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About Philippines
Currency
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The basic unit of Philippine currency is the peso (Tagalog: piso). There are 100 centavos in 1 peso. As of July, 1990 the exchange rate is approximately 24.00 per
US dollar. There are coins of 1 centavo, 5 centavos, 10 centavos, 25 centavos, 50 centavos, 1 peso and 2 pesos, and bills of 2 pesos, 5 pesos, 10 pesos, 20 pesos, 50 pesos, 100 pesos and 500 pesos.
The financial heart of the Philippines is in Makati, a part of Metro Manila, within a triangle formed by Ayala Ave, Makati Ave, and Buendia Ave. Most Philippine branches of foreign banks as well as the main offices of Philippine banks and Philippine subsidiaries of foreign banks are located there.
Banks in the Philippines are faster than banks in India or most African countries but slower than those in Hong Kong, Europe, and the United States. Many bank transactions will take one-half to one hour.
The bank doors open throughout The Country at 9:00 and close at 15:00 with few exceptions. Banking days are Monday through Friday except for holidays and days when there are typhoons. Days between a Sunday and a holiday often are declared "special non-working holidays" on which banks also remain closed. More complicated bank matters, especially those involving transactions with other countries, should be done at a head office.
Safe deposit boxes are difficult to find in Manila as well as in the bigger cities throughout the archipelago. In Manila, the best chance may still be at the head office of the Philippine National Bank in Escolta. Deposit boxes usually are rented by the year. In addition to the rental advance, a key deposit must be paid.
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