One peso consist of 100 centavos. P48-50 more or less. This is welcome news to visitors whose currency's buying power has just increased by almost 100 percent. The U.S. dollar is the preferred foreign currency though banks and some money changers also exchange other foreign currency. However, smaller branches especially in the provinces and in remote locations might not.
Cash commands a higher exchange rate than travellers checks.
Money changers often offer higher exchange rates as compared to banks, hotels and most tourist establishments but be on your guard for unscrupulous swindlers. The bank exception is Banco de Oro whose rates are comparable to the best money changers can offer. There are banks in the arrival area though these may not offer the best rates so change just a limited amount. However, exchange rate is quite low making purchases more expensive as compared to paying in cash. ATM's are widespread in Metro Manila and in all the major cities of the country.