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The currency of the Philippines is the Philippine Peso, with one Peso equalling 100 centavos. Notes come in denominations of P1000, 500, 100, 50, 20, 10 and 5. Coins are in denominations of P5, 2 and 1, and 50, 25 and 10 centavos. Money can be exchanged easily at licensed bureaus in Manila, with services outside of the capital limited at best. Traveller’s cheques are accepted in most banks and larger hotels, though to avoid additional conversion charges they should be in US Dollars. ATMs are available, and major international credit and debit cards are accepted in larger towns and cities. See: Visa: http://www.visa.com/atms/ MasterCard: http://www.mastercard.com/cardholderservices/atm The import and export of domestic currency is limited to P10,000, though this can be increased with the permission of the Central Bank. The import and export of foreign currency is unlimited, provided amounts over P10,000 are declared. Business: General banking hours in most areas are from 0900 to 1600 Mondays to Fridays. Shopping hours are generally from 0930 to 2000, Mondays to Saturdays, though these can vary greatly. Business dealings in the Philippines are generally formal, and a suit and tie are expected – though don’t be surprised to see people wearing barong tagalongs to meetings, which are far cooler for the climate. Punctuality and general politeness are important, and accepting food that is offered is customary. Tips are usually ten percent of the total cost, though some hotels and restaurants automatically add a 15 percent service charge.
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