Which rate to use
- Checking a remittance: convert at the official rate and compare with the pesos the firm promises; the difference is its rate margin. The corridor table above shows what surveyed firms charge in total.
- Buying dollars at a bank: the bank's selling rate is what you pay. On ₱50,000, BPI's and Metrobank's posted selling rates are the realistic yardstick, not the weighted average.
- A past month or year: use the BSP monthly and annual averages.
Tax and exchange rates
- For tax, a business converts US-dollar transactions at the Bankers Association of the Philippines rate and other currencies at the BSP rate on the transaction day; a rate from another source without the sworn statement is disregarded in a BIR audit (BIR RMC 12-2024). More: income tax.
- Money family abroad sends you is not part of your gross income: gifts are excluded under NIRC Sec. 32(B)(3), and an OFW's pay earned abroad is not taxed here (Sec. 23(C)). More: are remittances taxable?
- OFW remittances are exempt from documentary stamp tax (RA 8042 Sec. 35 as amended by RA 10022). More: documentary stamp tax.
- Interest on a resident's foreign currency deposit is taxed at a 20% final tax since 1 July 2025 (RA 12214, CMEPA). More: final tax.
- A business pays income tax on forex gains only once they are realized, not on year-end revaluation (same RMC).
Questions
What is the BSP exchange rate for the dollar today?
On the BSP Reference Exchange Rate Bulletin for 2 Oct 2026, the weighted average rate is ₱62.7480 per US dollar and the reference rate is ₱62.8000. The weighted average is the one BSP multiplies into every other currency's peso value.
What is the BDO, BPI or Metrobank dollar rate today?
BPI sells US dollars at ₱62.6500 (2 Oct 2026, 4:19 PM); Metrobank sells US dollars at ₱63.0500 (2 Oct 2026, 9:09 AM). BDO posts its own board on bdo.com.ph. Each bank buys dollars from you below its selling rate.
How often are these rates updated?
BSP issues a bulletin each banking day; the 2 Oct 2026 bulletin was generated at 08:43 AM. Central-bank rates for currencies BSP does not list follow each bank's own working days. Weekends and holidays keep the last figure.
Why is there no BSP rate for the Qatari riyal or Omani rial?
BSP lists 32 currencies. For 20 of the top 50 it lists none, so this page converts the home central bank's dollar rate (or its fixed peg) through BSP's weighted average dollar rate, the same arithmetic BSP uses for its own list. Each row names its source.
Where do I get the most pesos for my dollars?
Compare the buying rate, the figure a bank pays you. On 2 Oct 2026 the dollar buy-sell spread was BPI ₱0.50 and Metrobank ₱0.50 per dollar. For money sent from abroad, the remittance firm's margin matters more: in the World Bank Q3 2025 survey the cheapest firm from the US cost 0.58% of the amount and the average 4.52%.
What are today's rates for the riyal, dirham and other OFW currencies?
As of 2 Oct 2026: 1 SAR = ₱16.7136, 1 AED = ₱17.0845, 1 QAR = ₱17.2385, 1 KWD = ₱203.7604, 1 SGD = ₱49.0219, 1 HKD = ₱7.9972.
Where is a money changer near me?
BSP-registered money changers and remittance offices are listed by province and town on the offices by province page of this site, built from the BSP registry; check any office on the BSP Verifier before you deal with it.
Why does Google show a different dollar rate?
Google's converter shows a market rate supplied by a data vendor and updated during the day. The BSP figure is the weighted average of the previous trading day in the local dollar market. Neither is the rate a bank or remittance firm gives you; their own buying rate is.
Which currencies moved most against the peso this year?
Over the 12 months to 2 Oct 2026, the largest gains in pesos were the Colombian peso (+26.73%), Nigerian naira (+17.90%), Israeli shekel (+16.42%). The weakest were the Turkish lira (-8.76%), Romanian leu (-2.22%), Sri Lankan rupee (-1.40%).
Rates come from the BSP Reference Exchange Rate Bulletin, 2 Oct 2026. For the 20 currencies BSP does not list, the home central bank's rate or peg is converted through BSP's weighted average dollar rate; the Kuwaiti dinar, printed N/A by BSP, uses the Central Bank of Kuwait.