Correction: US$1.00 = Php53.000
3million = $159,000,000 (that's 3M x 53), NOT US$56603.774 = Php3million
And you're right gimo33, 3million pesos is not equal to $15,900,000,000........ It's $159,000,000 only!
Peso-dollar exchange here is unstable. Sometimes it goes up to 60-is-to-1 or even lower than 50 per dollar.
Still and all, that's awful lot o' money!