₱ Philippine Peso
Currency Code: PHP
Currency of the Philippines. Key currency for Southeast Asian remittances.
Issuing Authority
Bangko Sentral ng Pilipinas (BSP)
Key Features
BPO and Outsourcing Hub
The Philippines BPO and IT-services sector invoices global clients at scale.
Stable Economy
Philippines has stable economy with growth 5-6% annually.
Modern Payment Rails
InstaPay and PESONet provide real-time and same-day domestic PHP settlement.
Young Population
Young, tech-savvy population drives adoption of digital payments.
Popular Corridors
US → Philippines
Australia → Philippines
GCC → Philippines
Canada → Philippines
Frequently Asked Questions
What is the PHP/USD rate?
Approximately ₱55-58 = $1 USD. BSP manages rate.
How do we collect PHP from Philippine customers?
A local PHP account in your business name receives InstaPay and PESONet payments domestically.
How much cheaper than a bank wire?
30-40% lower all-in than SWIFT fees plus a bank FX markup.
Can I set up monthly transfers?
Yes, automated recurring transfers available.
What are typical PHP transfer fees?
$2-5 per transfer. Very competitive rates.