The Philippine peso, symbolised locally and throughout Philippines guides as ₱ and internationally as PHP is the official currency and in almost all cases the only currency recognised for normal transactions. Banknotes come in denominations of 10, 20, 50, 100, 200, 500, 1000 and 2000 pesos. Coins are in 10c and 25c pieces, and P1, P5 and P10. The only other currency that would be recognised in rare cases would be the US dollar. Money changers are not so common in the Philippines outside some heavily touristed areas. Credit card holders can use VISA, MasterCard, American Express and JCB cards in many commercial locations in the Philippines.
The Philippines is traditionally a non tipping culture and so if there is no service charge a tip is not necessary but welcome. But tipping is becoming more common in the Philippines so you should be expected to tip a bit, and it is not common among the local population. Having said that a tip of ₱20-₱50 is a very good amount for small services. This is still less then US$1 but it does go along way for the natives.
VAT in Philippines is 10% and there is no tourist tax-refund system in operation.