Comment by addicted

Where does the Russian company get its Philippine Peso from?

Russia overall may have exported some stuff to Philippines but it’s a huge country. The specific company would now need to find a way to acquire a highly illiquid currency available in tiny numbers which would be expensive.

Instead, they simply buy dollars which are highly liquid, available in huge numbers, until now absolutely reliable, and accepted by everyone.

Trading in dollars was at the end of the day cheap.