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Philippine peso

The Philippine peso (Filipino: piso) is the official currency of the Philippines. The word piso derives from the Spanish word peso, which means "weight". It is divided into 100 centavos or sentimos.

The symbol used for the Philippine Peso is shown below.

Philippine Peso

Contents

Denominations

Notes

  • 1000 pesos
  • 500 pesos
  • 200 pesos
  • 100 pesos
  • 50 pesos
  • 20 pesos
  • 10 pesos¹
  • 5 pesos¹

Coins

  • 10 pesos
  • 5 pesos
  • 2 pesos²
  • 1 peso
  • 50 centavos²
  • 25 centavos
  • 10 centavos
  • 5 centavos
  • 1 centavo

¹ No longer printed but still legal tender
² No longer minted (demonitized)

History

The peso has been a floating currency since 1946. This means that the value is dictated by market forces. Under the US Administration (1903-1946), the value of the peso was $0.50 US dollars. This value was decreed by law, and applied to all Philippines currency (50 centavo coins were exchangeable for 25 US cents, 20 centavos were exchangeable for 10 US cents, 2 x 5 centavo coins were exchangeable for 5 US cents, and, I imagine, 20 x 1/2 centavo coins were exchangeable for 5 US cents). US Administrators also created coins specifically for the Culion Island Leper Colony - these were not intended to enter general circulation (for fear of spreading leperosy). After the Philippines became independent, the value of the peso quickly devalued to around 25 peso = 1 US dollar following the fall of Ferdinand Marcos' regime. It would continue devaluation until Fidel Ramos would assume the presidency. During the 1997-1998 Asian financial crisis, the peso lost its value to 40+ peso to the US dollar and then became 50+ peso to the US dollar during the economic crisis in the time of President Estrada. The value of the Philippine Peso is currently pegged at around 56 pesos for 1 dollar as of 2004.

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Last updated: 05-03-2005 17:50:55