Banks in Manila offer the best rate of exchange. Licensed money changers in Manila also offer competitive exchange rates. In the provinces the exchange rates are lower, sometimes by as much as 20 percent, than at banks in the capital. Transactions require passports and all receipts must be kept for reconversions. Hotels and larger department stores will accept traveler's checks as payment.
Cash is often easier to exchange than traveler's checks, commanding a better rate.
Only clean new bills are accepted. American Express Credit cards are widely accepted in hotels, restaurants, and businesses in the Philippines, especially in urban areas. A traveler can obtain cash using a credit card from selected banks. American Express travelers may obtain a cash advance or purchase traveler's checks from the company office in Manila using a personal check. Typically hot and humid all year-round throughout the region, the Philippine islands do have a dry and a wet season.