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Philippine peso
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The Philippine peso, also referred to by its Filipino name piso (sign: ₱; cPhilippines. It is subdivided into 100 centavos or sentimos in Filipino. As a former colony of the United States, the country used English on its currency, with the word "peso" appearing on notes and coinage until 1967...
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Currency Wiki
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https://currencies.fandom.com/wiki/Philippine_peso
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This page uses Creative Commons Licensed content from Wikipedia (view authors).
The Philippine peso, also referred to by its Filipino name piso (sign: ₱; cPhilippines. It is subdivided into 100 centavos or sentimos in Filipino. As a former colony of the United States, the country used English on its currency, with the word "peso" appearing on notes and coinage until 1967. Since the adoption of the usage of the Filipino language on banknotes and coins, the term "piso" is now used. Since 2017, the ISO 4217 standard refers to the currency by the Filipino termPhilippine pesojust "P
the Unicode standard in version 3.2 and is assigned U+20B1 (₱). The symbol can be accessed through some word processors by typing in "20b1" and then pressing the Alt and X buttons simultaneously.[2] This symbol is unique to the Philippines as the symbol used for the peso in countries like Mexico and other former colonies of Spain in Latin America is "$".
Banknotes and coins of the Philippines are minted and printed at the Security Plant Complex of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in Quezon City.
Coinage[]
Both Spain and the United States struck coins for the Philippines while the latter was their colony. Spanish issues were 1 peso, 2 pesos and 4 pesos (all gold from 1861–1868 and again in 1880-1885). Silver fractional coinage ran from 1864–1868 and again from 1880–1885 and were in the denominations of ten centavo, twenty centavo and fifty centavo.
The United States also struck coins for use in the Philippines from 1903 to 1945. Denominations included the ½ centavo, one centavo, five centavo, 10 centavo, 20 centavo, 50 centavo, and one peso. The ½ and 1 centavo coins were struck in bronze, the 5 centavo struck in Copper (75%) - Nickel (25%), the 10, 20, 50 centavo and peso coins were struck in a silver composition. From 1903 to 1906, the silver coins had a silver content of 90%, while those struck after 1906 had a reduced silver content of 75% for 10 through 50 centavos and 80% for the peso. In both cases the silver was alloyed with copper.
The obverse of these coins remained largely unchanged during the years 1903 to 1945. The ½ centavo, one centavo, and five centavo coins depict a Filipino man kneeling against an anvil, with a hammer resting at his side. He is on the left side (foreground), while on the right side (background) there is a simmering volcano, Mt. Mayon, topped with smoke rings. This figure is an allegory for the hard work being done by the native peoples of the Philippines in building their own future.
The obverse of the 10, 20, 50 centavo, and peso coins are similar, but they show the figure of Liberty, a standing female figure (considered by many to be the daughter of the designer 'Blanca') in the act of striking the anvil with a hammer. This was done to show the work being done by Americans in building a better Philippines. Liberty appears on the silver coins, instead of the base metal coins.
The reverse of the coins comes in two varieties. The earliest coins were minted when the islands were a US Territory, and they bear the arms of the US Territories. This is a broad winged eagle, sitting atop a shield divided into two registers. The upper register has 13 stars, and the lower register has 13 vertical stripes. The date appears at the bottom, and "United States of America" appears at the top.
When the islands became a US Commonwealth, the arms of the Commonwealth were adopted. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.
Coins were minted at the Philadelphia, San Francisco, Denver, and (after it was opened in 1920) Manila mints. Most of the coins struck at the Manila mint occurred after 1925.
Proof sets were struck for collectors from 1903 to 1908. It is likely that a large majority of these sets remained unsold at the time they were issued. The recorded mintage for sets in 1905, 1906, and 1908 is a modest 500.
Defenders of Corregidor threw a large number of silver coins into the ocean, rather than allow the Japanese to accumulate this wealth. A great deal of the booty was later recovered, but many of those were badly corroded.
Among the rarest coins in the U.S. Philippines series from the collectors' standpoint are the 1906-S One Peso, the 1916-S Five Centavos, the 1918-S Five Centavo Mule, the 1903-S Twenty Centavos (especially in Mint State) and the 1915-S One Centavo.
Three Commemorative coins were minted to celebrate the Commonwealth in 1936. They show President Franklin D. Roosevelt, Commonwealth President Manuel L. Quezon and U.S. High Commissioner Frank Murphy, who also has served as the last Governor General of the Islands. The 50 Centavo commemorative has a reported mintage of 20,000 pieces, was struck in 75% silver, and weighs 10 grams (the same specifications as other 50 centavos). The two varieties of One Peso commemorative had reported mintages of 10,000 pieces. They weigh 20 grams, and are 90% silver.
After the granting of independence to the Philippines in 1946, no coins were minted for the Philippine Republic until 1958, other than a small silver commemorative issue in 1947 to honor General Douglas MacArthur. Totals of 200,000 50 centavos and 100,000 one peso coins were minted with the general's image on the obverse and the national coat-of-arms on the reverse. Struck at the San Francisco Mint, they carry the "S" mintmark below the date.
In 1958, the 20 centavos was replaced with a 25 centavos and all coins were resized to be the same diameter as their US equivalents, albeit in more base metals, other than the centavo. The same seated man with anvil and volcano or standing liberty with anvil and volcano designs were retained for the obverses while the seal of the Central Bank of the Philippines dominated the reverse. These coins were minted by the Philadelphia Mint from 1958 through 1963, and then by the Royal Mint in England and the Vereinigte Deutsche Metallweke in West Germany in 1965 (dated 1964) and 1966. In view of all subsequent issues using the Tagalog language, this coinage is often referred to as the "English Series" since it uses the English language.
The next series was introduced in 1967, introducing images of various Philippine national heroes, and the use of the Tagalog (or "Pilipino") language, hence being called the "Pilipino Series." The sizes of the coins were reduced. These coins were struck by the various US mints, except for some 50 centavos pieces dated 1972 which were minted in Singapore, and a couple commemorative issues struck by the Sherritt Mint in Canada. In 1972 the one peso denomination was reintroduced.
In commemoration of Fedinand Marcos' declaration of Martial Law (which he titled "Ang Bagong Lipunan," the new society), a new series of coinage was issued in 1975, referred to as the Ang Bagong Lipunan Series. The 50 sentimo was done away with as a denomination and a new 5 peso issue took its place. A variety of mints provided these coins, including the Royal Mint in England and the Vereinigte Deutsche Metallweke in West Germany, Philadelphia and San Francisco mints in the US, the Franklin Mint (a private mint also in the US), the Sherritt Mint in Canada, and finally the Philippine's own mint, once it was opened and able to produce coinage. From this point on, the Philippine Mint (Bangko Sentral Pilipinas, "BSP") produced nearly all Philippine coinage.
After eight years, the Ang Bagong Lipunan series gave way to a new series titled the Flora and Fauna Series, in which the coins, in addition to featuring various Philippine national heroes as before, also began featuring various plant and animal life forms native to the Philippines. The 50 Sentimo and 2 Piso denominations were reintroduced, which latter had not been struck as a coin since the Spanish had struck it in gold. The 5 Piso denomination was stopped, but resumed (in a new smaller size) concurrent to the final four years of the Flora and Fauna Series which featured reduced sizes for all denominations. The Flora and Fauna Series was struck from 1983 through 1994.
In 1995 the New BSP Series was introduced, which is still circulating today, but might be demonetized soon. Only this current series of coins are legal tender as of January 2, 1998, when the Bangko Sentral ng Pilipinas issued BSP Circular No. 81 which called for the demonetization of all previous existing Central Bank coins minted before 1995.
Recently, fake 10- and 5-piso coins dating 2001 and 2002 have entered circulation. Because of this, the Bangko Sentral ng Pilipinas issued a warning and several security measures on importing and falsifying Philippine coins. And it is because the BSP has announced that there is an artificial shortage of coins last June 2006. The BSP has asked the public to use all small coins or to have them exchanged for banknotes in local banks or other financial institution.
In December 2008 a Philippine Congress resolution called for the retirement and demonetization of all coins less than 1 Piso. Although, the BSP still circulates coins less than 1 piso.
On November 29, 2017, the Bangko Sentral ng Pilipinas announced the release of the first coin in the New Generation Currency Coin series for circulation starting December 2017. As a tribute to the 154th birth anniversary of Andres Bonifacio, the first coin to be released was the new silver-colored 5-peso coin featuring Bonifacio on the obverse, replacing Emilio Aguinaldo. The reverse features the Tayabak plant and the new BSP logo. [3] The rest of the NGC coin series were presented on March 26, 2018.[4]
Banknotes[]
New Generation Currency Series (current)[]
In 2009, the Bangko Sentral ng Pilipinas announced that it will launch a massive redesign for the banknotes and coins to further enhance security features and to improve durability.[5] The members of the numismatic committee included Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. Ambeth Ocampo, chairman of the National Historical Institute. Designed by Studio 5 Designs and Design Systemat, the new banknotes' designs features famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010. The word used in the bills was "Pilipino" (ᜉᜒᜎᜒᜉᜒᜈᜓ). On December 16, 2010, the new design for Philippine banknotes were released. The font used for lettering in the banknotes is Myriad, while the numerals are set in the Twentieth Century font.[6] On December 16, 2016, BSP announced that they will launch sets of banknotes bearing President Duterte's signature. The BSP initially released five million pieces of the new 20, 50, 100, 500, and 1,000-peso bills with Duterte's signature. As for the 200-pesos bills, only two million pieces were released because of lower demand for this denomination.[7]
The New Generation Currency series will be the only circulating set of notes by December 30, 2017.[8]
In 2017, the BSP updated the design of the NGC series banknotes with the following changes:[9]
Replacing the signature of BSP governor Amando Tetangco Jr. to the newly appointed governor Nestor Espenilla Jr. (all banknotes)
Enlarged the font size of the year of issue (all banknotes)
Italicization of the scientific names on the reverse (all banknotes)
Replaced the images of the Aguinaldo Shrine and the Barasoain Church on the obverse side of the ₱200 banknote with scenes of the Declaration of Philippine Independence and the opening of the Malolos Congress respectively.
The text "October 1944" was added after the word "Leyte Landing" at the obverse of the ₱50 banknote
The Order of Lakandula Medal and the phrase “Medal of Honor” were removed on the obverse side of the ₱1000 banknote
Coins[]
Obverse Reverse Face Value Diameter Mass Edge Thickness Composition Edge Obverse Reverse Introduced File:Philngc1sentobv.jpg File:Philngc1sentrev.jpg 1 sentimo 15 mm 1.90 g 1.54 mm Nickel-plated steel Plain "Republika ng Pilipinas"; Three stars and the sun (stylized representation of the Philippine flag); Value; Year of minting; Mint mark Xanthostemon verdugonianus (Mangkono); logo of the Bangko Sentral ng Pilipinas March 26, 2018 File:Philngc5sentob.jpg File:Philngc5sentrev.jpg 5 sentimo 16 mm 2.20 g 1.60 mm Nickel-plated steel Reeded "Republika ng Pilipinas"; Three stars and the sun (stylized representation of the Philippine flag); Value; Year of minting; Mint mark Calotropis gigantea (Kapal-kapal Baging); logo of the Bangko Sentral ng Pilipinas March 26, 2018 File:Philngc25sentobv.jpg File:Philngc25sentrev.jpg 25 sentimo 20 mm 3.60 g 1.65 mm Nickel-plated steel Plain "Republika ng Pilipinas"; Three stars and the sun (stylized representation of the Philippine flag); Value; Year of minting; Mint mark Dillenia philippinensis (Katmon); logo of the Bangko Sentral ng Pilipinas March 26, 2018 File:Philngc1pisoobv.jpg File:Philngc1pisorev.jpg ₱1 23 mm 6.00 g 2.05 mm Nickel-plated steel Segmented (Plain and Reeded edges) "Republika ng Pilipinas"; Portrait of José Rizal; Value; Year of minting; Mint mark Vanda sanderiana (Waling-waling); logo of the Bangko Sentral ng Pilipinas March 26, 2018 ₱2 TBD TBD TBD TBD TBD TBD TBD TBD File:Philngc5pisoobv.jpg File:Philngc5pisorev.jpg ₱5 25 mm 7.40 g 2.20 mm Nickel-plated steel Plain "Republika ng Pilipinas"; Portrait of Andrés Bonifacio; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark Strongylodon macrobotrys (Tayabak); logo of the Bangko Sentral ng Pilipinas; Microprint of "Bangko Sentral ng Pilipinas" November 30, 2017 File:Philngc10pisoobv.jpg File:Philngc10pisorev.jpg ₱10 27 mm 8.00 g 2.05 mm Nickel-plated steel Reeded with edge inscription of "BANGKO SENTRAL NG PILIPINAS" in italics "Republika ng Pilipinas"; Portrait of Apolinario Mabini; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark Medinilla magnifica (Kapa-kapa); logo of the Bangko Sentral ng Pilipinas; Microprint of "Bangko Sentral ng Pilipinas"; Microdots March 26, 2018 ₱20 TBD TBD TBD TBD TBD TBD TBD late 2019 or early 2020
Banknotes[]
New Generation Currency series Image Value Dimensions
(millimetres) Main Colour Design Year of First Issue Usage in circulation Obverse Reverse Obverse Reverse File:PHP 20 obv.jpg File:PHP20 reverse.jpg
₱20Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value).
160 × 66 Orange Manuel L. Quezon, Declaration of Filipino as the national language, Malacañang Palace Banaue Rice Terraces; Paradoxurus hermaphroditus philippinensis (palm civet); Cordilleras weave design December 17, 2010 Wide File:PHP 50 obv.jpg File:PHP 50 rev.jpg ₱50Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Red Sergio Osmeña, First Philippine Assembly, Leyte Landing Taal Lake in Batangas; Caranx ignobilis, maliputo (giant trevally); Batangas embroidery design December 17, 2010 Wide File:PHP 100 obv (2010).jpg File:PHP 100 rev (2010).jpg ₱100Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Violet Manuel A. Roxas, Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila, Inauguration of the Third Philippine Republic Mayon Volcano in Albay; butanding, Rhincodon typus, whale shark; Bicol textile design December 17, 2010 Wide File:PHP 100 obv (new).jpg File:PHP 100 rev (new).jpg ₱100Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Violet Manuel A. Roxas, Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila, Inauguration of the Third Philippine Republic, stronger mauve color than previous banknote Mayon Volcano in Albay; butanding, Rhincodon typus, whale shark; Bicol textile design April 11, 2015 Wide File:PHP 200 obv (old).jpg File:PHP 200 rev (old).jpg ₱200Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Green Diosdado P. Macapagal, EDSA People Power 2001, Aguinaldo Shrine in Kawit, Cavite, Barasoain Church in Malolos, Bulacan
Chocolate Hills in Bohol; Tarsius syrichta, Philippine tarsier; Visayas weave design
December 17, 2010 Limited File:PHP 200 obv (2017).png File:PHP 200 rev (new).jpg ₱200Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Green Diosdado P. Macapagal, EDSA People Power 2001, Declaration of Philippine Independence in Kawit, Cavite, Opening of the Malolos Congress in Barasoain Church, Malolos, Bulacan
Chocolate Hills in Bohol; Tarsius syrichta, Philippine tarsier; Visayas weave design
December 5, 2017 Limited File:PHP 500 rev.jpg ₱500Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Yellow Corazon C. Aquino, Benigno S. Aquino, Jr., EDSA People Power I, Benigno Aquino monument in Makati City
Subterranean Underground River in Puerto Princesa, Palawan; Tanygnathus lucionensis, blue-naped parrot; Southern Philippines cloth design
December 17, 2010 Wide File:PHP 1000 obv (old).jpg File:PHP 1000 rev (old).jpg ₱1000Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Light Blue José Abad Santos, Vicente Lim, Josefa Llanes Escoda; Centennial celebration of Philippine independence; Philippine Medal of Honor
Tubbataha Reefs Natural Park in Sulu Sea; Pinctada maxima, South Sea pearl; Mindanao design for Tinalak (Ikat-dyed abaca)
December 17, 2010 Wide File:PHP 1000 obv(new).png File:PHP 1000 reverse (new).jpg ₱1000Lua error in Module:Anchor at line 14: attempt to call field 'compressSparseArray' (a nil value). 160 × 66 Light Blue José Abad Santos, Vicente Lim, Josefa Llanes Escoda; Centennial celebration of Philippine independence
Tubbataha Reefs Natural Park in Sulu Sea; Pinctada maxima, South Sea pearl; Mindanao design for Tinalak (Ikat-dyed abaca)
December 5, 2017 Wide Template:Standard banknote table notice
Security[]
Raised ink on all upper-left numbers (20, 50, 100, 200, 500, 1000) - All banknotes
Rough Texture - All banknotes
Concealed Value - All banknotes
Watermark - All banknotes
See-through registration device - All banknotes
5mm-wide 3D Security Thread - 1000 peso notes
4mm-wide Metallic Security thread - 100, 200, and 500 notes
2mm-wide Embedded Security thread - 20 and 50 Peso notes
Optically Variable Device Patch - 500 and 1000 Peso notes
Optically Variable Ink - 1000 Peso notes
UV Light - All Banknotes
Errors[]
Several errors have been discovered on banknotes of the New Generation series and have become the subject of ridicule on social networking sites. Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations, the mislocation of the Puerto Princesa Subterranean Underground River on the reverse of the 500-peso bill and the Tubbataha Reef on the 1000-peso bill, and the incorrect coloring on the beak and feathers of the blue-naped parrot on the 500-peso bill.[10][11] The scientific names of the animals featured on the reverse sides of all banknotes were incorrectly rendered as well.[12]
According to Design Systemat, the designers of the new bills, that drafts prepared by the company of the new 500-peso bill shows a red beak of the blue-naped parrot. This color was changed by the printers to account for practical printing concerns. The designers further explains that printing banknotes is not like printing brochures. Due to the intalgio printing and limited printing capability of banknote printers, it can only produce a limited full color reproduction.
