What is the BSP reference rate?

The BSP reference rate is the weighted average exchange rate of the Philippine Peso against the US Dollar based on trades in the Philippine Dealing System (PDS). It is published by the Bangko Sentral ng Pilipinas (BSP) every business day and serves as the official benchmark for PHP/USD conversions.

Where can I get the best USD to PHP exchange rate?

You can compare rates from banks, licensed money changers, and digital remittance services. Licensed money changers in commercial areas like Makati, Ermita, and Cebu often offer rates closer to the BSP reference rate. Digital services like Wise, Remitly, and GCash International Remittance may also provide competitive rates with lower fees.

Why is the exchange rate I get at my bank different from the BSP rate?

Banks add a spread (markup) on top of the BSP reference rate to cover their costs and earn a margin. The buying rate (when you sell USD) is typically lower than the BSP rate, while the selling rate (when you buy USD) is higher. This spread varies by bank and transaction amount.

How often does the BSP update the USD to PHP exchange rate?

The BSP publishes its reference exchange rate once per business day, typically in the afternoon after PDS trading closes. Rates are not published on weekends and Philippine holidays. Market rates at banks and money changers may fluctuate throughout the day.

Is it better to exchange dollars in the Philippines or abroad?

In most cases, you get a better rate exchanging USD to PHP inside the Philippines, especially at licensed money changers in major cities. Exchanging at airports (either in the US or the Philippines) typically gives the worst rates due to high markups. If you are receiving remittances, compare digital transfer services for the best combination of exchange rate and fees.

USD to PHP Exchange Rate Today

Track the latest US Dollar to Philippine Peso conversion rate sourced from the Bangko Sentral ng Pilipinas (BSP).

Updated March 31, 2026

BSP Reference Rate

1 US Dollar =

60.7000PHP

+0.31vs previous day

Source: Bangko Sentral ng Pilipinas (BSP)

March 31, 2026

BSP Buying Rate (T/T): PHP	60.450
BSP Selling Rate (T/T): PHP	60.950
BSP Reference Rate: PHP	60.700
PDS Closing Rate (March 30, 2026): PHP	60.690
SDR Rate: $	1.35780 /SDR
Gold Buying: $	4,519.00
Silver Buying: $	69.95

Historical USD to PHP Rates (Last 7 Business Days)

Date	BSP Reference Rate	Change
March 31, 2026	60.7000	+0.31
March 30, 2026	60.3900	+0.17
March 27, 2026	60.2200	+0.21
March 26, 2026	60.0100	+0.08
March 25, 2026	59.9300	-0.33
March 24, 2026	60.2600	+0.13
March 23, 2026	60.1300	+0.57

How to Read Exchange Rates

The BSP reference rate tells you how many Philippine Pesos one US Dollar is worth. When the number goes up (e.g., from 56.00 to 57.00), the peso has weakened—you need more pesos to buy one dollar. When it goes down, the peso has strengthened.

For OFW remittances, a higher rate is generally better because your dollars convert to more pesos. For importers or travelers going abroad, a lower rate means your pesos go further.

Keep in mind that banks and money changers apply a spread (markup) on top of the BSP rate. The “buying rate” is what they pay you when you sell dollars, and the “selling rate” is what you pay when you buy dollars. The BSP reference rate falls somewhere in between.

Where to Get the Best Exchange Rate

Licensed money changers in business districts (Makati, Ortigas, Cebu IT Park) typically offer rates closest to the BSP reference rate. Always check that the establishment is BSP-licensed.
Digital remittance services like Wise, Remitly, and Western Union Digital offer competitive rates with transparent fees. Compare total cost (rate + fees) rather than the exchange rate alone.
Bank telegraphic transfers are reliable for large amounts but usually have wider spreads and higher fees compared to specialized services.
Avoid airport money changers—they typically offer the worst rates due to high overhead and a captive audience.
Compare multiple sources before transacting. Even small differences in the rate can matter significantly on larger amounts.

Frequently Asked Questions

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Source & Freshness

Source

Bangko Sentral ng Pilipinas (BSP)

Updated

March 31, 2026

Review cycle

Daily (weekdays)

Exchange rates shown are BSP reference rates for informational purposes only. Actual rates at banks and money changers will differ due to spreads and fees. Always confirm the final rate with your provider before making a transaction.