Local Currency and Exchange Information

The local currency in Manila, Philippines, is the Philippine Peso (PHP). As of October 2023, the exchange rate is approximately 1 USD to 56 PHP, but rates can fluctuate, so it's advisable to check the current rates before your trip.

Currency exchange can be done at:

• Airports
• Banks
• Authorized money changers
• Hotels, though rates may be less favorable

It’s recommended to exchange some money before arriving or use ATMs for better rates. Always check for any additional fees associated with currency exchange.

Payment Methods and Banking Options

ATMs

ATMs are widely available in Manila, especially in urban areas and malls. Most accept international cards, but it's prudent to carry a backup card in case of any issues. Be aware that some ATMs may charge withdrawal fees.

Credit and Debit Cards

Credit cards are accepted in most hotels, restaurants, and shops, but it’s advisable to carry cash for smaller establishments and markets. Visa and Mastercard are the most widely accepted, while American Express may not be as commonly used.

Banking Services

Major banks in the Philippines include BDO, BPI, and Metrobank. They offer various services for travelers, including currency exchange and international money transfers. Ensure that your bank is informed of your travel plans to avoid any issues with card usage.

Tipping Customs and Payment Etiquette

Tipping in Manila is customary but not mandatory. Here are some guidelines:

• Restaurants: A tip of 10% is appreciated if service charges are not included.
• Taxis: Round up the fare or add a small tip for good service.
• Hotel staff: A tip of PHP 20-50 for bellhops and housekeepers is considered polite.

Always check your bill for any included service charges before tipping.

Cost Considerations and Budgeting Tips

Manila can be affordable, but costs vary based on lifestyle and choice of activities. Here are some average costs:

• Meal at an inexpensive restaurant: PHP 150-300
• Meal at a mid-range restaurant: PHP 500-1,200
• Local transportation (jeepney or bus): PHP 10-30
• Domestic beer: PHP 50-100

To budget effectively, consider using a daily spending limit, track your expenses, and prefer local eateries and markets for food to save money.

Practical Financial Advice for Travelers

• Notify Your Bank: Inform your bank about your travel plans to avoid any disruptions with your credit or debit card.
• Use Local Currency: Always pay in PHP when possible to avoid unfavorable conversion rates.
• Secure Your Cash: Keep a mix of cash and cards, and store them separately for safety.
• Exchange Wisely: Only exchange what you need and avoid exchanging money at airports for better rates.

By following these financial tips and insights, you can enjoy your time in Manila while managing your finances effectively.