Philippine currency consists of pesos and centavos, with one peso (PhP1 or simply P1) being equivalent to one hundred centavos. Bills come in 10-, 20-, 50-, 100-, 500-, and 1,000- peso denominations, while coins are in 1-, 5-, 10-, and 25- centavo, as well as 1-, 5-, and 10- peso denominations.
Foreign currency may be safety exchanged at hotels, bank, authorized money-changing shops, and most big department stores; anywhere else is illegal. Most hotels, resorts, and large restaurants and stores accept major credit cards such as VISA, MasterCard, and American Express. Do note that personal checks are generally not accepted, while travelers' checks are typically only recognized at hotels and major department stores.