You’re standing at a crowded sari-sari store in Cebu, the humidity is sticking your shirt to your back, and you just want a cold bottle of San Miguel. You reach into your pocket. What do you pull out? If you said "pesos," you’re technically right, but there’s a lot more to the story than just a name. Understanding what is the money called in the philippines is your first step to not looking like a total lost tourist the moment you step off the plane at NAIA.
The official currency is the Philippine Peso. Locally, it’s called the piso. It’s been the backbone of the archipelago’s economy for a long time, evolving from Spanish colonial silver to the vibrant, polymer bills you’ll see today.
Why the Philippine Peso Matters Right Now
Money is weird. In the Philippines, it’s even weirder because of the "New Generation Currency" series. Honestly, if you haven't been to the islands in a few years, the money looks totally different than it used to. The Bangko Sentral ng Pilipinas (BSP)—that’s their central bank—decided to give everything a facelift to fight counterfeiters. They did a pretty good job, too. The bills are colorful. They’re bright. Sometimes they’re even plastic.
The ISO code you’ll see on exchange boards is PHP. You’ll also see the symbol ₱. It’s a P with two horizontal lines through it. Don’t confuse it with the Mexican Peso or the Colombian Peso. They share a name because of the Spanish Empire's massive reach, but the values are worlds apart.
The Breakdown: Pesos and Centavos
One peso is divided into 100 centavos, or sentimo. You’ll rarely use these for anything major, but they’re still everywhere. You’ll get them as change at supermarkets like SM or Robinsons. They come in 1, 5, 10, and 25-centavo denominations. Usually, they just end up in a jar at the end of your trip because, let’s be real, you can’t buy much with a 5-centavo coin these days. Even a single piece of candy usually costs at least a peso.
The Coins: A Pocket Full of Silver (and Gold)
The coins are where things get tricky. A few years ago, the BSP released the "New Generation Currency" coin series. People hated it at first. Why? Because they all look the same. They are all silver-colored.
In the old days, the 5-piso coin was gold/pale yellow and the 10-piso was bimetallic (two-toned). Now? They’re all metallic silver. You have to look at the size and the faces of the national heroes to tell them apart.
- 1 Peso: Features Jose Rizal, the national hero. It's the standard.
- 5 Pesos: This one features Andres Bonifacio. It’s slightly larger than the 1-peso coin.
- 10 Pesos: This coin features Apolinario Mabini.
- 20 Pesos: This is the newest addition to the coin family. It used to be a bright orange paper bill, but because people use 20s so much, the paper kept falling apart. Now it’s a chunky, two-toned bronze and silver coin.
If you’re at a wet market, keep your coins handy. Jeepney drivers—those iconic colorful buses—rely on coins. If you try to pay with a 1,000-peso bill for a 13-peso ride, the driver might just look at you and sigh. It’s called barya. Always have barya.
The Bills: A Rainbow in Your Wallet
When people ask what is the money called in the philippines, they are usually thinking of the colorful banknotes. Each denomination has a specific color, which makes it easier to identify them at a glance once you get the hang of it.
The 20 Peso Bill (Orange)
As mentioned, this is being phased out for the coin, but you’ll still see plenty of them. It features Manuel L. Quezon. It’s the "small change" of bills. Great for tipping a delivery rider or buying a quick snack.
The 50 Peso Bill (Red)
Sergio Osmeña is the face here. On the back, you’ll see the Maliputo fish and the Taal Lake. It’s a beautiful bill. Most people use these for short taxi rides or a quick meal at a "carinderia" (a local eatery).
The 100 Peso Bill (Purple)
This is probably the most common bill you’ll handle. It features Manuel Roxas. A few years ago, the BSP had to tweak the color because it looked too much like the 1,000-peso bill in low light. They made it a more vibrant violet. If you’re buying a coffee at Starbucks in Makati, this is your go-to.
The 500 Peso Bill (Yellow)
This one is iconic. It features the power couple of Philippine democracy: Benigno "Ninoy" Aquino Jr. and his wife, Corazon Aquino. This is "real" money. It buys a decent dinner for two at a mid-range restaurant.
The 1,000 Peso Bill (Blue)
The big fish. It used to feature three World War II heroes, but the newest version—the polymer one—features the Philippine Eagle.
