MONEY MATTERS
The following are quick facts related to things that involves money. We hope you find it usueful in your specially when budgetting your trip to Davao City.
Today's Foreign Exchange Rates
| USD ( $ ) |
PHP 46.945 |
| GBP ( £ ) |
PHP 82.8175 |
| JPY ( ¥ ) |
PHP 0.4384 |
| Updated: Sep. 05 2008 |
(The above information is automatically updated every hour based on Yahoo! Financials.)
Cost of Living
Davao City is one of the most affordable place to live in. Food is also very affordable due to the fact that Mindanao supplies much of the Philippines' fruits, vegetables, and others. As a clear example, with just Php 100 or below, you can have a very delicious, and filling meal at decent restaurants all over Davao. An average night out clubbing can only cost you around P300 to P1000 depending on the places you go to. Should you want to go extravagant, this city gives you many options as well! Bottom line is, the money you spend in this city will be trully worth it.
Currency
The Philippine currency is peso, divided into 100 centavos. Next to the peso, the US dollar enjoys wide acceptance. The currency code is PHP. It stands for Philippine peso. Bank notes come in P10, P20, P50, P100, P200, P500 and P1000 denominations, while coins come in 5c, 10c, 25c, P1, P5 and P10.
Credit Cards
Major foreign credit cards may be accepted only at major hotels, resorts, shops and restaurants. Visitors are advised to bring sufficient amount of change in small bills or coins.Major international credit cards are widely accepted in hotels, resort, restaurants, shopping centers, among others.
Business Hours
Banks and Government offices:
Banks are usually open 10 a.m. to 3 p.m. on weekdays and 9:30 a.m. to 11:30 a.m. on Saturdays.
Offices:
Government and private offices are open from 8 a.m. to 5 p.m. on weekdays; though some may open on Saturday, the weekend is generally considered day off.
Shops (Hours vary):
Most shops open at 10:30 a.m., closing at around 7 p.m. Lunch hour is usually from noon to 2 p.m.
GDP Growth Rate
GDP - real growth rate: 4.5%
Inflation
3.1%.
Exports
quality handicrafts, and also sells antiques, artifacts from Mindanao's tribes, Indonesian batik, traditional Muslim brass items, and costume jewelries
Trading Partners
Japan, the United States of America, the Middle East, and Europe.
Industries
Agriculture, fishery and forestry industries.
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