The monetary unit is the peso (P) which is made up of 100 centavos. Paper notes are in denominations of 500 pesos, 100 pesos, 50 pesos, 20 pesos, 10 pesos, 5 pesos and 2 pesos. Coins come in one, five, 10, 25 and 50 centavos and in one peso and two peso denominations. The peso's exchange rates often vary from day to day. Local banks always have the official guiding rates.
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