The alleged mislocation of the Tubbataha Reef on the one thousand peso note was due to a security feature, a smaller version of the featured species on the bills' reverse (which is also featured on all banknote denominations) was located on top of the exact location of the Tubbataha Reef on the map. Giving the option of either moving the key security feature on the standard position or locating the Tubbataha marker correctly, the bills' French printers, Oberthur Technologies, decided to move the reef marker slightly south on the Philippine map.[13]
History[]
For more information, see History of Philippine money in the English Wikipedia
The Isabella peso or peso fuerte[]
The Isabelline peso, more formally known as the peso fuerte, was a unit of account divided into 100 céntimos (equivalent to 8 reales fuertes or 80 reales de vellón). Its introduction led to the Philippines' brief experiment with the gold standard, which would not again be attempted until the American colonial period. The peso fuerte was also a unit of exchange equivalent to 1.69 grams of gold, 0.875 fine (0.0476 XAU), equivalent to ₱1,390.87 (refers to the modern peso; as of September 2015).
Coin production at the Casa de Moneda de Manila began in 1861 with gold coins (0.875 fine) of three denominations: 4 pesos, 2 pesos, and 1 peso. On March 5, 1862, Isabel II granted the mint permission to produce silver fractional coinage (0.900 fine) in denominations of 10, 20, and 50 centimos de peso. Minting of these coins started in 1864, with designs similar to the Spanish silver escudo.
American Colonial Period (1901-1945)[]
After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso consisting of 12.9 grains of gold 0.900 fine (0.026875 XAU), equivalent to ₱2,933.07 modern pesos of as of 22 December 2010.
The act provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos.
Commonwealth Period (1935-1946)[]
When the Philippines became a US Commonwealth in 1935, the coat of arms of the Philippine Commonwealth were adopted and replaced the arms of the US Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.
Modern currencies (1946-present)[]
Pilipino Series[]
The Pilipino series banknotes is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1969 to 1973, during the term of President Ferdinand Marcos. It was succeeded by the Ang Bagong Lipunan Series of banknotes, to which it shared a similar design. The lowest denomination of the series is 1-piso and the highest is 100-piso. This series represented a radical change from the English series. The bills underwent Filipinization and a design change.After the declaration of Proclamation № 1081 on September 23, 1972, the Central Bank demonetized the existing banknotes (both the English and Pilipino series) on March 1, 1974, pursuant to Presidential Decree No. 378.[13] All the unissued banknotes were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design.
Ang Bagong Lipunan series[]
The Ang Bagong Lipunan Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso. After the declaration of Proclamation № 1081 by President Ferdinand Marcos on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree 378. All the unissued Pilipino Series banknotes (except the one peso banknote) were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. The one peso note was replaced with the two peso note, which features the same elements of the demonetized "Pilipino" series one peso note. On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce the banknotes. And a minor change of its BSP seal.
New Design Series[]
The New Design Series (NDS) was the name used to refer to Philippine banknotes issued from 1985 to 1993; it was renamed the BSP series when the Bangko Sentral ng Pilipinas was established in 1993. It was succeeded by the New Generation Currency (NGC) banknotes issued on December 16, 2010. The NDS/BSP banknotes were no longer in print and legal tender after December 31, 2015. The NDS/BSP notes was demonetized and exchanged with NGC notes in 2016; all will be withdrawn from circulation originally scheduled by January 1, 2017. The demonetization was however extended until December 29, 2017 after the Bangko Sentral ng Pilipinas approved the extension due to public clamor.
New Generation Currency (current)[]
In 2009, Bangko Sentral ng Pilipinas (BSP) announced that it has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability. The members of the numismatic committee include BSP Deputy Governor Diwa Guinigundo and Ambeth Ocampo, Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010.
References[]
Philippine peso on the English Wikipedia
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Philippine peso Banknotes 5¢ • 10¢ • 20¢ • ₱½ • ₱1 • ₱2 • ₱5 • ₱10 • ₱20 • ₱50 • ₱100 • ₱200 • ₱500 • ₱1,000 • ₱2,000 • ₱100,000 Coins ½¢ • 1¢ (1903–1963) • 1¢ (1967–) • 5¢ (1903–1966) • 5¢ (1967–) • 10¢ (1864–1885) • 10¢ (1903–1966) • 10¢ (1967–) • 20¢ (1864–1885) • 20¢ (1903–1945) • 25¢ (1958–1966) • 25¢ (1967–) • 50¢ (1865–1885) • 50¢ (1903–1964) • 50¢ (1967–) • ₱½ • ₱1 • ₱2 • ₱4 • ₱5 • ₱10 • ₱25 • ₱50 • ₱80 • ₱100 • ₱150 • ₱200 • ₱500 • ₱1,000 • ₱1,500 • ₱2,000 • ₱2,500 • ₱5,000 • ₱10,000 Miscellaneous Bangko Sentral ng Pilipinas • Centavo • Peso • Philippine peso sign • Sentimo • Nestor Espenilla Jr.
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https://forkast.news/local-currency-stablecoins-good-for-non-us-countries/
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en
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Why local currency stablecoins are good for non
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[
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[
"Wei Zhou",
"Kari McMahon",
"Maha Shah"
] |
2022-12-13T11:02:00+00:00
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Stablecoins in USD burden ordinary crypto users as well as the monetary policies of smaller nations, writes Wei Zhou, CEO of Coins.ph.
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/apple-touch-icon.png?v=2
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Forkast
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https://forkast.news/local-currency-stablecoins-good-for-non-us-countries/
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People ask me all the time about what I think of digital asset classes like central bank digital currencies (CBDCs) and stablecoins. I like to approach these questions by thinking about what kinds of tools people could benefit the most from in their everyday lives.
In the Philippines, the biggest recent crypto macro trend that has taken place is the play-to-earn phenomenon. Over the last two years or so, we have seen up to three or four million people every day playing Web3 games that allow them to earn cryptocurrency. But rather than hold their earnings as crypto, most of them sell for fiat almost immediately so they can spend it in the real world.
Converting directly into fiat, of course, involves a lot more friction, cost and regulatory hurdles than a simple crypto-to-crypto transaction.
So what really needs to be built are stablecoins denominated not in U.S. dollars but in local currencies like the Philippine peso. And similar to a CBDC, these stablecoins could be issued with some type of permission or guidance from the respective country’s central bank.
Now, it might be some time before we have a widely adopted use case for this kind of local currency stablecoin. But based on the direction that this technology is heading, it’s likely something that the industry will start building soon, and that regulatory authorities will want to get involved in the process.
In the real world, fiat still dominates
We don’t live in the metaverse yet — we live in the real world, and in the real world, fiat currency still dominates. Until the day comes when we transpose our time, energy, and income onto the metaverse, there’s a very strong use case for local currency stablecoins.
If you’re an early crypto adopter who scored big or a wealthy individual who wants to hold a percentage of your assets in crypto as a speculative bet, you can afford to sit on your stash and wait for that day. But for everyday people with household budgets and bills to pay, you want to make sure that a certain percentage of your digital assets keep pace with your day-to-day costs.
Currently, the largest stablecoins with established backing and ample liquidity are designed to track the U.S. dollar. This year, the value of the U.S. dollar has appreciated significantly against most currencies, including in the developing world, as the U.S. Federal Reserve aggressively raises rates to combat inflation amidst major global economic uncertainty. In other words, if you are holding USD-linked stablecoins in a country that’s outside the U.S., you’re probably doing pretty well.
But this won’t always be true, and several global currencies have experienced fairly volatile trading this year. At the end of the day, holding a currency other than your home country’s currency opens you up to foreign exchange risk, and that is not the right choice for many investors, especially for those on the lower end of the income scale.
Transactions that are purely in the crypto world are relatively more frictionless and cost less. Local currency stablecoins would allow residents of smaller economies to keep their funds in the crypto world until they need to transfer them into fiat. They wouldn’t need to worry about mistiming the market and losing out due to a foreign exchange swing.
Then, when it does come time to spend their well-earned funds in the real economy, regulations-compliant platforms will be standing by to help them legally transition their money into fiat.
Monetary sovereignty
I’ve outlined why local currency stablecoins would be a helpful financial tool for users in places like the Philippines. Now, let me share why I believe traditional monetary authorities like central banks should have an interest in helping to build and regulate these mechanisms — especially in economies like those of the ASEAN region.
As I said before, we don’t live in the metaverse just yet. But policymakers and regulators need to pay attention to the fact that these online blockchain-connected communities are being built up rapidly by some of the biggest and most well-resourced tech companies in the world, and that what you’re seeing now is that U.S. dollars — or dollar-linked stablecoins — are becoming the default underlying currency of the digital world, including the metaverse.
As we continue moving into the digital asset space, regional authorities in places like the Philippines, Malaysia, Indonesia and even Singapore will realize that losing sovereignty over your money is the biggest risk to a small or medium-sized country and its monetary policy.
If we do see more economic activity start to occur on the blockchain and in the metaverse, where stablecoins like USDC or USDT are the settlement currency, then basically local governments and central banks don’t really have sovereignty over the currency in that realm, even if it makes up a growing portion of economic activity in their countries.
It’s important to think of it this way because governments are very sensitive about their mandate to regulate the supply and demand of money, and if a lot of what your local people and companies are doing from a growth perspective is being pushed into the U.S. dollar sphere, that may be economically detrimental in the long run, particularly for a fast-growing economy like the Philippines.
Right now, it doesn’t look to me like CBDCs are high on the agenda for many of the central banks around the region, and that’s understandable given the unprecedented monetary challenges of the present environment. But the most forward-looking monetary authorities should start thinking about these issues sooner rather than later.
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https://www.alternativeairlines.com/book-flights-in-philippine-peso
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en
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Book Flights in Philippine Pesos
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Pay for Flights ✈ in Philippine Pesos with Alternative Airlines. Pay in 160 currencies. We accept TendoPay and more!
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https://www.alternativeairlines.com/book-flights-in-philippine-peso
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Search for and buy flights in Philippine pesos (PHP) with Alternative Airlines. We allow you the choice of 160+ currencies, including PHP. The Philippine Peso is the national currency for the Philippines. The Peso is the foreign currency of the Philippines. It's subdivided into one hundred centavos. Prior to 1967, English was used on all notes and coins, hence the term “peso” was used as the name of the currency in the Philippines. When Filipino was introduced as a written language, the term used on notes and coins became 'piso'.
Are you looking to pay in Philippine Pesos and spread the cost of your flight ticket over time?
If you're a resident of the Philippines and planning to buy flights in Philippine Pesos (PHP), then you'll be glad to hear that we offer lots of financing options that let you split the cost of your flights over time. You can break up the cost of your flights with TendoPay - a Buy Now Pay Later option in the Philippines. Below are details on our payment options, but you can find out more about them all here:
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https://manilastandard.net/%3Fp%3D314395770
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Manila Standard – Defining the News
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PROUD TO BE PINOY!
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https://www.smoney.com.au/blog/currency-in-philippines/
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What You Need to Know About Currency in the Philippines
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Familiarise yourself with the Philippines currency and preferred methods of payment. This traveller’s guide will help you make stretch your savings.
|
en
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S Money
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https://www.smoney.com.au/blog/currency-in-philippines/
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Currency in the Philippines
A Travel Money Guide to the Philippines
Relax on the pristine beaches of Boracay Islands, swim with gentle whale sharks of Cebu, trek through the mud-walled rice terraces in Banuae or take in the sights of Manilla are all enticing reasons to visit the Philippines. But it isn’t a budget destination and to get the most out of your trip, it’s a good idea to learn everything you can about the local currency and payment options before you go.
Learn more about the Philippine currency and how to get your hands on it for the best value:
What currency is used in the Philippines
How to buy Philippine Peso before you go
AUD to PHP exchange rates
Currency exchange in the Philippines
How much do things cost in the Philippines
Using bank cards in the Philippines
What Currency is Used in the Philippines?
The official currency in the Philippines is the Philippine Peso, which is represented with symbol ₱ and the international code PHP.
The Philippines currency has 6 banknotes have 7 denominations: ₱5, ₱10 ₱20, ₱50, ₱100, ₱200, ₱500 and ₱1000.
Philippine peso can be divided into 100 centavos and has 4 coin denominations: 1¢ 5¢, 10¢ and 25¢.
Using Your Bank Card in the Philippines
Most Filipino businesses are well set up to receive card payments. Some of the best travel money cards include debit, credit and prepaid cards. But before you use your bank card willy-nilly, it’s worth reading up on the fees and charges you might incur.
Debit Cards
You’ll probably want a debit card if you plan to withdraw money from an ATM. While you may also be able to pay with a debit card in some businesses in the major destinations, you might discover some hefty fees on your account summary.
Depending on your bank, you could be hit with fees for foreign ATM withdrawals or currency conversions. But some banks are better than others; we recommend checking out Wise, ING and Revolut, all of which have travel-friendly debit cards that waive these charges.
Credit Cards
Credit cards can come with some enticing perks, including added security, loyalty programs, and even free travel insurance.
But are they worth it?
Major local businesses, including hotels, restaurants, airline offices, and department stores, accept credit cards. But you might have to pay a surcharge.
Mastercard and Visa are widely accepted. You may also be able to use your American Express card, though local ATMs won’t accept them.
Just be aware of additional charges you may incur for foreign transactions. These could include:
International transaction fees
High exchange rate margins
ATM fees
Potential ‘cash advance fees’ if you use an ATM
If you still prefer credit cards over any other payment, consider going with a company that offers cards that waive certain travel fees. Bankwest Platinum and 28 Degrees both have travel-friendly cards.
Prepaid Travel Cards
The biggest advantages of prepaid travel cards are that you can lock in a favourable exchange rate. You also get a handy back-up card.
Just remember that while they are convenient, you could end up paying a long list of hidden fees. Many travel cards still impose:
Currency conversion fees
Uncompetitive exchange rates
International ATM withdrawal fees
Initial load fees
Reload fees
Inactivity fees
How to Buy Philippine Peso Before You Go
There’s a certain reassurance that comes with stepping off the plane (or cruise ship) already cashed up with Philippine Peso.
Buying Philippine Peso before you leave Australian shores isn’t just convenient. It can also save you money. But it all depends on where you get your Philippine currency in Australia. There are three main options:
Buy PHP online and have it delivered or collect it in-store
Swap Philippines pesos for Australian dollars from a money changer
Buy your Philippines currency at your home airport
Try S Money or a similar online currency exchange store to get rates that reflect the comparisons you see on XE or Google.
If you choose online delivery or in-store pickup, check the processing time. Some exchange companies with online options suggest you allow between two and five days to process currency.
Prefer in-store currency exchange? Head to the CBD of your nearest city for the most competitive exchange rates; suburban bureau de change outlets tend to have poorer rates and fees.
Currency exchange counters in Australia’s airports are infamous for their atrocious exchange rates. Avoid them if you can.
AUD to PHP
From
Australian Dollars (AUD)
⇆
To
PHP
So is this a good rate?
