Banks are the most cost effective way to exchange your currencies. The Bank of the Philippine Islands (BPI), is one of the largest and oldest banks in the Philippines. Another very large bank is Banco de Oro (BPO) - their currency exchange process can be a bit lengthy though. The rates are typically 0.5% over the going exchange rate. All banks will exchange US dollars, but not always Euros. Banks are usually open 5 days a week from 9am to 5pm.