The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
In 1898, the country issued its currency backed by the Philippines' natural resources. In 1902, the US captured the Philippines and established a new currency pegged to gold, about half the price of a US dollar then. In 1993, the Philippine peso became a floating currency.
Philippine coins and banknotes are mostly produced in the BSP Security Plant Complex (SPC). Over the past four decades, the SPC has become a world-class producer of quality coins and notes. It has overseen the design, production and issuance of four generations of legal tender Philippine currency.
Few Important Points of the Philippine Peso (PHP)
Symbols: ₱
ISO code: PHP
Central Bank: Bangko Sentral ng Pilipinas
Currency Subunit: Sentimo = 1/100
Denominations: Banknotes: ₱20, ₱50, ₱100, ₱200, ₱500, ₱1,000
Coins: 1, 5, 10, 25 sentimos, ₱1, ₱5, ₱10, ₱20
Countries using this currency: Philippines
Currencies pegged to PHP: None
PHP is pegged to: None
When was the PHP currency introduced?
Although currency of varying types has been used in the Philippines for a long time, the Philippine peso dates back to 1898. It was introduced by the revolutionary government after independence was declared. This form of the peso stopped being produced after the Philippines became an American colony, but the name peso lived on.
Is the Philippine peso pegged to USD?
The Philippine peso is not pegged to USD. However, pesos were pegged to the US dollar during the period that the US was in control of the Philippines. When the Philippines became independent in 1946 the central bank tried to keep the currency pegged to the dollar, but a black market trading in dollars grew up. This led to devaluation of the peso over time.
The decision to officially stop pegging the peso to USD was taken in 1993, and the currency has been free floating since 2003.
Where can you exchange Philippine peso?
You’ll be able to change your money to Philippine pesos at your bank, at a branch of a currency exchange service, online or even in a hotel or airport. However, it’s good to know that the exchange rates and fees on offer may vary wildly. Typically the exchange rates used in airport and hotel exchange desks do not offer great value, for example.
Historical exchange rate
The official exchange rate was ₱2 against the U.S. dollar from 1946–62, devalued to ₱3.90/$ in 1962, and devalued again to ₱6.43/$ in 1970. Black market exchange rates during these periods, however, were nearly always higher than official rates. Several depreciations followed, with the peso trading at ₱18/$ in 1984 from the dirty float at ₱11.25/$ in 1983 and ₱21/$ in 1986. In the early 1990s, the peso depreciated again to ₱28/$. Due to the 1997 Asian financial crisis, the peso depreciated from ₱26/$ in July 1997 to ₱42/$ in 1998 and to about ₱50/$ in 2001. Black market exchange rates as seen in the past are now nonexistent since official exchange rates now reflect underlying supply and demand rather than political considerations.
Value of the Philippine Peso (As on 22/04/2022)
1 Philippine Peso = INR 1.46 (Indian Rupees)
1 Philippine Peso = PKR 3.59 (Pakistani Rupees)
1 Philippine Peso = BDT 1.66 (Bangladeshi Taka)
1 Philippine Peso = USD 0.019 (United States Dollar)
1 Philippine Peso = EURO 0.018 (Euro)
You can watch the following video in YouTube in my channel "CURRENCY UNIVERSE" to know more about Philippines' Currency. Please note that the videos are in Hindi.
PHILIPPINES CURRENCY - THE PESO
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Last updated on 22/04/2022
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