38.0778
Low
36.8735 Average
38.2735 High
39.6735
Today's rate is lower than the average rate to buy PHP. This chart compares today's rate to the average rate from the past 90 days.
The Average Cost to Travel Around the Philippines
To get the most out of your time in the Philippines, you’ll want to create a budget and make sure your savings stretch as far as possible.
To give you an idea of a reasonable budget, we’ve listed the average prices of some common items and experiences you’ll have while in the Philippines.
The average daily travel budget in the Philippines is about $160. Some of the expenses you might be looking at include:
$100
A room in a guesthouse
$15
Two-course meal at a nice restaurant
$3
A local beer
$0.50
Car rental
$42
Entertainment
How to Exchange Currency in the Philippines
Places like Manila, and Cebu City receive great numbers of tourists, so there are facilities to cater to money exchanges. Beyond these major destinations, it’s best to get cash before you venture into remote territory.
ATMs
Outside the big cities finding an ATM can be difficult. You need to take cash to the islands as there might only be one internationally networked ATM in popular islands like Palawan or Panglao.
Card skimming is an issue in the Philippines, so cover your hand when entering in your 4 digit pin. Bank of Philippines ad Banco de Oro are normally safe bets for tourists.
Depending on your bank, you may have to pay for overseas ATM withdrawals and currency conversions. To reduce the amount you’ll pay in fees, try to withdraw just the right amount of money you’ll need for the duration of your trip.
Don’t forget: Let your bank know you’re travelling! If they detect a foreign transaction but aren’t aware you’re overseas, they could end up freezing your card.
Currency Exchange in the Philippines
There are money changers in the Philippines and the safest are in major malls like SM (super malls), Robinsons (one of the largest shopping malls in the Philippines), SM Hypermarket and Savemore. However they don’t exchange from peso to dollar, its only dollar to peso.
Other money changers are located in the big cities and not part of a chain ad tend to offer marginally better rates than banks as many banks charge flat fees per transaction. Most of them will have a board showing the exchange rates at the front of the shop.
Travellers Cheques
Not worth the bother! Travellers cheques are so outdated, very few banks even accept them any more.
They can’t be used as direct payment, so the only way to use them once you’re in the country is to swap them for currency at a bank or bureau de change office. Even then, very few banks will accept travellers cheques if you don’t have an account with them. And exchange services apply exorbitant fees and rates to them.
Track the best time to buy Philippine Peso
We match the currency exchange rate with the rate shown on Google or Xe. In real time.
This means you never pay over-inflated rates and can be 100% positive you are getting the most competitive rate for currency exchange.
Check out the daily rates:
Not ready to buy yet?
You can get a free rate tracker!
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https://www.globocambio.co/en/currencies-of-the-world/philippine-peso
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Philippine Peso
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The currency of the Philippines (officially, Republic of the Philippines) is called the Philippine Peso. Its ISO 4217 code is PHP and it has PhP or $ as symbol. The issuer of the Philippine Peso is the Central Bank of the Philippines (CBF).
The Peso is known in Filipino and Tagalog as "piso" and is divided into 100 cents ("sentimo" in the previous languages).
These currencies are issued by the Central Bank of the Philippines. This Central Bank was created by the Republic Act No. 265 on January 3rd, 1949. It is the BCF that manages the banking operations and the country's credit system. In addition, this Act gives the CBF all the powers to print and mint Filipino money since then.
Banknotes and coins of the Philippine peso in use
The Peso coins are minted in the Security Plant Complex of the Philippines. At present, coins of 1, 5, 10 and 25 cents are in use and those of 1, 2, 5 and 10 pesos are in use.
As for the peso notes, they are printed at the Security Plant Complex or at the National Printing Office. At present time, notes of 20, 50, 100, 200, 500 and 1,000 pesos circulate.
Did you know?
The Philippines has a population of about 102 million inhabitants, being the 12th most populated country in the world. In addition, 11 million Filipinos are currently living abroad.
The word "Philippines" derives from the name of King Felipe II of Spain (deformation of "Felipinas"). In addition, the official name of the Philippines has changed several times in the course of its history.
Before 1967, the language used in the notes and coins of the Philippines was English. Then it was known as "Peso". But a short time later the name was used in Filipino, changing its name to the "Piso" currency.
The Philippine peso has its origins in the Spanish Real of 8 and in the Mexican peso, which circulated widely throughout the Americas and Southeast Asia during the seventeenth and eighteenth centuries.
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https://www.travelmoney.co.nz/exchange-rate/php
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NZD to PHP Exchange Rate
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Get the best NZD to PHP exchange rate with Travel Money NZ. Use our currency chart to view historical rates, then order online or head to any of our 20+ stores across New Zealand to purchase your Philippine peso – with no fees or commissions! View rates for NZD to PHP now.
|
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Facts about the currency
The smallest currency unit is called ‘centavo’ in Philippine English. Following the adoption of the “Pilipino series” in 1967, it became officially known as “sentimo” in Filipino.
In 2009, Bangko Sentral ng Pilipinas (BSP) announced that it had launched a massive redesign for current banknotes and coins to further enhance security features and improve durability.
In the 1950s, the exchange rate was 2 pesos against the US dollar. The fluctuating free rate was abolished in 1965 and several devaluations followed.
A 10% service charge is automatically added to the bill at some restaurants, but leaving a little extra tip is always appreciated.
Travellers entering the Philippines are limited to taking up to 10,000 pesos without prior authority from the Bangko Sentral ng Pilipinas (the central bank of the Philippines). The same restriction applies when you leave. If you’re carrying any foreign currency in excess of US 10,000, it must be declared.
|
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BTI 2024 Philippines Country Report
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“Meaningful shifts in Filipino politics and economics can only ultimately materialize if a new generation of independent political leaders emerges.”
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BTI 2024
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|
During Rodrigo Duterte’s presidency, spanning from May 2016 to May 2022, the Philippines underwent a notable shift toward an increasingly authoritarian political system. Presenting his governance as grounded in a law-and-order model, Duterte focused blame on drug users for various societal issues. This approach enabled him to consolidate his power by suppressing opposition, diminishing checks and balances within the legislative and judiciary branches, and curtailing media freedoms.
After six years under former President Duterte’s leadership, the Filipino electorate opted not for change but for continuity in the May 2022 elections. Ferdinand “Bongbong” Marcos Jr., the son of former dictator Ferdinand Marcos Sr., secured victory with 58.8% of the votes – a record high among the six presidents elected since the 1986 People Power Revolution that ousted his father. Furthermore, Sara Duterte, the outgoing president’s daughter, triumphed in the vice presidential race with 61.5% of the votes, surpassing the support garnered by any president or vice president in the last 36 years.
President Ferdinand Marcos Jr. has sought to exhibit a more conciliatory leadership style compared to his predecessor. Up to this point, the Marcos Jr. administration has followed a trajectory similar to Duterte’s. There have been no significant policy deviations in areas such as education, infrastructure, economy and social welfare. The anti-drug campaign has undergone some modifications but remains in place. Regarding foreign policy, the Philippines has reverted to its pre-Duterte stance, fostering closer cooperation with the United States.
In recent years, the Philippines has grappled with the challenges posed by the COVID-19 pandemic to its socioeconomic landscape. Under the Duterte administration, a COVID-19 task force dominated by police and military personnel adopted a forceful, security-oriented approach, often overlooking health considerations. This approach contributed to the Philippines recording the fifth-highest count of reported COVID-19 fatalities in Southeast Asia.
The imposition of stringent and prolonged lockdowns resulted in a severe negative GDP growth rate of -9.5% in 2020, marking the region’s most pronounced economic decline and one of the steepest in Asia. However, the subsequent years (2021 and 2022) suggest potential for a relatively robust recovery. The country boasts a stable banking sector, a moderate approach to financial and monetary policies, and some incentives for foreign direct investment, although these remain insufficient at present. Expert forecasts unanimously predict substantial economic expansion for the Philippines in the years ahead. Nevertheless, the persistent challenges of poverty and inequality continue to loom large.
The progress of both democratic and economic transformation in the Philippines faces significant impediments due to the entrenched oligarchic structures present in both political and economic spheres. The enduring dominance of various family clans, exemplified by the likes of the Marcos family, obstructs essential reforms necessary for advancing democracy and establishing a more equitable market economy. Former President Duterte did not seek to challenge these power dynamics; rather, he leveraged them to reinforce his authoritative governance style. A new dynasty, symbolized by his daughter Sara Duterte’s ascent to the role of vice president, is already well in motion. Meaningful shifts in politics and economics can ultimately materialize only if a new generation of independent political leaders emerges, capable of confronting the prevailing authority of traditional clan systems and addressing the economic influence wielded by ruling dynasties.
On June 12, 1898, the Philippines declared its independence following more than three centuries of Spanish rule. However, actual independence from the United States wasn’t realized until 1946. At independence, the country embraced a democratic presidential system and exhibited promising prospects. With advances in industrialization, economic potential, and public education, the Philippines stood as one of Asia’s most progressive nations.
In September 1972, President Ferdinand Marcos Sr. declared martial law, ushering in a military-backed dictatorship. He curtailed civil and political liberties, shuttered Congress and universities, and ordered the arrest of opposition figures. Moreover, he seized enterprises, distributing them among his family, associates, and the military, whose numbers multiplied.
The national economy bore the brunt of Marcos’ crony capitalism, coupled with rampant corruption and mounting foreign debts. The assassination of key opposition figure Benigno “Ninoy” Aquino in June 1983 galvanized resistance against the authoritarian regime. Early in 1986, massive “people power” demonstrations marked the end of Marcos’ rule and the return of democracy.
As the inaugural post-authoritarian president, Corazon “Cory” Aquino (1986 – 1992), widow of “Ninoy” Aquino and mother of a subsequent president, led the initial phase of democratic transition. Her tenure witnessed the drafting of a new democratic constitution, the dismantling of the centralized authoritarian structure through decentralization, and the restoration of pre-martial-law democratic institutions.
Fidel Ramos (1992 – 1998), her successor, focused on guiding the Philippines toward a market economy through liberalization and privatization initiatives. These endeavors aimed to bolster competitiveness on the global stage. Under his guidance, the country experienced economic growth and political stability, although it lagged economically behind other East and Southeast Asian nations.
Subsequent presidents, Joseph “Erap” Estrada and Gloria Macapagal-Arroyo (GMA), chipped away at the foundations of Philippine democracy. Estrada, embroiled in allegations of power abuse, extravagant living, and corruption, was ousted by “people power II” demonstrations. The Supreme Court subsequently elevated Gloria Macapagal-Arroyo to the presidency in 2001. Despite facing serious fraud allegations in the 2004 presidential election, she secured re-election for a full six-year term. GMA’s nine-year rule intertwined credible economic growth with deepening legitimacy crises. Gains from economic progress waned due to widespread corruption scandals and a growing authoritarian undertone.
In June 2010, Benigno “Noynoy” Aquino, the son of former President Corazon Aquino, won the presidency, capitalizing on his mother’s popularity, who had passed away just before the campaign. Aquino’s tenure brought about democratic stability and notable macroeconomic expansion. However, essential reforms to uplift a rapidly growing population’s living standards fell short.
Come May 2016, Rodrigo Duterte, previously the mayor of Davao, ascended to the presidency. Over time, his administration gradually shifted the Philippine democratic landscape toward authoritarianism by eroding civil rights and political freedoms. Prioritizing the battle against drug abuse, Duterte’s approach led to extrajudicial killings by vigilantes, police, and military personnel operating with virtual impunity. The outbreak of the COVID-19 pandemic in 2020 not only inflicted substantial infections and fatalities on the Filipino populace but also triggered the country’s most severe economic contraction since it attained independence in 1946.
The central government claims to have a monopoly on the use of force throughout the entire territory. In fact, the Philippines is a relatively weak state compared to other Southeast Asian countries. Due to its vast territory and archipelagic nature, it is difficult for the central government in Manila to effectively govern the whole country. Local clans and, in some areas (i.e., Mindanao), warlords are the de facto rulers of their areas and frequently employ private armies that take the law into their own hands. Additionally, there are territories that are under de facto control of communist insurgents and Moro separatist groups.
The state’s monopoly on the use of force decreased significantly after Rodrigo Duterte became president in May 2016. Alleged criminals, mostly impoverished Filipinos associated with the illegal drug trade, were killed not only by official police units but also by vigilante groups operating outside the official legal system. This practice has continued under the Marcos Jr. administration since May 2022. The number of extrajudicial killings, however, seems to have declined. According to police reports, there were only 46 drug suspect killings during President Ferdinand Marcos Jr.’s term, compared to 3,600 during Duterte’s first 100 days as president. However, international human rights organizations note that these numbers may underestimate the true level of violence, as they do not include killings by unidentified actors.
During the COVID-19 pandemic, the Duterte administration, led by a task force dominated by the police and military, adopted a heavy-handed security approach in an attempt to establish complete control over the nation, resulting in the arrest of tens of thousands of individuals for violating quarantine regulations.
Despite the country’s multiethnic and multilingual composition, the vast majority of citizens support the concept of the nation-state as outlined in the 1987 constitution. Access to citizenship is not denied to any specific group. Resistance only comes from certain ethnic and religious minorities, particularly from the many Muslims in Mindanao who identify more as Moro (the Spanish word for Moor, the term used during the Reconquista to refer to Muslims) than Filipino. As a result, the idea of Bangsamoro (Moro nation) is prevalent in the western parts of the island of Mindanao and the adjacent smaller islands of the Sulu Archipelago. After negotiating with various governments, a majority of Bangsamoro leaders agreed to remain with the Philippines in exchange for a higher degree of autonomy. In January 2019, a local referendum in the Muslim-majority regions of Mindanao overwhelmingly supported the implementation of the Bangsamoro organic law (BOL), with 90% in favor. Currently, the interim regional government of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) – led by Interim Chief Minister Murad Ebrahim and composed primarily of members of the MILF (Moro Islamic Liberation Front) – is working to establish the necessary legal framework for the BARMM. The first elections were initially planned to coincide with the Philippine general election in May 2022, but had to be postponed to May 2025 due to delays in finalizing the Bangsamoro electoral code and other essential local administrative regulations caused by the COVID-19 pandemic.
Due to the Spanish colonial past, the vast majority of Filipinos are Roman Catholics. However, in recent decades, the membership and importance of evangelical Christian groups such as Iglesia ni Cristo, El Shaddai or Jesus is Lord has steadily increased.
Officially, the principle of separation of church and state is stated in Article II, Section 6 of the 1987 constitution. However, in practice, the Christian churches represent millions of Filipino citizens and their political influence cannot be underestimated.
During the presidency of Rodrigo Duterte (2016 – 2022) many Catholic bishops and priests were intimidated and harassed for speaking out against extrajudicial killings and Duterte’s war on drugs.
In the run-up to the 2022 presidential elections, the Filipino Catholic Church broke from decades of political neutrality to speak out against the campaign of Ferdinand “Bongbong” Marcos. A group of more than 1,000 Catholic clergymen across the archipelago named Clergy for the Moral Choice officially endorsed Maria Leonor “Leni” Robredo against her rival, Ferdinand Marcos Jr. The church and particularly then-Manila Cardinal Jaime Sin were key forces in the People Power Revolution that overthrew Ferdinand Marcos Sr. in 1986.
For decades, fierce opposition by most Christian groups hindered the passing of a reproductive health bill in Congress. The Catholic Bishops Conference of the Philippines (CBCP) strongly opposed the passage of a law mandating the public availability of contraceptives. Despite the bishops’ objections, the law was finally fully enacted in 2021. The strong influence of conservative Christian values in the Philippines can also be seen in the issue of divorce. Apart from the Vatican State, the Philippines is the only country in the world without a divorce law. For many years, a bill that would permit divorce under very strict conditions, has been debated in the Philippine Congress, but Catholic resistance has so far prevented its passing.
The state’s fundamental infrastructure extends throughout the entire territory of the country, but due to the archipelagic nature and vastness of the country, its operation is to some extent deficient. The number of civil servants is relatively high (1.2 million). However, not all of these have the necessary capabilities to fulfill their tasks properly, are free of corruption and are without patronage. With the introduction of the local government code in 1991, some administrative functions were delegated to the provincial and communal levels.
As pointed out in “Monopoly on the use of force,” local clans and other groups further prevent the state apparatus from fulfilling basic state functions. Therefore, the Philippines suffers from weaknesses in collecting taxes and law enforcement. Communication, transport, and basic education and health care are available almost everywhere in the Philippines, but the quality, particularly in rural areas, is often relatively low. Access to a basic water source (94.1%) and to electricity (96.8%) is near universal, but access to basic sanitation (82.%) is substantially more limited.
