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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.
Within the Philippines, however, this symbol is rarely used for item prices. Much more common are a simple P, or a P with one horizontal line instead of two.
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 its 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).
Following the fall of the government of Ferdinand Marcos, the peso quickly devalued to around 25 pesos to the US dollar. It would continue to devalue until Fidel Ramos assumed the presidency. During the 1997-1998 Asian financial crisis, the peso fell to 40+ pesos to the dollar. It further fell to 50+ pesos to the dollar during the political crisis in the time of President Estrada. By the end of 2004 the peso was hovering at 56 pesos to the dollar.
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