Money exchangers are abundant in the Philippines. The street exchangers usually pay more than the banks but you must be cautious and not go to any exchanger. Avoid people off the street who will come up to you and offer you a higher rate if you go to their exchanger. I have done this before but it's a scam. These money exchangers are good with their hands almost like a magician. Before you know it you are on your way out of the shop not realizing you have just been conned out of a few thousand pesos. From then I learned one golden rule, when in doubt, exchange money where the natives go. If there is anyone who knows the best honest place to obtain the most pesos in a money exchanger, it is a Filipino. If you are in Manila, Ermita on Mabini Street there is a money exchanger called Edzen. This is the place where most Filipinos go for their transactions. Again be careful because there are a lot of money exchangers and street people ready to intercept you on your way to Edzen if you are going by foot, just keep walking and tell them no thank you. Do not stop to chit chat. You can catch a taxi to Edzen too.
In Angeles, the money exchangers are competitive with each other and usually have the same rates. Fortunately I have not encountered any magicians in Angeles or street people offering me more for my money unlike Manila. Feedback I have received from other expats is that Norma's is the best place for money exchange. Norma's is located on Teodoro, 1-2 blocks from Field's Avenue; the street between Natalia Apartelle and Manson Drug. Other exchangers I have been to with a little more convenience due to location are:
a. Natalia Apartelle
b. One right next to Natalia Apartelle's Money exchanger
c. One across the street of Natalia Apartelle
d. One across from the Genesis bar.
Note: Always have bills in good condition or the changers may deny you. The crispier bills the better and always double count your money.