VISAS

If you are coming from America, Asia or Europe with a valid passport, and either a return ticket or a ticket to another destination outside the Philippines you may enter without a formal visa and stay for 21 days. If you wish to stay longer you must obtain a Visa Extension either before your trip from a Philippine Consulate or Embassy. Or, once here, you may obtain it from the Bureau of Immigration.

CUSTOMS

Upon Arriving: Visitors are allowed to bring in duty free personal belongings, two cartons of cigarettes or two tins of pipe tobacco and up to one liter of alcohol. Balikbayans have separate rules and should check with the Embassy or Consulate in their home city.

You may bring in unlimited amount of foreign currency.

Upon Leaving: Any antiques you may have acquired during your stay must be accompanied by a certificate from the National Museum. You may also not take more than PhP5,000.00 (five thousand Philippine pesos) out of the country.

CURRENCY

The currency in the Philippines is the Peso (PhP) and the Centavo. 100 centavos = P1. Coin denominations are: 1, 5, 10, and 25 centavos, P1, and P5. Bill denominations are : 10, 20, 50, 100, 500 and 1, 000 pesos.

Foreign currency may be exchanged at your hotel, and in most of the large department stores, banks and authorized money changing shops. Exchanging money anywhere else is illegal and the laws are strictly enforced.

Most large stores, restaurants , hotels and resorts accept major credit cards including American Express , Visas and MasterCard. Traveller' s checks preferably American Express are accepted at hotels and large department stores. Personal checks drawn on foreign banks are generally not accepted.

Excerpt from http://www.asiatravel.com/philinfo.html