Check this web page for up to date Customs, Currency & Airport tax regulation details.
The taking in and bringing out of Philippines of Philippine currency in
excess of PhP10,000 is strictly prohibited.
Foreign currency in excess of US$10,000 carried by the traveler
must be declared at the Bureau of Customs Desk in the airport.
My information may be out of date so please make sure that you check this web page.
Traveler's' cheques are almost impossible to cash.
If you are coming to see psychic surgeon Laurence Cacteng, make sure you get some Euros prior to leaving your country. Laurence does not accept credit cards. He charges 70 Euros per treatment. Ten treatments are needed for
a complete body clean up. More if you are having more than 10 treatments.
If you still owe money to Patrick, this should also be in Euros cash.
My advice would be to bring cash with you and store it in the hotel safe.
The local currency in the Philippines is the pesos (Php).
Credit cards are not accepted everywhere.
ATM machines where you can collect cash with a credit or debit cards are plenty.
Getting cash with a credit card in a bank can be difficult.