|
Explore
Negros Island Philippines
The Central Bank of the Philippines is the sole authority
empowered to issue currency in the Philippines.
The monetary unit used in the Philippines is the peso
(correctly spelled Piso), divided into 100 centavos.
However, the only foreign currency to have in the
Philippines is US dollars - it's no longer true to say that
nothing else is considered to exist. The US dollar certainly
exists more than most though.
The Central Bank seeks to ensure the integrity of the
currency and enforces the highest degree of protection for
the country’s currency. It provides the highest standard of
service to banks and to the public. It makes sure that the
demand for currency notes and coins is met effectively and
efficiently.
Currently, the exchange rate floats around Php 50 / $1 USD,
but does vary somewhat. Click conversion, to get the current
exchange rate between the Philippine Piso and the US Dollar.
This is one reason why so many foreigners, on limited
retirement funds especially, come here to live. But, upon
coming here to live, many foreigners, especially Americans,
can lose track of what they spend here. They do this knowing
that it's so cheap here, compared to other parts of the
world. Read our Only a Dollar page to get more insight on
this.
|