Many infrastructure projects, planned by the Duterte administration and continued by the Marcos Jr. administration, have been delayed not only because of the COVID-19 pandemic but also because of the repeated changes in the initiative’s project master list and flawed spending plans.
Since 1992, elections have been held regularly in a synchronized manner: every six years for the president, and every three years for half of the Senate, House of Representatives, governors, and mayors. The last presidential elections took place on May 9, 2022. The latest Senate (12 out of 24 senators), House of Representatives, and provincial and municipal elections were also held on the same day.
Elections are generally competitive, and political posts are filled according to the election outcome. Elections are conducted within a plurality (or first-past-the-post) electoral system, which favors well-known and affluent candidates. For generations, political dynasties have dominated their constituencies and national politics.
One-fifth of the House of Representatives is elected through a closed party-list proportional representation electoral system. Intended as an instrument to promote poor and underrepresented groups and sectors of society, this system has been increasingly undermined by the political dynasties that file their members as representatives of marginalized groups.
The electoral management, and particularly vote counting, of the Commission on Elections (COMELEC) was previously fraught with manipulations and irregularities and remains far from being fully professional. The automated ballot-counting system introduced for the first time in the 2010 elections has improved the fairness of general elections. In the 2016, 2019 and 2022 elections, the automated system allowed the determination of clear winners for the presidential and vice presidential elections within 24 hours of polls closing.
The registration procedures for voters, candidates and parties are not free of flaws, but in general relatively transparent and fair. There is no level playing field between the candidates, however. Well-off representatives of established dynasties dominate the media coverage during elections.
Election-related violence is a common feature in the Philippines. Particularly in rural areas, where local clans effectively rule, vote buying and intimidation occur regularly. There are also cases in which polling stations run out of ballots or ballot boxes go missing. These deficiencies, however, do not have a decisive impact on the overall outcome of an election. Therefore, general elections in the Philippines can still be regarded as being in accordance with democratic standards.
Article III of the 1987 constitution (bill of rights) guarantees the freedom of association and assembly. Many organizations working on a wide range of issues exist. However, due to relatively weak state structures and powerful non-state actors, violence against people who make use of their constitutional right to assemble is still a major problem in the Philippines.
The current government under President Ferdinand Marcos Jr. has continued the practices of his predecessor by regularly using intimidation, harassment and/or threats of retaliation against the opposition. Many NGOs that are critical of the government have received death threats and are bullied in public, particularly by government-sponsored armies of social media trolls.
During the COVID-19 pandemic, the Philippine government imposed several restrictions on assembly rights, such as varying levels of lockdown and/or stay-at-home orders comparable with measures applied in most other countries around the world. In the Philippines, however, the sanctions against perpetrators were harsher.
Another potential source of restrictions on political freedoms and civil liberties is the so-called anti-terror law, which was passed by Congress during the pandemic. The rampant “red-tagging” of dissidents, NGOs, and other critics, which began in the Duterte presidency, is continuing under the Marcos Jr. administration.
For a long time, the Philippines enjoyed a relatively high degree of media freedom in comparison to other states in Southeast Asia. Since 2009, there has been a Freedom of Information Act designed to allow access to key public documents, which, in practice, however, is not very effective. Since the Duterte administration took over in 2016, the Philippines has incrementally turned into a state that suppresses freedom of expression.
The Freedom of the Press report 2022 by Reporters without Borders ranks the Philippines quite low at position 147 out of 180 countries (down from position 136 in 2020). The organization stated that in the Philippines, several journalists were killed by thugs working for local politicians operating with complete impunity. In general, the Philippines is one of the deadliest countries for journalists and people working in the media sector with an average of three to four journalists killed in connection with their work every year.
In October 2022, Percival Mabasa, an outspoken and popular radio journalist was ambushed and killed in Metro Manila. According to news reports, he recently exposed irregularities in the importation of sugar by an agency directly connected with the administration led by Marcos Jr. In December 2021, Jesus “Jess” Malabanan, a Philippine reporter for national and international news media, who had investigated for the American news agency Reuters certain aspects of the “war on drugs” launched by President Rodrigo Duterte, was shot at his home by an unidentified gunman.
In the last two years, several incidents of legal harassment were waged against critical media such as The Daily Philippines Inquirer, the TV network ABS-CBN and the news website Rappler, led by senior journalist Maria Ressa, who was awarded the Nobel Peace Prize 2021 “for her courageous fight for freedom of expression” in an autocratic and repressive environment.
A Social Weather Stations (SWS) poll conducted in September 2021 found that (despite the otherwise very high support for the Duterte administration) 45% of Filipinos agreed with the statement, “It is dangerous to print or broadcast anything critical of the administration, even if it is the truth.”
Freedom of the press is also endangered by aggressive cyber armies and social media trolls who have launched cyberattacks on their political opponents. As social media news is an important source of information for most Filipinos, the struggle over truth and alternative truth is fought out on social media with full force. In the 2022 election campaign, for example, the message that the Marcos Sr. dictatorship (1972 – 1986) was a brilliant time in the history of the Philippines, was successfully propagated on social media.
The Philippines has a presidential system of government with a clear separation of powers. The authoritarian governance style of the Duterte and Marcos Jr. administrations, however, shows little understanding of a system of checks and balances. During the Duterte presidency (2016 – 2022) the composition of two institutions that had in the past limited presidential power, the Supreme Court and the Senate, was altered. The independence of the Supreme Court was severely limited by the removal of Maria Lourdes Sereno as chief justice in May 2018 following a constitutionally questionable and politically motivated maneuver. In total, Duterte appointed 13 of the 15 members of the current top judiciary, the latest being his fraternity brother Antonio Kho Jr. in February 2022. Due to these presidential appointments, the Supreme Court is no longer an obstacle to presidential action.
The Senate since the May 2022 elections is also now firmly in the hands of pro-Marcos and pro-Duterte senators. In the May 2022 elections, Risa Hontiveros from Akbayan was the only opposition candidate that made it to the so-called Magic 12 in the campaign for the Senate. To date, the Senate minority bloc for the 19th Congress includes only two senators, Risa Hontiveros and Senator Aquilino “Koko” Pimentel III.
The abuse of public office, not only at the national but also the local level, remains a crucial obstacle for the further enhancement of democratic and socioeconomic development in the Philippines.
Despite promises made during his election campaign, former President Duterte took no serious steps against widespread corruption and abuse of power in national and local governments. In his first half year in office, President Marcos Jr., whose family has a long track record of abuse of power and ill-gotten wealth, has likewise taken no particular actions to address these ills.
In a 2022 CEO survey by PricewaterhouseCoopers (PwC) Philippines and the Management Association of the Philippines (MAP), 67% of 119 business leaders ranked corruption as the most urgent economic obstacle. The respondents specifically identified corruption in the handling of pandemic funds under the Duterte administration. Another scandal was the Department of Education’s purchase in 2021 of outdated and overpriced laptops for public school teachers for more than $100 million. So far, nobody has been held to account for this waste of public funds.
The Duterte administration was responsible for granting effective immunity to policemen and vigilante groups, who have been involved in the killing of thousands of alleged drug dealers and traffickers since the war on drugs began in 2016. Only five policemen (three in 2018, and two in 2022) were convicted of planting evidence on and the murder of victims of the war on drugs.
Civil freedoms and human rights in the Philippines declined significantly after former President Duterte came to power in May 2016. During the COVID-19 pandemic, the situation further deteriorated.
CIVICUS Monitor, a global research collaboration that tracks fundamental freedoms in 196 countries, kept the lowest possible rating for the Philippines: “repressed.” The reasons cited include the systematic intimidation and vilification of, and attacks on civil society activists; a further crackdown on press freedoms; and a pervasive culture of impunity for murders during the war on drugs. As during the Duterte administration, human rights defenders continue to face attacks, killings, judicial harassment, arbitrary detention and stigmatization campaigns by state agents, proxies, supporters and enablers under the Marcos Jr. administration.
The 2020 anti-terrorism law contains vague provisions that the government can use to unjustly target critics and dissidents. The newly created Anti-Terrorism Council is a government-appointed body that can designate individuals and organizations as terrorists, meaning that their habeas corpus rights are temporarily suspended. Red-tagging has become routinely used as a tactic under the Duterte and Marcos Jr. administrations.
It should be made clear that there is no systematic discrimination against women, ethnic or religious groups in the Philippines. The above-mentioned infringements on civil liberties are nevertheless serious.
In general, all relevant political and social players accept democratic institutions as legitimate. No major political party, association, interest group or civic organization is openly campaigning against democratic institutions. However, democracy in the Philippines is being slowly eroded by elected governments. The Duterte administration (2016 – 2022) incrementally rolled back democratic achievements, a global trend that can be observed in many other states worldwide. The current administration under Marcos Jr., the son of a former dictator, has shown no attempts to revitalize democratic principles in the Philippines.
Most Filipinos, be they politicians or the common people, have an electoral rather than a liberal conception of what constitutes a democracy. Hence, clear authoritarian tendencies such as the reduction of civil rights, political liberties, checks and balances, as well as massive human rights violations are tolerated and not seen as critical to the substance of a democracy.
The current Marcos administration has, to some extent, reduced the growing political importance of military and police leaders under the Duterte administration. Nevertheless, the high political influence of leading members of the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) poses a threat to democratic institutions.
Several radical Islamist groups from Muslim Mindanao, as well as underground communist groups, more or less openly reject democratic institutions, but they represent only a small minority. They are not a real threat to the electoral democratic political order in the Philippines. More dangerous to democracy are those already in power.
Due to the prevalent presidential system of government with a plurality voting system, all political parties play a subordinate role in Philippine politics. People vote for individuals rather than for parties. Therefore, the existing parties are not deeply socially rooted and organizationally institutionalized. They are not grounded in issues, ideologies and party platforms, but rather on personal connections and networks. Therefore, the level of polarization is relatively low and coalitions between all parties are possible.
Party-switching, with members switching from a losing to a winning party, is relatively common. Political parties in the Philippines are only able to articulate and aggregate societal interests in a very limited way. They are rather vehicles for powerful individuals. In 2018, the Federal Party of the Philippines (Partido Federal ng Pilipinas/PFP) was founded by supporters of President Rodrigo Duterte. In October 2021, current President Marcos Jr. joined the party and directly became its chairman. The party nominated him as a presidential candidate for the 2022 elections, together with Sara Duterte as a candidate for the vice presidency. Both won their campaigns, but the weakness of the party can be seen in the fact that nationwide, only two candidates running under the banner of the PFP were elected to the House of Representatives.
At first glance, popular support for and approval of the democratic system and democratic institutions is relatively high in the Philippines. A Pew Survey from February 2020 found that 65% of Filipinos were satisfied with the way democracy is working in their country, while 34% were not. The survey also revealed that a majority of Filipinos support important elements of democracy, such as press freedoms (64%), a free civil society (56%), a fair judicial system (80%) and regular elections (66%).
This stands in contrast to the very high approval rates for presidents and politicians who do not implement important elements of a liberal democracy.
Most Filipinos trust and approve of President Ferdinand Marcos Jr. and Vice President Sara Duterte, according to a representative survey by Octa Research in November 2022. Both received a support rate of 86% nationwide. Trust was particularly high in Mindanao (92% and 98%, respectively) and among poorer Filipinos, while it was lower in the area of Metro Manila and among more wealthy Filipinos.
Support for democracy is based on an illiberal, electoralist and output-oriented understanding of democracy. A survey conducted by the French think tank Foundation for Political Innovation (Fondation pour l’innovation politique) in June 2021, found that the idea of a political system based on “a strongman who does not have to worry about parliament or elections” enjoys a high rate of support (67%) in the Philippines.
The latest survey results concerning trust in political institutions date back to September 2020, when a representative Pulse Asia Survey found that 61% of respondents had trust in the Senate, 58% had trust in the House of Representatives and 54% had trust in the Supreme Court.
Between 2006 and 2021, overall economic growth contributed to a decrease in the poverty rate in the Philippines. According to the Philippine Statistics Authority, poverty declined from 26.6% in 2006 to 18.1% in December 2021. The poverty rates had fallen to 16.8% in 2018, but they have increased in recent years, not least due to the economic downturn during the COVID-19 pandemic.
A national survey by the Social Weather Stations (SWS) in December 2022 on self-rated poverty, however, found that 51% of Filipino families, or around 12.9 million people, rated themselves as “poor.” In a report from the same organization in October 2022, 11.3% of Filipino families – or around 2.9 million people – had nothing to eat at least once in the past three months. Involuntary hunger was highest in Metro Manila at 16.3%, followed by Mindanao at 15.3%, Luzon at 9.6%, and the Visayas at 7.0%.
A more positive picture emerges if one looks at the values of the U.N. Human Development Index, which indicates that the Philippines experienced significant positive development before it was halted by the outbreak of the COVID-19 pandemic. The HDI value rose from 0.630 in 2012 to 0.718 in 2020. However, in the last two years, the HDI value declined to 0.699 (2022). The Philippines is currently ranked 116, slightly below Vietnam (115) and Indonesia (114).
The level of social exclusion caused by poverty remains high. The gap between the rich and poor in Southeast Asia is notably wide. However, the Philippine Statistics Authority has reported that the COVID-19 pandemic has led to a reduction in income inequality within the country. According to the authority, the Gini coefficient, which measures income inequality, decreased from 0.4267 in 2018 to 0.4119 in 2021.
Opportunities for individuals from the lower strata of society to secure satisfactory employment and advance socially are significantly limited. Consequently, millions of Filipinos opt to migrate either temporarily or permanently, seeking work opportunities abroad as overseas Filipino workers (OFWs).
Inequality between genders remains a concern. However, compared to other Southeast Asian and developing countries, discrimination against women is not extreme. In Western countries, there are fewer educated women in high-ranking positions compared to the Philippines. Yet, in rural areas, violence against women by their husbands remains common. According to the Gender Inequality Index 2019 of UNDP, the Philippines scored 0.419 (rank 101 worldwide), indicating the persistence of widespread gender-based inequalities.
In the World Economic Forum’s 2022 Global Gender Gap Index, however, the Philippines ranked relatively highly at 19 out of 146 countries, with a score of 0.783. This was slightly lower than the 0.784 in 2021, when the Philippines ranked 17 out of 156 countries.
The negative economic impact of the COVID-19 pandemic has resulted in an increase in social exclusion. As the pandemic approaches its end, it is expected that poverty will decrease in the upcoming years. However, it remains uncertain whether the Philippines will be able to achieve its ambitious goal, as outlined in the Ambisyon Natin 2040 initiative, of completely eradicating poverty by the year 2040.
De jure, the Philippines is likely to be one of the most liberal economies in Asia. State-owned enterprises do not play a significant role in the national economy, which is dominated by private businesses. However, there are numerous conglomerates and cartels owned by clans with strong ties to the political elite.
Prices are generally determined by market forces, but there are some restrictions due to a number of the aforementioned conglomerates and cartels. Despite existing antitrust legislation and accession to the WTO in 1995, the situation has not changed over the past couple of decades. Unfair trade practices exist, especially in the sectors of telecommunications, energy, agriculture, food products, and the cement industry. As a medium-developed country, the informal sector, which employs approximately 75% of the labor force, remains significant to the national economy.
One hindrance is the inefficient bureaucracy that regulates investments and business operations in the country. Even if there are legal assurances regarding competition, bureaucratic red tape and the lack of institutional autonomy of regulatory agencies increase the risk of doing business in the country.
High rates of corruption are also frequently cited as one of the most significant obstacles to private investment in the Philippines. Despite increasing efforts to combat corruption, the problem remains one of the most pressing challenges facing the government.
Cross-border labor and capital movements were restricted for a long time in the Philippines. In recent years, however, the Duterte and Marcos Jr. administrations have initiated several pieces of legislation, such as amendments to the Foreign Investment Act, to allow more foreign investment in the country. In March 2022, the government permitted foreign investment in additional business sectors. This marked the first time international investors were allowed to establish and wholly own small and medium-sized businesses, as well as hold 100% equity in firms within sectors where they were already permitted to operate.
In terms of currency convertibility, the Philippines adopted a floating exchange rate regime more than 50 years ago.
The Philippine administrative system has a wide range of antitrust regulations at its disposal. Article 12, Section 19 of the constitution explicitly states that the Philippine state “shall regulate or prohibit monopolies when the public interest so requires.” Additionally, “no combinations in restraint of trade or unfair competition shall be allowed.”
