Philippine Peso (PHP)
The Philippine Peso circulates in one of the world's largest remittance-receiving economies, with millions of overseas workers sending money home in PHP.
Convert PHP
1 PHP in major currencies
| PHP | All currencies |
|---|
A short history of the Philippine Peso
The Philippine peso inherited its name from the Spanish silver peso that circulated through the archipelago and the wider Pacific trade. The modern republic established the currency after independence in 1946, and the Central Bank of the Philippines began operations in 1949. The peso has moved from fixed and tightly managed arrangements toward a market-determined rate, with the central bank smoothing disorderly conditions.
The Philippines' currency story is shaped by overseas workers and services as much as by goods trade. Remittances, business-process outsourcing, tourism and electronics exports bring in foreign currency, while imported fuel and food create regular demand for dollars. That mix can make PHP resilient in some shocks and vulnerable in others.
What moves the PHP exchange rate
The peso is a liquid regional currency whose main drivers are external income, imports and US monetary policy.
- Remittances: millions of overseas Filipino workers send a steady flow of dollars and other currencies home
- US rates and the dollar: Philippine borrowers and investors respond to the cost and availability of dollar funding
- Imports and energy: the country imports much of its fuel, so oil prices can widen the trade deficit and pressure PHP
- BPO, tourism and electronics: services exports and semiconductor shipments provide important foreign-exchange earnings
The Philippine Peso in practice
Cards and mobile wallets are common in Manila and other cities, but cash remains essential for jeepneys, markets, small islands and many neighborhood stores. GCash and other electronic wallets are widely used domestically, though visitors may not be able to register without a local number or identity documents. Keep smaller peso notes for transport and tips.
The Philippines is one of the world's largest remittance markets, so consumers have many transfer options. Compare the total PHP received, including the exchange spread, cash-pickup fee and any local charge. Businesses receiving dollars and paying local wages may also use forward contracts to manage the peso value of their income.
Popular Philippine Peso conversions
USD/PHP is the principal reference pair and reflects the dollar, remittances and imported energy costs. SGD/PHP and HKD/PHP serve major worker corridors, while AED/PHP and SAR/PHP connect Gulf-based Filipino workers with families at home. JPY/PHP and CNY/PHP are important Asian trade and travel crosses.
Frequently asked questions
Why are remittances important to the Philippine Peso?
Overseas Filipino workers send large and relatively steady amounts home. Those inflows supply foreign currency, support household spending and can offset part of the country's goods-trade deficit.
Is the Philippine Peso pegged to the dollar?
No. PHP floats and the Bangko Sentral ng Pilipinas may smooth excessive volatility or disorderly market conditions. The dollar remains influential because of trade, remittances, debt and imports.
Should visitors carry cash in the Philippines?
Yes. Cards work well in formal urban businesses, but cash is necessary for local transport, markets, smaller islands and many independent vendors. Use reputable ATMs and keep smaller peso notes available.