In the Philippines, the local currency is the peso, most commonly denoted by the symbol ₱, PHP or a simple P in front of the amount.
Philippine peso is denominated in the following amounts:
Coins – ₱1, ₱5, ₱10
Bills – ₱20, ₱50, ₱100, ₱200, ₱500, ₱1000
Money exchange is extremely easy in Boracay. Along the beach front and main road, and everywhere in between, it is very easy to find a money exchange booth. The market is intense enough that exchanging cash often yields better rates. It is recommended to carry US$20 or US$50 bills to budget your trip. As you run out of local peso (PHP), simply exchange your US dollars for more. This way, you are not over budgeting or miscalculating your stay with local peso.
Merchants appreciate accepting lower bill denominations, so please be considerate when using larger bills such as ₱1000.
The Philippine peso is a very fluid currency, so there are minor currency regulations in place that no more than ₱10,000 (around US$225) in peso cash can be brought in or out of the country. As many Filipinos travel abroad for work, currency exchange is not difficult to find, however rates fluctuate wildly between merchants. In Boracay, however, this is not an issue as most exchangers are more-or-less at market price.
ATMs are largely found around the D*Mall area, with transaction limits of ₱10,000 per withdrawal and ₱20,000 maximum per day. It is common for machines to run out of cash during weekends and extended holidays.
The best currency to bring is US Dollar (USD), followed by regional currencies such as Hong Kong Dollar (HKD) and New Taiwan Dollar (TWD or NT$) and, in Boracay, both (South) Korean Won (KRW) and China Yuan Renminbi (CNY or RMB) are heavily accepted due to tourism, with USD always retaining highest convertibility.