However, there is a lack of decisive enforcement due to vague formulations, overlapping competencies between several agencies, and strong ties between the economic and political elites.
The Philippine Fair Competition Act, which drew heavily on the main antitrust laws in the United States, came into effect in July 2015. Its intention is to ensure efficient and fair market competition among businesses engaged in trade, industry, and all commercial economic activities. It prohibits anti-competitive agreements, the abuse of dominant positions, and mergers and acquisitions that limit, prevent, and restrict competition. The Philippine Competition Commission (PCC) has a generally good reputation for its struggle against cartels and reducing the high rates of concentration within the domestic market. However, its powers are limited.
The Philippines has participated in the International Competition Network’s (ICN) annual conferences since 2017. In 2021, the PCC was chosen to co-chair one of the working groups at the ICN.
The Philippine banking system is generally seen as very stable and well capitalized. In June 2022, the consolidated capital adequacy ratio (CAR), which displays a bank’s risk-weighted credit exposure, averaged 16.5%. This is well above the Basel III standard of 8%.
The number of nonperforming loans increased significantly in 2020 due to the COVID-19 pandemic but declined to 3.3% by November 2022, which is low compared to global and regional levels. The Philippines has relatively high foreign exchange reserves of $94 billion (October 2022). The reserve adequacy ratio of the Philippines was 190% as of September 2022, the highest among ASEAN countries.
The Philippine central bank (Bangko Sentral ng Pilipinas, BSP) is the highest monetary authority in the Philippines and is generally considered to be relatively independent of the government. The central bank has supervision over the operations of banks and exercises regulatory powers as provided in the new central bank act.
All major international rating agencies refrained from downgrading the Philippines during the economic downturn caused by the COVID-19 pandemic and maintained the country’s investment-grade credit ratings. In September 2022, Moody’s Investor Service confirmed the Philippines’ Baa2 credit rating, with a “stable” outlook. Fitch Ratings likewise maintained the Philippines’ long-term foreign currency issuer default rating at BBB, while Standard & Poor’s affirmed the country’s investment grade rating of BBB+.
International ratings agencies and actors in financial markets generally have a positive opinion of the BSP and the Philippine banking system.
In general, inflation volatility is decreasing in the Philippines. During the 1990s, yearly inflation rates of around 10% were common, but this figure fell to approximately 5% between 2000 and 2010. In the years since 2010, the yearly inflation rate fell further to approximately 3% annually.
Not least, as a result of global developments, including the COVID-19 pandemic, the Philippines was (like many other countries worldwide) confronted with rising inflation in 2022. The Philippines’ annual inflation data for November and December 2022 was 8.0%, marking the country’s fastest inflation in the last 14 years. For the entirety of 2022, inflation averaged at 5.8%. High fuel prices owing to disruptions in oil supply, as a result of Russia’s invasion of Ukraine, were the major source of inflation. Food items were another driver of inflation, resulting from limited supply due to inadequate domestic production and weather-related disturbances.
In the last two years, the Philippine currency, the peso (PHP), has remained relatively stable and free from high volatility in relation to major foreign currencies. The Philippine peso has not been pegged to any foreign anchor currency for more than 50 years.
In recent years, the Philippines has made starting a business easier by abolishing the minimum capital requirement for domestic companies. Additionally, the country has improved coordination and streamlined the process for obtaining an occupancy certificate, making dealing with construction permits easier. The Philippines has also taken measures to strengthen minority investor protections, such as requiring greater disclosure of transactions with interested parties and enhancing director liability for such transactions.
A significant constraint for micro, small, and medium enterprises (MSMEs) – which employ 98% of the workforce primarily in the agricultural, trade, hotel, and restaurant sectors – is access to finance. The reliance on internal sources of financing greatly hampers investments and expansion plans, thereby undermining the competitiveness of the Philippine economy and impeding its transition from agriculture to manufacturing. Moreover, the high concentration of capital in various sectors further obstructs undercapitalized enterprises.
The Marcos Jr. government continues the approach of the previous administration to promote public-private partnerships (PPPs), such as the Build, Build, Build Program, in order to attract new investors and to tackle bottlenecks in infrastructure projects. However, there are no plans to privatize economically important state-owned enterprises, known in the Philippines as government-owned and controlled corporations (GOCCs).
Current President Ferdinand “Bongbong” Marcos Jr. is generally regarded as friendly to private business activities. At the 48th Philippine Business Conference and Exposition of the Philippine Chamber of Commerce and Industry (PCCI) in Manila in October 2022, for example, he made a commitment to the private business sector and recognized its role as a driver of economic growth as the Philippines recovers from the COVID-19 pandemic.
Social safety nets in the Philippines are still underdeveloped compared to many other countries in Southeast Asia. Most Filipinos rely on support from family, particularly remittances from relatives living overseas, or village-level structures.
The primary instrument of the state’s social safety system is the conditional cash transfer (CCT) Pantawid Pamilyang Pilipino Program (4Ps), which was launched in 2007. The 4Ps is a cash transfer program funded by the Department of Social Welfare and Development. Families living below the national poverty line (earning less than PHP 12,030 or $200 per month) are entitled to receive PHP 5,000 to 6,000 ($85 to $100) per month under the program.
In April 2019, then-President Duterte signed Republic Act No. 11310, which made the 4Ps the official national poverty reduction strategy of the government. Currently, the CCT program covers approximately 4.3 million poor households (October 2022), reaching more than 10 million children. CCT grants regular payments of about $33 to mothers, conditional on their children regularly attending school and receiving preventive health checkups. According to a study by the Asian Development Bank (ADB) and the World Bank, the Philippine CCT is one of the most efficient social safety systems: it costs less than 0.5% of GDP yet reaches approximately 15 million people. A recent report from the Philippine Commission on Audit (COA), published in October 2022, is more critical, stating that 90% of the families that receive financial transfers have remained poor and cannot escape poverty. New President Ferdinand Marcos Jr. has promised to reduce the percentage of people below the official poverty line from the current level of approximately 20% to less than 10% by the end of his term in 2028. Detailed plans on how he wants to achieve this ambitious goal have not yet been revealed.
There is a system of unemployment benefits in the Philippines, but it is only accessible for workers in the formal sector who are required to have paid into the system for at least 36 months. Public pension schemes are only accessible to government employees. All Filipino citizens are entitled to free health care under the government-organized Philippine Health Insurance Corporation, known as PhilHealth. However, PhilHealth does not cover all medical treatments and costs. For a long time, PhilHealth was only available for those working in the formal sector. In early 2019, the Universal Healthcare Act was passed with the target of incorporating all Filipino citizens into the PhilHealth system.
According to the Philippine constitution, there is equal access to education, public office, and employment. In practice, however, Muslim people living in peripheral rural areas (e.g., Bangsamoro, the poorest and least developed region in the Philippines) face greater difficulties finding a good job than Christian people living in urban areas (e.g., Metro Manila, the most developed part of the Philippines). There is structural inequality between different ethnic groups in terms of access to education and employment, but compared to many other Asian countries, women have much better access to education and public office. The critical situation of indigenous groups, who have experienced consistent marginalization and have been victims of land-grabbing, has not improved in recent years.
In terms of gender equality, the Philippines is ranked an impressive 19 out of 146 countries in the 2022 Global Gender Gap Index of the World Economic Forum. The Philippines has the smallest gender gap among all Asian countries by a significant margin; the second best is Singapore, ranked at position 49, followed by Laos at position 53. The index encompasses economic participation and opportunity, educational attainment, health outcomes, and political empowerment.
Under the Duterte administration, Republic Act 10911 was passed, penalizing employers who refuse to hire workers because of their advanced age. This represents a significant step in implementing anti-discrimination in employment. A bill on anti-discrimination based on SOGIESC (Sexual Orientation, Gender Identity and Expression, and Sex Characteristics) promoted by Senator Risa Hontiveros has been stalled in Congress for many years. In December 2022, the panel for women, children, family relations, and gender equality of the Philippine Senate recommended the passage of the SOGIESC bill, with 19 out of the 24 senators endorsing it.
Between 2009 and the outbreak of the coronavirus pandemic in early 2020, the Philippines experienced significant economic growth. However, the harsh mobility restrictions imposed by the Duterte administration in response to the pandemic led to a disastrous economic year in 2020. The Philippines suffered a negative GDP growth of 9.5%, marking not only the worst economic recession in its history since independence, but also the poorest economic performance among all Asian economies in 2020.
In the following years, the Philippines slowly recovered from the economic damages caused by the COVID-19 pandemic, and in 2021, it achieved a GDP growth of 5.7%. The World Bank has predicted GDP growth of approximately 7.2% for 2022.
At the end of 2022, Finance Secretary Benjamin E. Diokno stated that “for the Philippines, the worst is over, and better years are expected.” The Marcos Jr. administration projects GDP growth of 6% to 7% in 2023. In December 2022, the Asian Development Bank (ADB) provided a 6% GDP growth forecast for the following year. This forecast ranked as the second-fastest among Southeast Asian economies, behind Vietnam’s 6.3%. The Philippine Ministry of Finance attributes this positive outlook to the early approval of the 2023 national budget, the adoption of the first-ever Medium-Term Fiscal Framework, and the Philippine Development Plan (PDP).
In early 2023, the World Bank was more skeptical than the Philippine government and projected in its Global Economic Prospects report that the Philippines would grow by only 5.4% in 2023 due to Russia’s prolonged invasion of Ukraine and intensifying geopolitical uncertainty, which could further reduce business and consumer confidence globally.
Two factors that will reduce the output strength of the Philippine economy in the near future are the high budget deficit and rising state debts. However, both are still considered to be manageable.
Between 2020 and 2022, the Philippines witnessed a significant decline in the Environmental Performance Index (EPI). In 2020, the Philippines was ranked 111 out of 180 countries, but in 2022, it fell to 158. The most noticeable deteriorations occurred in the species habitat subindex and the growth rate of carbon dioxide and nitrogen oxide emissions. The EPI evaluates countries’ performance and rankings in two key areas: environmental health, which assesses the protection of human health from environmental harm, and ecosystem vitality, which examines ecosystem protection and resource management.
The Philippines is one of the most vulnerable countries in the world to climate change and has experienced an increasing number of natural disasters, such as typhoons, over recent years. The new administration of President Ferdinand Marcos Jr. seems to be more aware of the dangers that climate change poses to the Philippines than the previous Duterte administration. In his first state of the nation address, Marcos Jr. mentioned climate change at least six times. In a speech delivered before Congress, he stressed that the use of renewable energy is “at the top” of the government’s climate agenda.
It is remarkable that more than 25% of the Philippines’ electrical energy comes from renewable energy sources. Geothermal energy production is among the highest in the world. In contrast, mining, which causes numerous environmental problems in neighboring countries, is heavily restricted in the Philippines. However, in 2021, the Duterte administration lifted the nationwide ban on open-pit mining and the nine-year-old prohibition on new mining agreements.
Similarly to his predecessor, President Marcos Jr. remains silent about the threats faced by Filipino climate advocates and environmental defenders. According to a report by watchdog Global Witness, the Philippines remains the worst place in Asia for land and environmental defenders. Global Witness reported that 19 environmentalists were killed in the Philippines in 2021 and 2022.
In an October 2022 press release, Greenpeace Philippines complained about the lack of a holistic climate action strategy from the Marcos administration. Additionally, the international environmental protection organization highlighted the nonexistence of an energy transition plan from the government. During his campaign, the president pledged to support renewable energies, but, according to Greenpeace Philippines, his policy direction on energy fully contradicts his rhetoric.
Human capital development is a key element in the Philippine development plan (2023 – 2028). Recent education reforms have improved the quality of higher education and have increased enrollment levels, graduation rates, and mean years of schooling in elementary and secondary education. The 2013 Basic Education Act extended the basic education cycle from 10 to 13 years. However, simply increasing the number of years of schooling does not automatically result in greater learning and qualifications.
The Philippines has historically scored very low in international math and science high school rankings. In the 2022 PISA tests, the Philippines scored the lowest in reading and the second lowest in mathematics and science among the 79 participating countries. The World Bank estimates the learning poverty rate in the Philippines to be 90.9%. This means that nine out of 10 10-year-old Filipino children are unable to read and understand a simple text. With around 35 students per teacher in high school, the Philippines has one of the worst teacher-student ratios at the secondary level of education in Southeast Asia. The Philippine Development Plan (2023 – 2028) states that “decades of incapacity and suboptimal investment in education (only 3.9% of GDP in 2020)” have led to an “educational crisis.”
Some efforts have been made to improve the situation. The education budget has been steadily increased under the Duterte administration. In addition, the Universal Access to Quality Tertiary Education Act was passed, which includes provisions for the state to pay the tuition fees for undergraduate students in state universities. In his first state of the nation address, newly elected President Ferdinand Marcos Jr. described, in very general form, his plans for improving the education system, which revolved around reconsidering the use of English as the medium of instruction in schools.
Some hope for change was connected with the Philippine Innovation Act, which was passed with the intention of encouraging research and development by providing a PHP 1 billion revolving fund to support startups, as well as innovative micro-, small and medium enterprises (MSMEs). In June 2022, however, some senators publicly complained that the programs under the Philippine Innovation Act were yet to receive their annual grant despite the law being signed in 2019.
Investment in R&D in the Philippines increased marginally from 0.14% of GDP in 2014 to 0.16% of GDP in 2020. It is still one of the lowest rates in Southeast Asia.
All the deficits mentioned in the education system constitute a significant constraint on further inclusive growth for the Philippines.
The Philippines is an archipelago consisting of more than 7,000 islands, which stretch approximately 1,850 kilometers from north to south and more than 1,100 kilometers from west to east. With approximately 113.2 million inhabitants (2022), and an additional 10 million who live and work abroad, the Philippines is the 13th most populated state in the world, posing a very difficult challenge for good governance and development.
The Philippines is an extremely multiethnic and multilingual country. Additionally, its close location to the Pacific Ring of Fire leaves it prone to relatively frequent natural disasters, such as volcanic eruptions, earthquakes and typhoons. In the last few years, the Philippines witnessed several extremely strong typhoons resulting in numerous human casualties and billions of dollars in damage.
In the 2022 Weltrisiko-Index by the University of Bochum, the Philippines is now ranked number one out of 192 countries before India and Indonesia on a scale of countries most vulnerable to natural and other disasters. It is obvious that under these geographic and demographic conditions, it is difficult for any government to provide adequate infrastructure and public services (e.g., health care and education) to all parts of the country. Weak state capacity and structurally ingrained social inequality further constrain the political leadership’s governance capacity.
Despite remarkable GDP growth in recent years, the poverty rate is declining only slowly. The very high rate of population growth is one reason why addressing poverty is so difficult. Over the last 40 years, the population of the Philippines has more than doubled from approximately 50 million in 1982 to approximately 113 million in 2022.
Not least due to the prominence of Roman Catholic beliefs on sex and reproduction, the Philippine population is currently increasing at a rate of approximately 1.8 million people per year. The overall fertility rate per woman has fallen relatively significantly over the last 20 years, but the Philippines nevertheless has one of the fastest-growing populations in Southeast Asia (beside East Timor and Laos).
A variety of serious conflicts plague the Philippine state. The most important cleavage in the Philippines is the sharp division between a small but extremely powerful upper class primarily consisting of established landowning family clans, and the large majority of the population, who live in poverty. To date, all governments have failed to distribute the nation’s wealth in accordance with the principle of social justice.
Another major cleavage in an extremely multilingual and multiethnic country is the one between the center and periphery. Urban areas, particularly Metro Manila, which is responsible for approximately 40% of the total GDP of the country, enjoy a much higher standard of living than rural areas and will (if no major decentralization efforts take place) continue to do so in the near future.
The conflict in Muslim Mindanao is not only driven by ethnic and religious issues. The western parts of Mindanao are the poorest and least developed areas of the country. In addition, local warlords with private armies are responsible for widespread violence. The crime rate is not as high throughout the country as in the troubled regions of Muslim Mindanao, but compared to other Southeast Asian countries, the number of conflicts and the use of violence in the Philippines are above-average.
The war on drugs and criminality that former President Duterte began in 2016 has led to extrajudicial killings and human rights abuses, particularly among the poor social classes, and adds another dimension to existing conflicts. The financial and political strengthening of military and police units, particularly the de facto immunity granted to them, is partly responsible for the continuation of violence in many parts of the country.
