Note: This calculator uses the rate you provide. Actual rates may vary by bank or money changer.
Understanding the BSP Exchange Rate Calculator
The Bangko Sentral ng Pilipinas (BSP) Reference Exchange Rate Bulletin is a critical resource for businesses, accountants, Overseas Filipino Workers (OFWs), and individuals involved in foreign currency transactions in the Philippines. Unlike commercial bank rates, which include a spread (profit margin), the BSP rates serve as a benchmark for policy, customs valuations, and accounting standards.
Our BSP Calculator helps you quickly compute the value of your currency based on these specific reference rates. Whether you are converting US Dollars (USD), Euros (EUR), or Japanese Yen (JPY) to Philippine Pesos (PHP), this tool ensures accurate math based on the input rate.
How to Use This Calculator
Since exchange rates fluctuate daily, this calculator requires you to input the current rate. Here is how to use it effectively:
- Select Conversion Direction: Choose whether you are converting foreign currency into Pesos (often used by OFWs remitting money) or Pesos into foreign currency (used for travel or payments).
- Enter Amount: Input the total amount of money you wish to convert.
- Input BSP Rate: Check the daily Reference Exchange Rate Bulletin on the BSP website and enter the value for your specific currency (e.g., USD to PHP).
Why Use BSP Rates?
1. Customs and Duties: The Bureau of Customs uses BSP reference rates to determine the dutiable value of imported goods. If you are an importer, using the correct BSP rate is essential for estimating your tax obligations.
2. Accounting and Financial Reporting: Philippine companies dealing with foreign currencies must record transactions using rates that comply with Philippine Financial Reporting Standards (PFRS), often referencing the BSP average or closing rates.
3. Benchmark for Remittances: While remittance centers apply their own service fees and rates, the BSP rate provides a solid baseline to gauge if the rate you are being offered by a commercial entity is fair.
Common Currency Pairs
The most frequently traded currencies against the Philippine Peso include the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Hong Kong Dollar (HKD), and Singapore Dollar (SGD). Always ensure you are looking at the "Peso Equivalent" column when reading the BSP bulletin for direct conversions.