Today, 1.00 (one) Dollar is worth 58.94 Philippine Peso, ie, $1.00 = ₱58.94. That's because the current exchange rate, to PHP, is 58.94. So, to make Dollar to Philippine Peso conversion, you just need to multiply the amount in USD by 58.94.
Learn how to get the best US Dollar exchange rate before exchanging your money
The US Dollar is the official US Dollar currency. USD/PHP represents the value of US Dollar money in Philippine Peso money and it is called the 'exchange rate' or 'forex rate'. This exchange rate from US Dollar to Philippine Peso is today at 58.939.
As an example, suppose you are from Manila Philippines and you travel to New york or in Los Angeles United States of America. There, you need to get 1000 US Dollars ( $) at a New york or in Los Angeles bank to pay your hotel. In this case you would pay 58.939 * 1000 = 58,939.032 Philippine Pesos (₱). But, in practice, you will pay more (or perhaps much more) to get the same amount of your foreign currency due to the margin for the money conversion services costs like: commissions, credit card surcharges, ATM fees and other expenses. If, for example, you are using a credit card, this margin will typically be around 2 to 3 percent. We recommend that you choose the best place to make your money exchange because there can be a large difference between forex rates you will get.
In the example above for a 1000 US Dollars amount, the result of the money conversion is 60,117.813 PHP for a 2% margin or 60,707.203 PHP for a 3% margin.
Some Internet based foreign currency exchange agencies add 10 percent or even more. So, if you make the same calculations above, there will be a difference of about 5,893.903 PHP depending on which forex bank or agency you choose to exchange your money. So, that's why we advise you to seek the best place to get the best fx rates for your upcoming money transfer/exchange. The only way to know what is the best exchange rate is to know what the current rate is. You can easily accomplish this by using periodically our currency converter above to get an idea of what forex rate to expect.
Note: If you use our currency converter, you only need to choose the amount of margin in its drop-down list and have an estimate of how much you will pay to get the desired amount.
By the way: there are some notations for this currency pair like USD-PHP or USDPHP among others. The currency symbol for US Dollar is ($) while the currency symbol for Philippine Peso is (₱). Note also that the United States of America country code is USA or US. The Philippines country code is PHL or PH
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