The top priorities of the Duterte administration, namely, the improvement of economic conditions and the reduction of poverty, have been adopted by the current Marcos Jr. administration. In his most prominent public speeches, Marcos Jr. has touted a post-pandemic recovery plan for the economy, pledging targets such as an annual GDP growth of 8% over his six-year term in office so that the Philippines will achieve a middle-income status for most citizens by the end of his term. He also promised to achieve single-digit poverty rates by 2028.
President Ferdinand Marcos Jr. has outlined a series of ambitious initiatives, but analysts suggest the plans lack detail and contain glaring omissions on key issues such as human rights. The importance of the war on drugs, which was a top policy priority in the Philippines under the Duterte administration, has been reduced by Marcos Jr., who stated that rehabilitation and prevention should be the new measures applied instead of extrajudicial killings. Together with the fact that top government positions are no longer dominated by military or police forces as under Duterte, it seems that post-pandemic economic recovery and poverty reduction are higher on the priority list of the Marcos Jr. administration than the war on drugs prioritized by the Duterte administration.
In general, the National Economic and Development Authority (NEDA) has the strategic planning capacity to prioritize and organize policies. NEDA coordinates with the staff of the president.
The previous Duterte administration and the current Marcos Jr. administration have demonstrated a commitment to reform and have also set clear priorities, even if many observers question whether these priorities are the correct ones. However, both presidents’ lack of respect for human rights and their authoritarian leadership style are incompatible with the basic principles of liberal democracy.
Policy implementation is a major problem in the Philippines. Compared to his electoral campaign promises, former President Duterte only realized a small number of his planned projects. The substantial investments in public-private partnership programs to deliver urgently needed infrastructure projects such as highways and public transport have been plagued by significant delays in construction.
The COVID-19 pandemic was not the primary reason for the lack of implementation of important government policies, since projects were already halted prior to the pandemic. It is worth mentioning that the substantial problem of policy implementation is not a new one but existed under the previous Aquino and GMA administrations.
The newly elected Marcos Jr. administration is under pressure to speed up the infrastructure measures, which, for example, were implemented in neighboring Indonesia much faster, cheaper, and without massive delays. The National Economic and Development Authority (NEDA) of the Philippines pushed on various occasions for the swift completion and implementation of the newly-enacted CREATE Law and key economic liberalization reforms such as the amendments to the Public Service Act, Retail Trade Liberalization Act and Foreign Investments Act.
A major policy reform that failed under the Duterte administration was the introduction of a new constitution, which was intended to address many of the weaknesses of the 1987 constitution. All of Duterte’s plans to restructure the political system of the Philippines (introducing a federal state, a parliamentary system of government and electoral reforms) have not been realized and were blocked in the end, not only by some obstinate senators but also by the Duterte administration’s lack of political will. New President Marcos Jr. has never voiced any wish to amend the current constitution, and the public debate about federalism and constitutional change has almost come to an end.
If judged by the rhetoric of leading politicians and technocrats, policy learning is an important part of Philippine policymaking, but the reality is often more sobering. Usually, a newly elected administration distances itself from previous policies and tries to avoid past mistakes. President Marcos Jr. did not do this. Instead, he continued the policies of his predecessor, including highly controversial domestic policies such as the war on drugs, albeit at a lower scale.
In terms of the government’s performance in responding to the COVID-19 pandemic, the government failed to learn much from other countries seeking to find the right balance between individual/economic freedom and state rigidity in containing the spread of the virus. Instead, the government pursued an authoritarian police-led lockdown policy, which led not only to one of the highest rates of COVID-19 infections and deaths but also to one of the highest rates of economic damage in terms of negative GDP growth worldwide.
Under previous administrations, the Philippines was generally very open to receiving foreign advice and consultancy. This became less so under former President Duterte. However, this trend appears to have been reversed under new President Marcos Jr., who seems more open and has refrained from the aggressive rhetoric and affronts of his predecessor against other countries and leaders.
Another element of policy learning of the new president seems to be that he appointed not only personal friends and military/police figures to his cabinet (as did his predecessor), but also more politically neutral and often more capable senior experts and technocrats. In terms of foreign policy, new President Marcos Jr. revised the questionable and unpopular pro-China course of his predecessor and made it clear that the Philippines stands closely with the United States.
In general, the Philippine government makes efficient use of only some of its available human, financial and organizational resources. The appointment of public servants is, in many cases, not in accordance with competitive recruitment procedures but rather used as a tool of patronage. In particular, the Philippine president can appoint thousands of administrative positions, and every president so far has made use of this power. The number of politically motivated dismissals is very high, reducing the efficient use of government administrative personnel. Public service is often inefficient, primarily due to a lack of effective management.
A substantial waste of public money is the pork barrel system, a lump-sum discretionary fund granted to each member of Congress to be spent in their respective constituencies. Many members of Congress divert this public money into their own pockets. Despite being officially abolished by a Supreme Court decision in 2014, this practice has continued. Members of Congress continue to submit “lists of projects” to the administration to be funded by the national budget.
The current Marcos Jr. administration has continued the expansive fiscal policy of the previous administration, whose budgets were always deficient, leading to increasing state debts. Several national and international experts have expressed their concerns about the negative long-term consequences of the country’s debt-driven financial policies.
During the COVID-19 pandemic, the distribution of additional financial government expenditures was marred by fraud. Most were related to the Philippine Health Insurance Corporation (PhilHealth), which operates under the Department of Health. In addition, several private companies, such as Pharmally Pharmaceuticals, a company close to former President Duterte, have been indicted for financial irregularities by the Commission on Audit (COA) and accused of corruption by critical media reports.
In his election campaign of 2016, former President Rodrigo Duterte took a tough stance on the fight against corruption and declared that if elected, he would eradicate corruption “in about three to six months.” After six years in office, he had to admit in his last state of the nation address in 2022 that corruption was “endemic in this government,” but it will also be there in the government “that will come after me and in the past – it is always there.” In 2021, Duterte slammed the Commission on Audit and accused its officials of corruption. He dared them to publish the list of cases filed against its General Auditing Office. Duterte’s rant came after the agency published reports of mismanagement of funds by his government offices. The case illustrates how the General Auditing Office has a certain degree of independence and bravery.
Beside the two corruption cases related to the COVID-19 pandemic mentioned under “efficient use of assets,” the largest corruption scandal in recent years involved officials from the Bureau of Immigration, including former Immigration Deputy Commissioner Marc Red Mariñas, who allowed several Chinese citizens to enter the country without background checks in exchange for bribes.
Current President Marcos Jr. did not highlight the fight against corruption in his 2022 election campaign. This is no wonder, since the Marcos clan still benefits from the millions of dollars that were stolen during the authoritarian era of former dictator Ferdinand Marcos Sr. (1972 – 1986). Nonetheless, media reports suggest that the Philippine tax authority, the Bureau of Internal Revenue (BIR), has pursued more cases of tax evasion than previously. A website, phone hotline and Facebook page invite Filipinos to report tax cheaters, smugglers and officials guilty of graft or having a suspiciously lavish lifestyle. However, the rate of corruption remains high, particularly in the civil service and the police. Regarding the latter, in January 2023, Interior Secretary Benjamin Abalos urged more than 300 police colonels and generals to offer “courtesy” resignations after a probe found that many of them were involved in illegal activities such as corruption and the drug trade.
The Philippine Ombudsman plays a less important role in the struggle against corruption. Current Ombudsman Samuel Martires even suggested that the Office of the Ombudsman should be abolished due to its limited authority.
Electoral democracy and the market economy enjoy robust support from a substantial majority of the Filipino political and economic elite, as well as the general public. However, the notable popularity of authoritarian leaders like Rodrigo Duterte and Ferdinand Marcos Jr. highlights that this broad democratic backing doesn’t encompass all the aspects of a fully realized democracy. Despite facing economic turbulence, high inflation and a firm-handed approach to the COVID-19 pandemic involving unpopular and prolonged lockdowns, former President Duterte consistently maintained a strong level of support among the general public. Similarly, there exists a pronounced consensus, evident in the May 2022 election outcomes and subsequently confirmed by public sentiment in opinion polls, that Ferdinand Marcos Jr. and Sara Duterte are well-suited to lead the Philippines in the near future (their terms run from 2022 to 2028).
Although small minorities, such as orthodox Communist groups and radical Islamists, outright reject the concept of democracy, these groups have negligible influence on the national stage. Thus, democracy remains the predominant paradigm in the Philippines, though it tends to be interpreted in the narrow sense of the term, that is, involving elections only.
Most Filipinos embrace the concept of a market economy. The emphasis on the fundamental principles of a market economy like competition and private enterprise has left a lasting impression on both the elite and everyday Filipinos. Nonetheless, the concept of a free market economy faces substantial critique from a considerable portion of those on the political left, from moderate critics of neoliberalism to radical communists, who advocate for an economic system that is guided more strongly by the state.
Many of the current political elite of the Philippines, including current President Marcos Jr. and his predecessor President Rodrigo Duterte can be regarded as anti-democratic actors, bearing in mind their low regard for human rights and civil liberties. Nevertheless, they stick to most of the formal rules of Philippine democracy and are willing to step down from their elected post when their term limit is reached.
As explained in “Consensus on goals,” established family clans, who care more for their economic and political power than for a liberal democracy, are an inherent challenge to the establishment of a higher quality of democracy in the Philippines. They are mostly co-opted within the democratic structures but show resistance against any substantial reforms that would endanger their positions and privileges.
The Armed Forces of the Philippines (AFP) is a potential veto player and some of its factions have initiated several attempted coup d’états since the start of the democratization process in 1986. The administration of former President Gloria Macapagal-Arroyo relied heavily on their support due to its low level of public legitimacy. Whereas military expenditure (as a percentage of GDP) was declining under the Aquino administration (2010 – 2016), former President Rodrigo Duterte raised it significantly. This trend was continued under newly elected President Marcos Jr., who increased the military budget for 2023 by around 8%.
There is a wide alliance of democratically oriented reformers in the Philippines, who primarily rallied around former Vice President Leni Robredo in the 2022 elections. These groups from civil society organizations try to convince ordinary Filipino voters to support them instead of the aforementioned anti-democratic actors in upcoming elections.
The most important internal conflict in the Philippines is in the Muslim areas of Mindanao (Bangsamoro). In 2018, the Philippine national government negotiated with the Moro Islamic Liberation Front (MILF) to produce the Bangsamoro Organic Law (BOL), which enabled the establishment of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).
Under the deal for BOL, the rebels gave up their goal of an independent state in exchange for broad autonomy. A referendum in January 2019 ratified the BOL, and a more autonomous Bangsamoro transition government under interim Prime Minister Murad Ebrahim was formed. Elections were scheduled for May 2022 but were postponed to May 2025.
The cleavage between labor and capital has not been reduced in recent years. Trade unions find themselves in a difficult position. As can be seen in many other countries, the main benefits of economic progress have been amassed by the already wealthy. Since a redistribution of wealth is only weakly implemented in the Philippines, this cleavage is likely to widen in the coming years. The previous Duterte administration and the current Marcos administration both relied on traditional liberal economic programs (trickle-down effect) and failed to seriously engage in tackling this socioeconomic cleavage.
The election of the son and namesake of ousted Philippine dictator Ferdinand Marcos Sr. (1972 – 1986) was a huge blow for the reconciliation between supporters and the thousands of victims of the dictator’s rule. The electoral victory of Ferdinand “Bongbong” Marcos Jr. was only possible due to a substantial fake news campaign in traditional and social media that manipulated Philippine history.
The election victory did not come as a surprise. Former President Rodrigo Duterte made no secret of his admiration for the former dictator, whom he allowed to be buried at the National Heroes Cemetery nearly 30 years after his death. Duterte’s daughter Sara became the running mate for Marcos Jr. and ultimately became vice president in May 2022. The rise of the Marcos clan to presidency, and the whitewashing of widespread human rights violations, corruption and abuse of power during the authoritarian past did nothing to contribute to reconciliation between the supporters and victims of the authoritarian rule of Ferdinand Marcos Sr.
Another important reconciliation process concerns that between the national government and the Muslim minority (Bangsamoro) in Mindanao. A major step was the signing of a comprehensive peace agreement between the central government and the MILF (Moro Islamic Liberation Front) in March 2014, followed by the agreement of the Bangsamoro Organic Law (BOL) in 2018, which was ratified by referendum in January 2019. In the BOL, the government explicitly acknowledged the Bangsamoro’s “distinct historical identity and birthright to their ancestral homeland.” This reconciliation process has run relatively smoothly and without major interruptions in the last few years.
The Philippines has a history of being a generally reliable and well-reputed member of the international community. The Philippines’ traditional close cooperation with the United States, and its East Asian allies Japan and South Korea, however, was challenged by the foreign policy of the Duterte administration. Confronting the United States, former President Duterte announced that he would forge “new alliances” with China and Russia. He went so far as to cancel the Visiting Forces agreement with the United States. Duterte’s distinctive foreign policy has led to a loss of credibility with the United States, and many Western and East Asian countries.
President Marcos Jr., who, in contrast to Duterte, has no resentment of the United States, reverted foreign policy back to its traditional pro-American orientation. However, he did not revise the decision to withdraw from the International Criminal Court (ICC), made in 2018 by the Duterte administration, after the judicial body started an inquiry into the former president’s controversial war on drugs. In October 2022, the U.N. Human Rights Council ended its 51st session in Geneva without taking action against the Philippines regarding this issue.
During the six years of the Duterte Administration, the Philippines lost significant credibility at the international level. The new Marcos Jr. administration appears to favor a clear commitment to the alliance with the United States and a “return to normality” in Philippine foreign relations. Consequently, the Philippines was among those Southeast Asian countries condemning the Russian invasion of Ukraine. Marcos Jr. was also the first president in almost 20 years to appoint an experienced career diplomat to the post of foreign minister. Accordingly, the international credibility of the Philippines will most probably increase in the following years.
The Philippines can still be classified as a democracy. However, the integrity of the country’s democratic framework deteriorated significantly after the ascension of Rodrigo Duterte to the presidency in 2016. While in office, he centralized power, took measures that undermined civil liberties, and was responsible for thousands of extrajudicial killings. The subsequent election of Ferdinand Marcos’ son as president in 2022, with Duterte’s daughter Sara as vice president, underscored the prevalence of political clans and a disconcerting disregard for human rights violations.
To enhance the caliber of democracy in the Philippines, a greater emphasis on political education regarding the components of a full-fledged democracy is imperative. This includes understanding political and human rights, civil liberties, and safeguards for minorities. Drawing from their own historical experience, the Philippines should establish an independent commission tasked with assessing the events spanning the period from 1972 to 1986, thus preventing a distorted narrative from infiltrating school curricula.
Breaking free from the dominance of political clans and dynasties necessitates constitutional amendments. The entrenched influence of family clans must be curtailed to inject more transparency and competitiveness into politics and the economy. The long-debated anti-dynasty law should finally be enacted to provide a platform for a fresh generation of politicians to engage in politics.
The creation of a new constitution should encompass provisions that fortify checks and balances, diminish the president’s ability to exert undue control over legislative and judicial bodies, and institute safeguards for civil and human rights, including an autonomous commission for human rights with an unhampered budget and personnel.
Education is pivotal for the economic transformation of the Philippines. Despite positive economic growth over the past two decades, poverty and inequality remain persistently high. Realizing meaningful change requires additional state resources and astute reforms in the education sector to lift individuals out of the informal economy. Enhanced education levels are pivotal to meaningfully reducing poverty and augmenting international competitiveness.
An additional significant stride toward positive economic transformation lies in modernizing the country’s outdated infrastructure. While some extensive infrastructure initiatives are underway, administrative mismanagement has led to substantial delays in implementation. The Marcos Jr. administration should glean insights from Indonesia, where Joko Widodo’s government expedited infrastructure enhancement within a relatively short time frame.
To address poverty, the government must steer economic growth toward inclusivity, improving the lives of millions of impoverished Filipinos. The potential for a swift economic rebound after the COVID-19 pandemic seems promising, with international financial institutions like the Asian Development Bank and the World Bank projecting robust GDP growth rates in the coming years.
Internal and external stability serve as foundational prerequisites for a resurgence of democratic values and the continuity of economic growth. Therefore, the Philippine government must cautiously navigate the implementation of the Bangsamoro Organic Law (BOL) to ensure peace in the region, preempting radical elements from destabilizing it. In terms of international relations, recalibrating toward a more balanced stance between China and collaboration with the United States and European nations could foster heightened security and economic expansion. With a united and widely endorsed national government in place, the Philippines has the foundation to initiate the socioeconomic reforms previously outlined, rather than merely perpetuating the status quo.
