There's a money changer along Daang Hari about midway between Alabang Muntinlupa and Molino, Cavite that offers a better exchange rate than the popular Czarina. It's Xchange Forex, located inside the RUSTAN'S Supermarket in the EVIA Lifestyle Center, along Daang-Hari, near McDonald's Daang-Hari, the soon-to-open BDO Daang-Hari, and behind STARBUCKS Daang Hari.
I have exchanged my US dollars at this money changer for the past two months, and its exchange rate is really better, although the difference from Czarina's rate is just in Cents. But if you have a lot of US dollars to exchange, then this small difference becomes BIG.
And it seems the owner Adelaida Ghassemi is also a good taxpayer! An Official Receipt is issued, with a VAT Registration No.
Xchange Forex is located inside RUSTAN'S, to the right of this McDonald's along Daang Hari, the road that links Alabang, Muntinlupa to Molino, Bacoor, Cavite.
UPDATE July 29, 2013:
Contrary to what I said above, Czarina's US dollar rate was better than Xchange today at 4 PM. Czarina's US dollar rate was better by 2 Philippine cents. Within a span of 1 hour today, I changed US dollars at Czarina Alabang Town Center and Xchange Forex, and these were the rates:
Czarina: 1 US dollar = 43.37 pesos
Xchange: 1 US dollar = 43.35 pesos
UPDATE November 5, 2014:
Xchange had higher rates today
Xchange: 1 US dollar = 44.90 pesos
Czarina: 1 US dollar = 44.80 pesos
UPDATE: December 26, 2014:
Xchange probably had problems; their exchange rates over the holidays were not good.
Their US-dollar to peso rate fell below 44 pesos while Czarina's rate hovered around 44.50 pesos.
The Xchange teller said their rates will probably return to normal after the holidays.
Money Changers Giving the Best Exchange Rates in the Alabang Muntinlupa area