The official currency of the Philippines is the Peso.
Changing foreign currency on Malapascua Island is no longer a problem. Cocobana Beach Resort, for example, accepts most common foreign currencies but only cash, no traveller's check anymore. Preferred form of payment is cash in Swiss Francs, Euros or US Dollars. We also accept Master and Visa Cards, but we prefer cash. For credit cards you have to pay a 5% extra charge.
The exchange rate for the Philippine Peso usually fluctuates a lot over time.
1 Swiss Franc equals about P/51, 1 Euro about P/51 and 1 USD about P/44. (As of January 19, 2015).
This is just to give you a rough idea of the exchange rate. For the daily rates please check Oanda.
Be aware that there is no bank in Malapascua Island to get money. The next ATM machine you will find in Bogo, a hard half day go and back trip by boat and bus from Malapascua.
Most of the Resorts accept all common foreign currencies, but cash only and for a lower rate. That's why we advise our guest to bring enough Pesos cash along. You can change also foreign currencies in Cebu City at Fuente Osmeña Circle beside or in Rajah Park Hotel or on the groundfloor of Ayala or Robinson Shopping Center.
Make sure you also bring sufficient small change with you. like P/20, P/50 or P/100 notes not only nominations of P/1000 or P/500. You can make also small change at Metro Bank on Osmeña Boulevard just beside Robinson Shopping Center. The best bank where you can get small change.