Wait, what’s polymer? Basically, it’s plastic. The Philippines is testing out plastic bills because they last longer and are harder to fake. But be careful: you aren't supposed to fold them. If you crease a polymer 1,000-peso bill too hard, it stays creased. Don't staple it either. Local vendors are sometimes hesitant to take them if they look damaged.
Cash is King (But for How Long?)
While places like Manila, Cebu, and Davao are rapidly moving toward digital payments, the Philippines is still very much a cash-heavy society. You can't go to a remote beach in El Nido or a mountain village in Sagada and expect to pay with Apple Pay. It’s just not happening yet.
GCash and Maya are the two big digital wallets. Almost every Filipino with a smartphone has GCash. You’ll see QR codes at even the tiniest stalls. If you’re staying for a while, getting a local SIM and setting up GCash is a pro move. But for the average traveler, the answer to what is the money called in the philippines will always lead back to physical pesos in your pocket.
Tipping and Social Etiquette
Tipping isn't strictly mandatory like it is in the US, but it’s widely appreciated. In many restaurants, a "Service Charge" (usually 10%) is already added to the bill. If it is, you don’t need to tip more, though leaving the small change is a nice gesture.
If there’s no service charge, 20 to 50 pesos is a standard tip for a casual meal. For a massage or a long tour, 100 pesos is considered very generous. Honestly, because the exchange rate often favors Western currencies, a little bit of your "small" money goes a long way for a local worker.
Avoid the Money Changer Scams
You’ll see money changers everywhere in tourist spots. Some are legit; some are... sketchy. The ones in the airports (NAIA) actually offer surprisingly decent rates, which is rare for international airports.
Avoid the guys on the street whispering about "best rates." They use sleight of hand to shortchange you. Stick to established booths like Sanry's or Czarina. They are reliable and transparent. Always bring your passport; most legal money changers require it for the paperwork.
Handling the "Broken" Bill Issue
Here is a weird quirk about Philippine money: people are very picky about the condition of the bills. If you have a 500-peso bill with a tiny tear in it, a grocery store might refuse to take it. It’s frustrating.
Keep your money in a flat wallet. If you do end up with a damaged bill, your best bet is to take it to a bank. They are legally required to replace mutilated currency as long as certain security features are still visible.
What's the Exchange Rate Like?
It fluctuates, obviously. For the last few years, the US Dollar has been strong against the Peso, often hovering between 55 to 58 Pesos per 1 USD. This makes the Philippines an incredibly affordable destination for many. You can get a high-quality meal for about 300 pesos ($5.20 approx) or a boutique hotel room for 3,000 pesos ($52 approx).
Practical Tips for Managing Your Pesos:
- Withdraw Large Amounts: ATM fees for foreign cards are usually 250 pesos per transaction. It adds up. Withdraw the maximum (usually 10,000 or 20,000 pesos) to save on fees.
- The "Barya" Strategy: Whenever you pay at a big store like 7-Eleven or a supermarket, use your 1,000 or 500-peso bills. Save your 20s, 50s, and coins for trikes and small vendors.
- Check for the Eagle: If you get a 1,000-peso bill, check if it's the new plastic one. If it is, don't shove it in your pocket. It needs to stay flat.
- Notify Your Bank: Before you fly, tell your bank you're going to the Philippines. Their fraud detection systems are aggressive and will lock your card the moment you try to use an ATM in Manila.
Beyond the Name: The Piso’s Soul
At the end of the day, knowing what is the money called in the philippines is just the start. The currency reflects the country’s history—the Spanish influence in the name, the American influence in the banking system, and the proud Filipino identity in the heroes and natural wonders printed on the back.
When you hand over a 100-piso bill for a fresh coconut on a white sand beach, you're participating in a local economy that is vibrant, resilient, and growing. Just remember to check your change, keep your bills crisp, and always, always have some coins for the jeepney ride back to your hotel.
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Actionable Next Steps:
- Check the current mid-market rate on a site like XE.com before you land so you know what a "good" exchange rate looks like.
- Locate a bpi or BDO ATM upon arrival; these are the most reliable banks for international cards.
- Download the GCash app if you have a local SIM card to minimize the amount of physical cash you need to carry in urban areas.