Money in The Philippines
The official legal currency in the Philippines has been the Philippine Peso or Piso. One peso is equivalent to about .02 USD. The Philippine Peso comes in different bank notes with the denominations being of several different colors according to their value - 20 (orange), 50 (red), 100 (blue-violet), 200 (green), 500 (yellow) and 1000 Philippine pesos (blue).
There are plenty of Philippine banks, and they will open bank accounts for anyone. Foreign debit or credit cards will work at some stores in the Philippines, and they can be used at many ATM machines, although there might be an extra charge with machines belonging to different banks.
Bank accounts can be opened at banks in the Philippines by anyone over 18 if they have an ID and proof of a Philippine address. When obtaining a bank account in the Philippines, the bank gives the customer a debit card that can be used to withdraw Philippine pesos from any ATM in the Philippines. Keep in mind that ATM machines in the Philippines can sometimes be turned off. Online internet banking is getting to be more widely available, but many Philippine residents are careful about using this service because of the fear of computer hackers.
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