They are replaced by coins of the same denomination. Nevertheless, old banknotes still participate in the turnover and they can be used in transactions of purchase and sale. In addition, there are coins in 5, 10 and 25 centavos, as well as denominations of 1 peso.

Where is it better to buy Filipino pesos

Travelers to the Philippines should be aware that it is possible to exchange the available currency for a peso as close to the official exchange rate as possible in the capital city of Manila. This will only be done at bank branches, since, as a rule, there is not enough national currency in the exchange offices. It should be emphasized that most of the banknotes have a rather shabby appearance, they are dirty and crumpled. Many are wondering how much there will be 1 Philippine peso in rubles. First of all, this is of interest to domestic tourists and travelers. At the moment, the Philippine peso to the ruble has a ratio of 1: 1.32. It is important to note that there are no restrictions on the import of foreign currency to the Philippines. In addition, you should save bank receipts that confirm the purchase and sale of banknotes. They can come in handy when, before leaving the Philippines Islands, the amount left in the peso remains and it must be exchanged for another currency.

Exchange of Philippine peso for another currency

Of all the existing banknotes in this state, preference is given to US dollars. Therefore, it is recommended that they be taken with them for the duration of the trip. With the exchange of US dollars for the Philippine peso for a good course of problems will never happen.

Moreover, the American currency is also suitable for payment of goods and services. Often in the Philippines, prices are indicated simultaneously in local pesos and US monetary units. They are accepted everywhere, and on the black market the most appreciated are banknotes of great dignity. At the same time one-dollar bills can be treated with suspicion. British pounds sterling and the euro are not valued so high, so it is almost impossible to exchange them outside the capital or other major cities. But knowing the rate of the local national unit to other currencies will 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 rate of the Philippine peso to the yuan is 1 to 0.14.

Recommendations for the exchange of pesos. The mode of operation of Philippine banks

Experienced travelers and professionals do not recommend the exchange of currency for the Philippine peso from the hands. In this country fraud is quite common. It is advisable to exchange in official institutions. In addition, you should avoid finding a large amount of money near street exchange offices and ATMs. It is better not to show your money once again.

Incidentally, it will also mention the mode of operation 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 profitable exchange rate for the Philippine peso at the branches of the Central Bank of the Philippines. It is the closest to the official quotes of the country's main financial institution. In addition, it should be noted that credit cards are accepted as payment means only in large cities, but in the provincial regions of the Philippines they will not be able to use them. Therefore, it is recommended that you have the necessary amount of local currency in your possession.

Other ways to get cash pesos in the Philippines

In addition, travelers can be cashed in the Philippines . To perform this procedure, you have to tinker a bit. So, you will need to fill out a number of documents, as well as provide a certificate of buying tourist checks. In hotels, catering establishments or shopping centers you can use plastic cards of American Express, Diners Club, Master Card and Visa. For the best exchange of Philippine pesos, it is better to have traveler's checks in US dollars with you.

Also it should be noted that in all major cities of the country there are 24-hour ATMs. However, there are not as many of them as we would like. The commission for cash withdrawal through ATMs is from 5 to 10 percent. In addition, in some hotels service charge can reach up to 15%.

In conclusion, it must be emphasized that when purchasing jewelry or antiques from the Philippine pesos at legal outlets it is important to keep a receipt or a certificate for the goods. They will need to be presented to airport employees upon passage of customs inspection. Otherwise, it is unlikely that these items will be taken out of the country.