The rules on bringing money in
These are worth knowing before you pack, because they are enforced at the border rather than at a counter.
The central bank's cross-border currency guidance states that a person may freely bring into or take out of the Philippines Philippine currency in amounts up to 50,000 pesos, and that going above that requires prior authorisation from the central bank together with a currencies declaration form. For foreign currency and other bearer monetary instruments, the free threshold is the equivalent of 10,000 US dollars, and amounts above that must be declared.
The Bureau of Customs restates the same thresholds, with a foreign currency declaration form required above the 10,000 US dollar equivalent.
Getting pesos at the airport
The airport publishes its money services terminal by terminal and level by level, which is more useful than wandering.
Across the terminals the listing includes bank ATMs, bank offices, and named money changers, spread between arrival lobbies, check-in areas and pre-departure areas. Some are landside, where an arriving passenger can reach them, and some are airside in pre-departure zones, which is only useful when you are leaving. At least one Terminal 1 ATM on the arrival curbside level is listed as operating 24 hours, which matters for late arrivals.
The sensible approach is to take enough at the airport to cover transport, food and any immediate needs, without treating the airport as the place to convert your whole trip's budget.
In the city
Metro Manila concentrates financial services in malls, and that is genuinely convenient. A large mall will typically have several bank branches, a row of ATMs and one or more licensed money changers within the same building, which lets you compare without walking between districts in the heat.
Bank branches keep business hours and generally close earlier than the mall does. ATMs in mall lobbies and near supermarkets are the after-hours option.
Practical points at the machine
Machines here often ask whether you want the transaction processed in your home currency. Choosing your home currency hands the conversion to the machine's operator rather than your own bank's network, which is rarely the better rate. Declining and letting your own bank convert is usually the cleaner choice, though your bank's own terms still apply.
Expect withdrawal limits per transaction that may be lower than you are used to, and expect notes to come out in large denominations. Break them somewhere that can handle it, such as a supermarket or your accommodation, rather than at a small stall.
Changing cash rather than withdrawing
If you are carrying foreign banknotes, licensed money changers are common in malls and commercial districts. Compare posted rates, check whether the rate shown applies to your denomination, and count the money before leaving the counter.
Notes in poor condition are sometimes refused or discounted, which is a common surprise for travellers carrying older or marked bills. Clean, undamaged notes get the smoothest treatment.
Coming back the other way
The same thresholds apply on departure, so if you have accumulated a large amount of pesos, spend it down or convert before you leave rather than discovering the limit at the airport. Small leftover amounts are easy to use at duty-free shops or on food before your flight, and both polymer and paper notes remain legal tender for that.