ATMs are available. You can set up a local account in U.S. dollars. Just deposit a check in a local bank here, from your foreign account in the US or where ever you live now. It will take thirty days to clear. Traveler's checks can be cashed at decent rates only at American Express offices, and even then the rates are not that good. I know of only two American Express offices, one in Manila and one in Cebu, and they are not open on weekends or in the evening. Banks don't want to cash traveler's checks. You have to set up an account, deposit them and wait for them to clear. You can go to American Express and write a check on your personal account in the US. They will give you pesos right away, but at a poor exchange rate.

So its best to bring some cash with you. But always use a money belt and don't show it around. As a foreigner, you will be considered wealthy even if you are not. And you could be a target of a pickpocket. Every one here thinks you are a millionaire just because you are a foreigner. So do be careful.

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