Philippine Peso (PHP)

Philippine Peso Basic Concepts

The Philippine Peso is the official currency of the Republic of the Philippines with the currency code PHP and symbol ₱. It is issued and managed by the Bangko Sentral ng Pilipinas (BSP) and is mainly used for domestic economic transactions and international trade settlements, and is one of the important currencies in circulation in Southeast Asia.

Countries and regions where the Philippine Peso is used

The Philippine Peso is mainly used within the Philippines as the country's legal tender. It is also accepted in some border areas or tourist attractions of neighboring countries, but the circulation is mainly limited to the Philippines itself and is not used for official transactions in other countries.

Philippine Peso Units and Denominations

The Philippine Peso is divided into a primary unit, the peso, and a secondary unit, the cent, with one peso equaling 100 cents. Common denominations of banknotes include 20, 50, 100, 500 and 1,000 pesos, while coins are available in denominations of 1, 5, 10 pesos and 1, 5, 10 and 25 cents. The different denominations of banknotes and coins are emblazoned with Philippine historical figures and national symbols.

Historical Background of the Philippine Peso

The history of the Philippine Peso dates back to the Spanish colonial period and was initially based on the Spanish silver dollar, which became an independent currency system with the establishment of the Bangko Sentral ng Pilipinas (BSP) in 1949. Since then, the peso has undergone a number of devaluations and reforms, including a currency name change in 1967 and the issuance of a new design series in 2010 to enhance security features and reflect the country's cultural identity.