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When Should You Buy US Dollars in the Philippines?
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Thinking of buying and investing in USD? Consider first when is the best time to buy US dollars in the Philippines and the best dollar accounts. Learn all about it here.
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https://www.rcbc.com/when-is-the-best-time-to-buy-dollars-in-the-philippines
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If you regularly receive US dollars, whether from remittances from a family member working abroad or from your work, you may be looking for better ways to use them. Should you continue exchanging your dollar into pesos, open a dollar savings account, or perhaps invest in dollars?
In this blog, we’ll help you maximize the power of your dollars. We’ll discuss when is the best time to buy US dollars in the Philippines and if you should invest in dollars.
The US Dollar and Philippine Peso
You may be no stranger to watching the foreign exchange rates go up or down day by day. The exchange rate tells us the equivalent value of the dollar in peso.
The USD to PHP exchange rate operates under a system of freely floating exchange rates, which means that it’s influenced by the stock market, interest rates, money supply, trade balances, and so on. For example, following the principle of supply and demand, if more US dollars are demanded than offered, its value will increase in relation to the peso.
How does the Exchange Rate Impact the Economy?
The exchange rates play a crucial role in the economy. The fluctuations affect the prices of imported goods, services, and assets in the country. Conversely, it affects the prices of exported goods and allows economists to forecast future price movements.
What does this mean?
With a stronger peso, which means its value appreciates, the prices of imported goods and services decrease, which means a lower inflation rate for the Philippines. However, this also leads to higher prices of exported goods and services, which adversely affects our competitiveness against other exporters.
A strong peso is also good news for those looking to buy US dollars because you’ll need less money in pesos to buy a dollar.
The History of Exchange Rates
While the US dollar, being one of the strongest currencies, does not easily fluctuate in value, it is also not completely secure from the impact of the world economy.
In the Philippines, data from Investing.com shows that while the USD consistently remains of higher value than the PHP, it has fluctuated over the years from PHP 56.28 in 2005 to PHP 43.60 in 2014 to PHP 50.99 in 2021 and to PHP 55.46 in 2023.
So, investing in the US dollar, as it is with any currency or asset, requires an awareness of the risks it comes with.
When is the Best Time to Buy US Dollars in the Philippines?
With the knowledge that the value of currencies fluctuates daily, you may be curious: what is the best time to buy US dollars?
The truth is that there is no one best time to buy US dollars in the Philippines. Your best bet is to watch the foreign exchange rates and exchange your money when it is most favorable. You can check out forecasts of exchange rates for the next few days or weeks to guide you; but continue to check how much is the exchange rate of peso to dollar before you convert.
With that said, the historical pattern shows that exchange rates tend to be higher on the weekdays when markets are active. More specifically, the best time to trade USD/PHP is between 12:00 and 15:00 GMT when the market is most liquid.
Weekends tend to see higher USD value because foreign currency cash flows slow down. So, it may be a good idea to convert US dollars to pesos on weekends or whenever the former is stronger.
In contrast, it is best to wait for a stronger peso to buy US dollars.
Is It a Good Idea to Invest in US Dollar?
There are great reasons to invest in the US dollar. However, it is important to consider if doing so aligns with your financial goals.
As a general rule, it is a good idea to start investing in the US dollar when you have built sufficient savings and emergency funds in peso, which is the currency you likely use daily.
Investing in US dollars is great for diversifying your investment portfolio. It can open opportunities for investment instruments with greater ROIs.
It would also be smart to open a dollar account if you’re investing in dollar-denominated instruments. The best dollar account in the Philippines will allow you to skip various fees every time you withdraw from your investments, move your dollars more freely, and enjoy favorable interest rates.
As you may have guessed, there are seasons for the best times to invest in dollars.
When the dollar is weak, this is the best time to invest in dollar-denominated investments in companies whose revenues come from outside the US. You may also consider investing in exchange-traded funds (ETFs) in currencies you believe will become stronger against the dollar.
This is also the best time to exchange your peso for US dollar.
When the dollar is strong, stocks with limited international revenue perform better, making them great investments. So, you may consider investing in companies that derive their revenues primarily from the US.
This is also the best time to exchange your US dollars to Philippine peso.
Investing in US Dollar with RCBC
There is a wide range of products that you can take advantage of if you have US dollars in your hands.
RCBC’s foreign currency account offers greater convenience by letting you convert dollars to pesos online. No need to bring cash to a money changer. You can also maximize the value of the US dollar with RCBC exchange rates, which you can also check online.
A dollar account also makes it easier to transact in US dollars, so you can freely invest in dollar-denominated investments. You can use it to buy or deposit USD directly.
What makes RCBC’s foreign currency account one of the top dollar accounts in the Philippines is that it allows your money to grow with up to 0.125% interest rate while you wait for the perfect time to invest.
Are You Ready to Buy US Dollars?
Buying and investing in US dollars can be a profitable endeavor, but it must be done with a healthy dose of precaution. Our best tip is to wait for the perfect time to buy US dollars in the Philippines and find a reliable dollar account.
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Peso sinks to near 17-month low of P57 vs US dollar
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The Philippine peso continued to depreciate against the US dollar on Tuesday to hit the P57:$1 level and mark its worst showing in nearly 17 months, as the greenback was weighed down by geopolitical tensions.
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GMA News Online
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https://www.gmanetwork.com/news/money/economy/903830/peso-sinks-to-near-17-month-low-of-p57-vs-us-dollar/story/
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The Philippine peso continued to depreciate against its US counterpart on Tuesday to hit the P57:$1 level and mark its worst showing in nearly 17 months, as the greenback was weighed down by geopolitical tensions.
The local currency shed 19.2 centavos to close at P57:$1 from Monday’s finish of P56.808:$1. This is its worst performance since it closed at P57.375:$1 on November 22, 2022.
The latest movement comes after tensions escalated in the Middle East, as Iran launched explosive drones and fired missiles at Israel late Saturday, increasing the potential threat of a wider regional conflict.
“… The gauge of the US dollar closed at new 5.5-month highs amid geopolitical risks or increased tensions in the Middle East, after top Israeli military officials signaled possible response/retaliation to Iran’s weekend drone and missile attacks on Israel that were foiled over the weekend,” Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a commentary.
Ricafort also cited the better-than-expected retail sales data in the United States, which could lower the chances of the Federal Reserve to cut its rates, along with the latest hawkish signals from its officials.
The peso’s depreciation comes as the local stock barometer hit fresh four-month lows, with the Philippine Stock Exchange Index (PSEi) down 157.46 points or 2.40% to 6,404.97, while the broader All Shares index declined by 68.26 points or 1.96% to 3,409.85.
More than 15.822 billion shares, valued at P6.997 billion, changed hands. Decliners led advancers, 154 to 41, while 45 issues were unchanged.
“Philippine shares experienced the largest sell off year to date as the market touched the 6,400 level, falling 2.4%, spurred by increased yields and heightened worries over escalating tensions in the Middle East, triggered by Iran’s airstrike on Israel last Saturday,” Regina Capital Development Corp. head of sales Luis Limlingan said in a separate commentary.
The PSEi has already erased most of its gains for the year, with the benchmark down 0.7% year-to-date.—RF, GMA Integrated News
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https://www.oanda.com/currency-converter/en/currencies/majors/php/
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en
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Philippine Peso
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https://www.oanda.com/favicon.ico
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https://www.oanda.com/favicon.ico
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Get information about the PHP currency. The Philippine peso (PHP), or ‘piso’ in Filipino, is the official currency of the Philippines. The symbol of the Philippine peso is ₱.
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https://www.oanda.com/currency-converter/en/currencies/majors/php/
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Description
The Philippine peso (PHP), or ‘piso’ in Filipino, is the official currency of the Philippines. It's subdivided into 100 centavos, or ‘sentimos’ in Filipino. The symbol of the Philippine peso is ₱.
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Asian Countries and Their Currencies – The Nomad Capitalist’s Guide
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2023-07-19T00:00:00
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Discover Asian countries and their currencies with our guide for Nomad Capitalists. Explore the monetary systems shaping Asia's economies.
|
en
|
Nomad Capitalist
|
https://nomadcapitalist.com/finance/asian-countries-and-currencies/
|
As the largest and most populous continent, Asia’s unique blend of cultures and economies offers unparalleled opportunities for exploration and capital growth.
Understanding the monetary systems of these countries is pivotal, as they provide insights into the local economies, potential for investment and day-to-day cost of living for those seeking an international lifestyle.
To assist with your research, the Nomad Capitalist team took an in-depth look at the diverse and dynamic world of Asian countries and their currencies, a subject of interest for seasoned travellers and savvy investors alike.
But in advance of interrogating our guide, do note that Asia won’t solve everyone’s problems and you need to carefully consider whether it will work for you.
Choosing the right destination to relocate you, your family or your business to can be a complex and sometimes overwhelming challenge, depending on the location and your personal circumstances.
That’s where we come in. Nomad Capitalist has helped over 1,500 clients move to multiple tax-friendly jurisdictions from Central America to Western Europe and further afield. Apply to become a client today, and our team will assess your personal and corporate vision and portfolio to determine the best solutions to help you retain and grow wealth, pay fewer taxes legally and acquire greater individual freedom.
A Comprehensive Overview of Asian Currencies
Hosting several of the globe’s most expansive nations and influential economies, Asia stands out as the largest continent in the world.
Each of the nations that make up the continent has its own official currency that influences its socio-economic context and plays a significant role in local commerce and international banking payments.
So, let’s begin.
Japanese Yen
The Japanese yen, a key player on the global financial stage and the third most traded currency, holds considerable sway over the economies of Asia. In Japanese, the word yen (円) is synonymous with ’round,’ a name inspired by the circular form of the coins.
At the end of the Edo era in 1868, Japan introduced significant changes in its banking system. Embracing a modern central bank model, the nation introduced the yen, a milestone development during the transformative period of the Meiji Restoration that restored imperial rule to Japan. The 10,000 yen note (worth around US$65) is the highest denomination and features Yukichi Fukuzawa, an educator and journalist of the time.
Chinese Yuan
The Chinese Yuan Renminbi (CNY) falls under the management of the People’s Bank of China. The yuan is the unit of currency, while the name of the currency itself is renminbi.
The term ‘yuan’ carries with it a rich history, harking back several centuries when it was used to denote round coins. Fast-forward to the contemporary economic landscape and the stature of the Chinese yuan has witnessed remarkable growth.
A pivotal moment in this growth trajectory was China’s induction into the World Trade Organisation in 2001, which propelled the yuan’s standing on the global stage.
As of June 2024, one yuan will buy 0.14 US dollars.
Indian Rupee
The South Asian powerhouse nation uses the Indian rupee as its official currency. The term rupee is derived from the Sanskrit word ‘rupya’, which means wrought silver. Introduced by Sher Shah Suri during his reign from 1540 to 1545, the rupee has weathered various economic changes throughout history. Prior to 1835, the value of the currency varied from region to region until it was made uniform and later decimalised in 1955.
Indonesian Rupiah
Introduced in 1946 by the Indonesian government to replace the Japanese-controlled Dutch East Indies guilder, the rupiah has seen significant fluctuations due to the socio-political changes within the country.
The Southeast Asian archipelago state, which has a population in excess of 275 million people, is the largest economy in the region.
Hong Kong Dollar
First used in 1937, the Hong Kong Monetary Authority is now the custodian of the Hong Kong dollar. Initially, its value was tethered to the British pound, but a shift occurred in 1983 and, since then, it’s been hitched to the US dollar at a rate of 7.80 to 1, a move that has contributed significantly to its stability.
In a somewhat unique fashion – considering it’s linked specifically to the city state – the Hong Kong dollar is virtually a tracking ‘stock’ for the city state which is officially a part of China. It is also the world’s eighth most traded currency.
Singapore Dollar
Introduced in 1967, a mere two years after Singapore achieved independence from Malaysia, the Singapore dollar has seen significant growth, establishing itself as one of the most influential currencies in Southeast Asia.
The Monetary Authority of Singapore currently manages the Singapore dollar, and thanks to the country’s vigorous economy and solid banking sector it has garnered a well-respected standing in the region.
The Singapore dollar’s Fitch rating of AAA, denoting the lowest expectation of failure risk, is extremely rare.
Philippine Peso
The Philippine peso was introduced in 1852, making it one of the oldest in the region. Formerly known as the ‘peso fuerte’ or the ‘strong peso,’ it continues to serve as the Philippines’ official currency. The term peso harks back to a history of over 300 years of Spanish rule in the Southeast Asian archipelago.
The currency underwent decimalisation in 1861 and has survived numerous political shifts in the country.
Vietnamese Dong
Vietnam’s currency has a fascinating history. The dong came into existence in 1978 following the union of North and South Vietnam.
With the passing years, the country’s economic turbulence and inflation necessitated multiple revaluations of the dong. Because of this, it became recognised as one of the world’s weakest currencies.
Today, the dong is still highly devalued, but economic recovery in the country could signal an upward trend.
Korean Won
The division of Korea into North and South after World War II resulted in two separate currencies, both called the Korean won.
Following the division of Korea in 1945, the Korean won was introduced to replace the Korean yen. The won, which is circulated and issued under the authority of the country’s Central Bank, is managed by the Bank of Korea.
Over the years, it has seen moderate fluctuation against the US dollar but remains a significant Asian currency with the South Korean economy one of the strongest and most advanced in Asia.
North Korean Won
The North Korean won is issued by the Central Bank of the Democratic People’s Republic of Korea. The currency operates in a strictly regulated economy and is not openly traded on global forex markets due to extensive international sanctions. This situation is unlikely to change any time soon.
Foreigners are not permitted to use the currency.
New Taiwan Dollar
Taiwan’s official currency is the New Taiwan dollar, introduced in 1949 to replace the Old Taiwan dollar at a ratio of 40,000 to one.
The New Taiwan dollar has been stable over the years, largely thanks to Taiwan’s strong economic performance in the tech industry. However, this stability is threatened by growing concerns over conflict with China.
Thai Baht
In Southeast Asia, the Thai baht dates back to the 19th century and originally referred to a specific weight in gold. Today, the Bank of Thailand controls this currency, which stands out as one of the most resilient among emerging economies.
Carrying banknotes in your trouser back pocket is frowned upon in Thailand, as it implies that you are sitting on the King’s image.
Malaysian Ringgit
Malaysia’s currency, the Ringgit, has been the legal tender since 1975, replacing the Malaya and British Borneo dollar. The term Ringgit translates as ‘jagged’ in Malay and originally referred to the separated edges of Spanish silver dollars widely circulated in the area.
Brunei Dollar
Another noteworthy Southeast Asian currency is the Brunei dollar. It is interchangeable with the Singapore dollar, a unique arrangement maintained since 1967, highlighting the close ties between the two nations. The Brunei Currency and Monetary Board issues the Brunei dollar.
At current rates, one Brunei dollar buys 0.7433 US dollars.
Pakistani Rupee
The Pakistani rupee was introduced after the partition of India in 1947. Tied to the British pound until 1982 to control inflation, when the arrangement was withdrawn, the Pakistani rupee was heavily devalued. Due to how political, social and economic instability impacts the country, it remains depreciated. So much so that currently, one Rupee buys 0.0036 US dollars.
Sri Lankan Rupee
Represented by the acronym LKR, the Sri Lankan rupee was first introduced in 1872, replacing the British pound at a rate of one pound to two rupees. The Central Bank of Sri Lanka now issues the rupee.
Periods of high inflation, such as when it hit an Asian record high of 61% in July 2022, serve as a reminder of the country’s potential for political and economic turmoil.
Bangladeshi Taka
The Taka, Bangladesh’s currency, was introduced in 1971, replacing the Pakistani rupee at a par exchange rate when the country became independent. Every Taka note features the same historical figure, Sheikh Mujibur Rahman, a revered political leader who helped establish democracy there but was assassinated in 1975.
Saudi Riyal
Saudi Arabia is an economic frontrunner in the Middle East. The official currency, the Saudi riyal is governed by the Saudi Arabian Monetary Authority.
Introduced in 1925, the riyal has been pegged to the US dollar at a rate of 3.75 to 1 since 1986, lending it stability, which is also maintained by the Kingdom’s position of being the world’s second-largest producer of oil.
Turkish Lira
The lira, serving as Turkey’s currency since 1844, has seen many changes, particularly in the last two decades. The Grand National Assembly of Turkey passed a law in 2003 that led to the removal of six zeros from the currency, giving birth to the New Turkish lira. The word ‘new’ was removed in 2009 and it reverted to Turkish Lira.
