Thanks Tommo, I thought that might be the case.
I would change the money at Manila airport - the rate was pretty good when I was there. It was actually better at manila airport than at the changers in cebu city.
Manila Airport is your easiest option.
Depending on how long you are in Philippines and hence how much money you need, for longer stays it can be worth a P500 round trip in a white street taxi (hailed from the arrivals level, so you have to engage in nifty footwork at the airport) to visit Edzen or Sheena moneychangers in A. Mabini Street, Ermita (near Robinsons Place shopping centre). The round trip may take more than two hours in heavy traffic, depending from and to which airport terminal you are travelling.
If only in Philippines for a week or so, however, just change money at the airport upon arrival.
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