If you’re planning a trip to the white sands of Boracay or just trying to settle a bet, you’re likely asking: what is the philippines money called?
It’s the Peso. Plain and simple.
But wait. If you look at the actual bills or coins, you won’t see the word "Peso" written anywhere. Instead, you’ll see "Piso." That’s because the official language, Filipino, uses the local spelling. It’s the same currency, just a linguistic quirk that confuses a lot of first-time travelers landing at NAIA airport in Manila. The currency code you'll see on exchange boards is PHP, and the symbol is a unique $P$ with two horizontal lines striking through the top—though many people just use a capital $P$ with a single dash if they're typing quickly.
Money here is colorful. It’s vibrant. It’s also currently undergoing a massive change that’s making some locals a bit grumpy.
The Basics of the Philippine Peso
The currency is divided into 100 centavos, or sentimo in the local tongue. Honestly, centavos are becoming a bit of a pain. You’ll get them as change in grocery stores like SM or Robinson's, but good luck trying to spend them individually. Most people just hoard them in jars or donate them to those "Coins for Charity" boxes at the checkout counter.
The Bangko Sentral ng Pilipinas (BSP) is the big boss here. They manage the money. They decide who goes on the bills. And lately, they’ve been shaking things up.
For a long time, the bills were made of cotton and abaca (a local hemp). They felt like paper, but tougher. Now, the 1000-Piso note is moving to polymer—basically plastic. Why? Because it’s harder to counterfeit and lasts longer in the tropical humidity. But here’s the kicker: you aren’t supposed to fold them. Try telling that to a vendor in a crowded wet market who’s used to stuffing crumpled bills into a wooden box.
💡 You might also like: Lava Beds National Monument: What Most People Get Wrong About California's Volcanic Underworld
The Money You'll Actually Use
If you're walking around Cebu or Davao, your wallet is going to be full of these denominations:
The 20 Piso is the workhorse. It used to be a bright orange bill, but the BSP is phasing that out in favor of a bronze-colored coin. People have mixed feelings. Coins are heavy. Bills are easy. But the 20-Piso coin is supposed to last fifteen years, whereas the bill usually disintegrated after six months of being passed around in sweaty jeepneys.
Then you have the 50 Piso (red), the 100 Piso (purple), and the 200 Piso (green). The 200 is actually pretty rare. Most ATMs don't spit them out, so when you get one, it feels a bit like a collector's item, even though it’s perfectly legal tender.
The big ones are the 500 Piso (yellow) and the 1000 Piso (blue).
A Note on the 1000-Piso Polymer Drama
Recently, the 1000-Piso note swapped the faces of three World War II heroes—Jose Abad Santos, Vicente Lim, and Josefa Llanes Escoda—for a Philippine Eagle. Some people loved the bird. Others felt it was erasing history. Beyond the politics, the practical issue is that the new plastic bills are slippery. If you’re not careful when counting a stack, one might just slide right out.
Why the Currency Has a "Spanish" Name
You can't talk about what is the philippines money called without acknowledging the 300 years of Spanish rule. The word "Peso" literally means "weight" in Spanish. Back in the day, the Spanish Silver Dollar (the Piece of Eight) was the global standard. It flowed from Mexico to Manila through the Galleon Trade.
📖 Related: Road Conditions I40 Tennessee: What You Need to Know Before Hitting the Asphalt
When the Americans took over in 1898, they didn't change the name. They just pegged the Peso to the US Dollar at a rate of 2:1. Imagine that! Two pesos for one dollar. Those days are long gone. Today, the exchange rate usually hovers somewhere between 50 and 58 pesos to the dollar, depending on how the global economy is feeling that week.
Coins: The Pocket-Heavy Reality
Philippine coins are a bit of a nightmare for the uninitiated. A few years ago, the BSP released the "New Generation Currency" coin series. The problem? They are all silver-colored.
Before, the 5-Piso was goldish/brass and the 1-Piso was silver. Easy. Now, they are both silver. The 5-Piso is slightly larger and has scallops (ridges) on the edge, but when you're in the back of a dark tricycle at 10 PM, it is incredibly easy to overpay because you can’t tell the difference between a 1, a 5, and a 10.
- 1 Centavo, 5 Centavos, 25 Centavos: Tiny, silver, and mostly useless for anything other than exact change at a supermarket.
- 1 Piso: The standard. Used for "Piso Nets" (internet cafes) or buying a single piece of candy.
- 5 Piso: Features Andres Bonifacio, a revolutionary hero.
- 10 Piso: Features Apolinario Mabini.
- 20 Piso: The big, heavy two-toned newcomer.
Expert Tips for Handling Money in the Philippines
Cash is still king. Especially once you leave Manila or Makati. While GCash (a mobile wallet) has absolutely exploded in popularity—seriously, even street food vendors have QR codes now—you still need physical bills for smaller islands or rural provinces.
If you’re heading to a remote spot like Siargao or El Nido, the ATMs often run out of cash. It’s a classic traveler’s trap. You spend your day surfing, go to get dinner, and find the only two ATMs in town are "Out of Service." Always carry "Emergency Pesos" tucked away in a different part of your bag.
The "No Change" Struggle
There is a weird phenomenon in the Philippines where no one ever seems to have change. You try to pay for a 30-peso coffee with a 1,000-peso bill at 8 AM? The cashier will look at you like you’ve just asked for their firstborn child. They’ll ask, "Sir/Ma’am, do you have smaller?"
👉 See also: Finding Alta West Virginia: Why This Greenbrier County Spot Keeps People Coming Back
Pro tip: Break your big bills at 7-Eleven or large grocery stores. Save your 20s and 50s for tricycle drivers and small "sari-sari" stores. It’ll save you a lot of awkward waiting while a vendor runs across the street to ask three neighbors if they can break a five-hundred.
Counterfeits and Security
Philippine money is actually quite high-tech. If you hold a bill up to the light, you should see a watermark of the person's face on the right side. There’s also a security thread that changes color. On the newer bills, there are even tactile marks (raised dots) to help visually impaired people identify the denomination.
If a bill feels like regular printer paper, it’s fake. Real Piso notes have a distinct "crispness" because of the abaca fibers. If it’s the new polymer 1000, it should feel like a thin sheet of flexible plastic, and it has a transparent window with a fern leaf design.
How to Get the Best Exchange Rate
Don't change your money at the airport if you can help it. The rates at NAIA are notoriously lower than what you’ll find in the city.
Look for "Money Changers" in malls like Sanry’s or Czarina. They usually offer rates that are much closer to the official mid-market rate. Also, make sure your foreign bills are pristine. If you’re bringing US Dollars, many exchange booths will reject bills that have even a tiny tear or ink mark. They are very picky.
Summary of Actionable Steps
- Learn the colors: Purple is 100, Yellow is 500, Blue is 1000. It makes life easier.
- Download GCash: Even as a tourist, if you can get a local SIM, this app is a lifesaver for paying at malls and restaurants without dealing with heavy coins.
- Break big bills early: Never go into a rural area with only 1000-Piso notes. You will be stuck.
- Check your coins: Don't just grab a handful and hand them over. Feel the edges; the ridges matter because the colors won't help you much.
- Keep it dry: In the rainy season, cotton-abaca bills get soggy. Use a waterproof pouch or a proper wallet.
The Philippines is an archipelago of 7,641 islands, and while the name of the money is the same on every single one of them, the ease of using it varies wildly. Now that you know what is the philippines money called and the quirks of the "Piso," you're better prepared than most visitors. Keep your 20s handy, watch out for the silver coins, and maybe keep a few 100-Piso notes hidden in your shoe for emergencies.