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 " sentimo.
The symbol used for the Philippine Peso is shown below.
Denominations
Notes
- 1000 pesos
- 500 pesos
- 200 pesos¹
- 100 pesos
- 50 pesos
- 20 pesos
- 10 pesos¹
- 5 pesos¹
Coins
- 10 pesos
- 5 pesos
- 2 pesos²
- 1 peso
- 50 centavos²
- 25 centavos
- 10 centavos¹
- 5 centavos¹
- 1 centavo²
¹ No longer printed but still legal tender.
² No longer printed and not legal tender.
History
The peso has been a floating currency since the 1950s. This means that the value is dictated by market forces. In the 1960s, the value of the peso was 0.50 US dollars. From there, it 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.
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