Tourism in the Philippines is illegal. Balikbayans have separate rules and should check with the embassy or consulate in their home city. 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 the 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
Japanese currency the issuance of convertible banknotes, a central bank, the Bank of Japan, was established in 1882. The bank would stabilize the currency by centralizing the issuance of convertible banknotes. The first central banknotes were issued by the Bank of Japan in 1885. They were called Daikokusatsu (大黒札), and were convertible in silver. Following the devaluation of silver, and the abandon of silver as a currency standard by Western powers, Japan adopted the gold standard through the Coinage Law of 1897. The yen was fixed at 0.75g of pure gold, and banknotes were issued which were convertible into gold. In 1899,