Here's a policy of one of the major banks in the Philippines China Bank regarding foreign currency.
As stated on China Bank's General Terms and Conditions on Deposit Products:
"Foreign currency notes, checks/drafts, and appropriate telegraphic transfers shall be accepted as deposits for foreign currency accounts, investments, or placements, subject to conditions and requisites as may be imposed by the Bank, its correspondent banks, and other regulatory bodies. Coins denominated in foreign currencies shall not be accepted for deposit. Notes and checks/drafts shall be subject to a minimum holding/float period."
Take note that China Bank doesn't accept coins which are not in Philippine peso currency or coins denominated in foreign currencies (such as US dollar coins, Chinese coins, Hong Kong coins, Taiwan coins, British coins, etc.).
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