Here is a link to show you that you can buy US$ at BPI for 46.75 pesos
BPI Forex Rates | BPI
The page also states:
Limit on foreign exchange that may be purchased without documents for non-trade purposes has been increased from USD30,000 to USD60,000 effective November 24, 2010.
That means to me that its a pretty good rate if you are buying up to US$ 60,000