Friday, June 3, 2011


The paper currency ranges from a 1000 peso note down to a 20 peso note
In the Philippines, coins of 1, 5, 10, and 25 centavos (officially called sentimo), and 1, 5 and 10 pesos (officially piso) are in use
32,000 pesos pays the rent
All these coins, added together, ALMOST equal $1.oo American
43 Pesos equals $1.00

The unit of money in the Philippines is called pesos. The current exchange rate makes it about 43 pesos to an American dollar. The ATM machines and banks only allow you to take out 10,000 pesos a day ($250) and everything you buy must be paid in cash. This makes it very difficult when you have to pay rent, which comes to about $725 American, and becomes one huge stack of money, since the largest bill in the Philippines is a 1000 peso note. That means you would need about 32, one thousand peso notes, to pay your rent, which would require at least four separate trips to the ATM. Imagine having to buy everything with cash in the U.S. It is also interesting to note, that each time you withdraw cash from the ATM, there are fees attached, such that by the time your mission has ended, you have probably paid $1000 just in fees! That ought to aid the Philippine economy.

1 comment:

  1. Sounds like a really neat and different type of mission. I didn't even know we had missions like that. I am so glad that you update your blog so often. It is neat to see what you do. I can't believe that it has been so long since I first met you....EFY so many years ago. Do you remember me? I am now in Pocatello going back to school again. Keep up the great work