About the Philippine Peso
The Philippine peso is the currency of the Philippines, issued by the Bangko Sentral ng Pilipinas. The peso floats, but the central bank steps in to smooth sharp moves.
Money sent home by Filipinos working abroad is one of the largest sources of foreign currency for the country, along with business process outsourcing. These steady inflows support the peso, and they tend to rise ahead of Christmas.
The central bank targets 3% inflation, within a band of 2% to 4%, and its Monetary Board sets the policy rate at scheduled meetings through the year.
Paying in PHP
- Account details
- The Philippines does not use IBANs. A peso payment needs the account number, the account holder's name exactly as the bank holds it, and the bank's SWIFT/BIC code.
- InstaPay and PESONet
- Domestic peso transfers of up to ₱50,000 go through InstaPay and arrive within seconds; business accounts can have a higher InstaPay limit. Larger payments go through PESONet, which has no upper limit and settles in batches during the day.
- Purpose of payment
- Philippine banks ask for the purpose of incoming international payments. Include a clear payment description to avoid delays.
Market news and analysis on the HUBFX blog.
