Check out the colorful Filipino currency. These notes are brightly colored like Euros (though the equivalent amount goes a lot further).
It can sometimes be difficult to get the locals to change the larger denominations (500 or 1000 peso notes), so we took every opportunity to keep a big stash of lower denomination notes.
1 Euro converts to approximately 60 pesos, and 1 US$ will get you around 53 pesos.
For our 20-day trip around the Philippines, we were on a daily budget of 1,800 pesos per day, excluding accommodation (€35). For accommodation, we budgeted around €30 per night, giving us a total daily budget of €65.
1-peso coin vending machine fraud
The 1-peso coin has the same size as the 1 United Arab Emirates dirham coin, which has led to vending machine fraud in the U.A.E. Similar frauds also occurred in the US, as the 1-peso coin is roughly the same size as the quarter. Newer digital parking meters are not affected by the fraud.
Demonetization of Filipino currency in 2015
If you already visited the Philippines before 2015 and are still hanging on to old peso paper currency, these old notes will no longer be accepted. Following the demonetization process for the old peso bills in 2015, the old bills will no longer be accepted for payment starting January 1, 2016.
It was possible to exchange old bills for the new generation currency bank notes at banks and BSP offices and branches around the country for a while afterwards. However, this grace-period ended at the beginning of 2017.
So if you still have the old notes, you can keep them as souvenirs.
Before starting our trip to the Philippines, we had planned a budget of €1,600 (96,000 pesos) per person for the entire 20-day trip with flights. This also included a 2-night stay in Rome.
Check out Our Philippines Impressions to find out how much it actually cost.
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