In recent times, the lira has been massively devalued against both the US dollar and the British pound. However, while skyrocketing inflation (currently 38%), political instability and natural disasters have blighted the nation’s economy, there are signs of increasing stability.
United Arab Emirates Dirham
The United Arab Emirates dirham was introduced in 1973 by the United Arab Emirates Currency Board to replace the Bahraini dinar and the Qatar-Dubai riyal.
The UAE Dirham has been pegged to the United States dollar at a rate of 3.67 to 1 since 1997 and is one of the most stable currencies in the world.
With its reliance on oil and gas revenues, pegging the dirham to the US dollar is a means of reducing the volatility of the country’s exports.
Qatari Riyal
The Qatari riyal is the currency of Qatar. This Middle Eastern nation is small but wealthy and hugely influential. When India devalued the rupee in 1966, Qatar was one of several nearby territories to introduce its own currency.
Qatar’s vast natural gas and oil reserves have contributed to the riyal’s overall stability against the USD. As of June 2024, one Riyal buys 0.27 US dollars.
Bahraini Dinar
Like the Qatari riyal, The Bahraini dinar was introduced in 1966 to replace the Gulf rupee.
Renowned for its status as one of the most valuable global currencies, it is intrinsically linked to the country’s meticulously regulated financial industry. The dinar has been pegged to the US dollar since 1980 at a rate of 1 to 2.659 – making it one of the few global currencies that is actually stronger than the greenback.
Jordanian Dinar
Jordan’s currency, the dinar, was introduced in 1949, replacing the Palestinian pound.
The Central Bank of Jordan manages the dinar and it has remained relatively stable due to the country’s prudent monetary policies.
Israeli New Shekel
The Israeli new shekel, often referred to as simply the shekel, is the official currency of Israel. The new shekel replaced the old shekel in 1985 to address rampant inflation.
The Bank of Israel manages this currency, which has proved relatively resilient in recent years despite political tensions in the region.
Kuwaiti Dinar
The Kuwaiti dinar, first introduced in 1961, serves as the official currency of Kuwait – a small nation located on the Persian Gulf that boasts considerable oil reserves.
With the Central Bank of Kuwait overseeing its management, the Kuwaiti dinar has gained recognition as one of the most robust currencies globally. This strength is underpinned by the substantial oil revenues generated by the country.
Omani Rial
The Omani rial replaced the Rial Saidi at par value due to a change in the nation’s governing regime. Given Oman’s robust economy, primarily driven by oil, the rial has demonstrated considerable stability over time.
Turkmenistan Manat
The Turkmenistan manat is the currency of Turkmenistan, a country in Central Asia. The manat was introduced in 1993, replacing the Russian Ruble.
The Central Bank of Turkmenistan is the issuing authority, and while the country has large natural gas reserves, the manat has experienced significant inflation.
In fact, due to soaring inflation, a new version of the currency was introduced in January 2009 at a rate of 5,000 old manats to 1 new manat.
Uzbekistani Som
The Uzbekistani som was first issued in 1993 to replace the Soviet ruble. The currency has experienced inflation in the past few years, prompting the Central Bank of the Republic of Uzbekistan to introduce higher-value banknotes.
The 200,000 som banknote (currently worth US$158) was introduced in July 2022 to ease cash payments.
Kazakhstani Tenge
The tenge is the official currency of Kazakhstan, the world’s largest landlocked country. Introduced in 1993, the tenge replaced the Soviet ruble at a rate of 1 tenge to 500 rubles.
Despite periods of inflation, the National Bank of Kazakhstan has taken measures to stabilise the tenge and limit currency speculation.
Kyrgyzstani Som
The Kyrgyzstani som replaced the Soviet Ruble in 1993 and since then has maintained relative stability, which can be attributed to the country’s Central Bank’s strict regulations.
After the collapse of the Soviet Union, Kyrgyzstan was the second nation to introduce its own currency after Russia.
Asian Currencies: FAQs
The Economic Powerhouses of Asia
Asia’s rich history, diverse economies and unique monetary systems provide a fascinating study of currencies.
From the Japanese yen and Chinese yuan to the Indian rupee and Singapore dollar, the region’s currencies reflect each country’s economic journey and aspirations on the global stage.
Given the rise of globalisation and the intricate web connecting economies worldwide, it is evident that these Asian currencies will maintain their important role in shaping the international financial landscape.
From the strength of the Kuwaiti dinar to the resilience of the Singapore dollar, the currencies of Asia offer insights into the socio-economic context of the countries they represent.
They’re not just a medium of exchange. They’re also a window into the past, present and future of these financially vibrant nations.
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https://www.investopedia.com/terms/forex/p/php-philippine-peso.asp
|
en
|
Philippine Peso (PHP): Definition, History, Exchange Rate Range
|
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[] |
[
""
] | null |
[
"Cory Mitchell",
"www.facebook.com"
] |
2008-06-30T13:00:00-04:00
|
The Philippine peso, abbreviated as PHP in foreign exchange markets, is the national currency of the Philippines. Learn the history of the PHP.
|
en
|
/favicon.ico
|
Investopedia
|
https://www.investopedia.com/terms/forex/p/php-philippine-peso.asp
|
What Is the Philippine Peso (PHP)?
The Philippine peso, abbreviated as PHP in foreign exchange (forex) markets, is the national currency of the Republic of the Philippines. The peso is known as the "piso" in the Filipino and Tagalog languages.
The Philippine peso is made up of 100 cents or "sentimos" and is often represented with the symbol ₱.
As of Jan. 9, 2022, one U.S. dollar was equal to 51.38 PHP. Over the past five years, its value has ranged from lows below 48 pesos to a dollar to a high of 53.89 in late 2018.
Understanding the Philippine Peso (PHP)
The southeast Asian archipelago now known as the Republic of the Philippines was under Spanish rule for 333 years and under U.S. rule for 48 years. It was occupied by Japan from early 1942 until Sept. 2, 1945, when World War II ended with Japan's surrender to the Allied forces.
The independent Republic of the Philippines was created in 1946. English and Filipino are the official languages.
Colonial Rule of the Philippines
The country briefly gained its independence in 1899 after a revolution against Spanish rule led to the creation of the First Philippine Republic. The Republic was short-lived. By 1901, the United States had annexed the Philippines as part of the treaty with Spain that ended the Spanish-American War. The U..S. sent in military forces to defend its claim to the Philippines against the nation's nationalists, resulting in the three-year-long Philippine-American War.
By 1901, the first coins and paper money issued by the Philippine government had gone out of circulation.
The U.S. then established a Philippine currency that was pegged to the price of gold, and was at that time worth about half the price of a U.S. dollar (USD). The peg of ₱2/USD lasted until the country achieved independence in 1946.
The Republic of the Philippines
The Central Bank of the Philippines was created in 1949, and through the 1950s it strove to maintain the 2:1 peg with the USD. This became impossible as a black market for pesos started outside of the fixed system, where the ₱ routinely traded at 3:1.
The currency was devalued to ₱3.90/USD, and in 1970 was devalued again to ₱6.43/USD. While the country struggled to stabilize the exchange rate, the currency continued to devalue. In 1983, it traded near ₱11/USD and by 1986 it was near ₱20/USD.
The New Central Bank Act of 1993 set the Philippine peso on a path to being a free-floating currency. While this allowed the exchange rate to become substantially higher than the earlier pegged levels, it brought stability to the currency. The black market for the currency (which nearly always reflected a lower value of the ₱ than official channels) ceased to exist.
Example of a U.S. Dollar/Philippine Peso Quote
Assume a couple from the U.S. is heading to the Philippines for a holiday. They need to buy some Philippine pesos (PHP) for their trip.
Since the exchange rate is free-floating, the rate will change by the day, and even by the minute.
Assume that the travelers check the current exchange rate and it is 52.27 USD/PHP. That means that the couple should expect to get somewhere close to 52.27 PHP for one USD.
Forex Rates vs. Real Exchange Rates
While this quoted rate on currency websites is the last trade value (or sometimes the current bid value), our couple will not be able to get that rate when exchanging physical currency. Currency exchanges and banks typically charge a 3% to 5% fee for exchanging cash, and factor that into the exchange rate. Therefore, for each USD the couple may only get ₱50.70 or ₱49.65.
If the couple wants ₱50,000 at a rate of 52.27, they would need $956.57. But if the currency exchange factors a 5% charge into their rate, they offer 49.65 and the travelers need $1,007.05 to get the same ₱50,000.
When our travelers return, they may have some Philippine pesos they want to convert back to U.S. dollars. Let's say they have ₱5,000. Assume the exchange rate is still the same at 52.27, but remember that banks and currency exchanges typically take 3% to 5% on both sides of the transaction.
Instead of only charging 52.27 for each USD, they are going to charge 53.84 to 54.88. That means that ₱5,000 won't buy as many USDs. At 52.27, ₱5,000 converts to $95.66. But at 54.88, it only converts to $91.11, which is about 5% less.
The Bottom Line
The value of the Philippine peso declined in 2021 and is projected to decline further in 2022. The aura of economic uncertainty surrounding the COVID-19 pandemic and the government's response to it has helped to depress its value against the U.S. dollar.
Its fluctuations are a problem for the millions of expatriates from the Philippines who work abroad and send money home to their families.
|
||||
9083
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dbpedia
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3
| 53
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https://www.forbes.com/advisor/money-transfer/currency-converter/usd-php/
|
en
|
USD To PHP: Convert United States Dollar to Philippine Peso
|
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[
""
] | null |
[
"calogero guagenti"
] |
2024-08-19T14:45:00
|
Use our currency converter to find the live exchange rate between USD and PHP. Convert United States Dollar to Philippine Peso
|
en
|
Forbes Advisor
|
https://www.forbes.com/advisor/money-transfer/currency-converter/usd-php/
|
If you plan to visit the Philippines in the near future, you may want to convert USD to PHP. While most big Philippine cities have a high level of credit card acceptance, experts recommend that you have some emergency cash on hand—especially if you’re traveling to areas outside major towns and cities.
Here’s what you need to know before converting U.S. dollars into Philippine pesos, including how to make the conversion and where you’ll find the best exchange rates.
How to convert U.S. Dollars to Philippine Pesos
There are two ways to calculate approximately how many Philippine pesos you can get for your dollar: You can either use a conversion calculator or convert it by hand. Here’s a closer look at each method.
1. Use a Currency Calculator
Using a currency conversion calculator is a great way to estimate how much money you’ll have to spend on your trip. Since exchange rates change often, using a calculator will help ensure that your conversion is correct.
Keep in mind that exchanging currency typically comes with fees that won’t be factored in by a calculator. For example, most credit card processors and ATM networks charge a 1% conversion fee on all foriegn transactions. Individual merchants may also pass along their own fees if you ask them to convert a price into your home currency at the cash register.
2. Calculate It Manually
The other option is to calculate the conversion manually. However, before you can get started, you need to know the current exchange rate. At the time of writing, $1 USD is equivalent to ₱ 54.92 PHP.
Manual Currency Conversion Example
Say that you have $500 USD and you want to know how much money you would have for a trip to the Philippines. In that case, your conversion equation would look something like this:
$500 USD x 54.92 = ₱ 27,460 PHP
How to Buy Philippine Pesos
Exchange at a bank or credit union before your trip: Exchanging money at your local banking center before your trip is likely the most cost-effective way to get the money you need. Since you have an existing relationship with the bank, it’s more likely to give you the best exchange rates. Still, some fees may apply. For example, TD Bank charges its customers $7.50 for each currency conversion transaction.
Order currency online: If you can’t order online through your bank, you can also have currency delivered to your door by third-party providers like Currency Exchange International (CXI). Just be sure to do your research and to keep an eye out for high fees. While CXI doesn’t charge any exchange fees, it will charge you up to $30 for overnight shipping,
Use your bank’s ATM abroad for withdrawals where possible: If you have to exchange more money while abroad, your best bet is to find an ATM in your home bank’s network, as that can help you save on fees. For example, Citibank and HSBC have ATMs in the Philippines. Most banking apps have an “ATM locator” feature that can help you find the closest option.
Look for SM Mall department stores: This popular department store chain in the Philippines has a currency exchange counter inside. However, exchange rates may vary by store. SM Mall suggests calling customer service at (02)8811-0000 beforehand to confirm rates at nearby locations.
What to Avoid
Currency exchange at the airport: While waiting to exchange currency at the airport may be convenient, it’s often a costly decision. Currency exchange kiosks often offer some of the worst exchange rates while charging the highest fees.
Next Up:
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9083
|
dbpedia
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2
| 48
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https://whiteboardcrypto.com/philippine-currency/
|
en
|
Philippine Currency (Philippine Peso History + Facts)
|
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The Philippine peso has a rich history that dates back to the Spanish colonial period. It was first introduced in 1852 as a Spanish colonial peso and was
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en
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WhiteboardCrypto
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https://whiteboardcrypto.com/philippine-currency/
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The Philippine peso has a rich history that dates back to the Spanish colonial period. It was first introduced in 1852 as a Spanish colonial peso and was used as the country’s official currency until the Philippine-American War in 1898. The US dollar was then introduced as the country’s official currency, but the Philippine peso was reintroduced in 1946 after the country gained independence.
Today, the peso is one of the most traded currencies in Southeast Asia and is widely accepted in the country for all transactions. In this article, we’ll explore the long and fascinating history of the Philippine peso that dates back centuries. With a basic understanding of the Philippine peso and its history, you’ll be better equipped to navigate the country’s financial landscape during your travels.
Historical Journey of Philippine Currency
The history of Philippine money goes back to the pre-Hispanic era when gold Piloncitos and other items were used as currency. However, it was only during the Spanish colonial period that the official currency, the Philippine peso, was introduced.
Over the years, the peso has seen changes in design and value. The first peso, introduced in 1861, was equivalent to eight reales during the Spanish colonial period. In 1903, it was revalued to be equivalent to two and a half pesos of the old value.
During World War II, Japanese forces replaced the Philippine peso with their own currency. After the war, the peso was reintroduced but underwent devaluations until the mid-1960s when it was pegged to the US dollar.
History of Coins
The Bangko Sentral ng Pilipinas issues Philippine peso coins for circulation in the country. These coins are currently available in seven denominations. The use of the Philippine peso dates back to Spanish rule, and its history involves influences from the Spanish dollar and other currencies.
During the pre-Hispanic era, gold served as a vital medium of exchange, represented by stamped gold beads known as piloncitos and gold barter rings. The original silver currency unit was the rupee or rupiah, introduced through trade with India and Indonesia.
Under Spanish administration, the Spanish silver peso, equivalent to eight reales, was introduced in 1521 by the Magellan expedition and brought in large quantities by the Manila galleons after the 1565 conquest. The local salapi continued as a half-peso coin. Gold onzas or eight-escudo coins were also introduced.
Before the establishment of the Manila Mint in 1857, the Philippines relied on coins brought by Spain, China, and neighboring countries. The mint produced gold and silver coins in various denominations.
During the United States administration (1903-1945), coins were struck for use in the Philippines, ranging from 1⁄2 centavo to one peso. The designs depicted Filipino and American themes, symbolizing the collaborative efforts in nation-building.
The Culion leper colony, established in 1906, issued its own currency due to concerns about leprosy transmission through regular money. The coins were struck in aluminum and later copper-nickel alloy.
After gaining independence in 1946, the Philippines introduced various coin series, including the English Series, Pilipino Series, Ang Bagong Lipunan Series, and Flora and Fauna Series. These series featured different designs, reflecting changes in leadership, language, and national symbols.
In 1995, the Bangko Sentral ng Pilipinas introduced the BSP Series, which included 1, 5, 10, and 25-sentimo, 1-piso, and 5-piso coins. The New Generation Currency Coin Series, launched in 2018, features native Philippine flora on the obverse and portraits of national heroes on the reverse. The series aims to replace the older coin designs.
Commemorative coins have been issued to mark significant events and honor historical figures. These coins hold legal tender status and contribute to numismatic interest among collectors.
As of 2022, the latest addition is the New Generation Currency Coin Series, which includes various denominations featuring native flora and portraits of national heroes. The series was introduced in 2018 and aims to replace older coin designs. Additionally, commemorative coins continue to be issued to mark important events and honor historical figures, contributing to numismatic interest among collectors.
History of Bills
The banknotes of the Philippine peso, issued by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), hold a significant role in the country’s economic landscape. These notes, ranging from ₱20 to ₱1000, showcase a blend of historical figures, events, landmarks, and fauna, contributing to a rich narrative of the Philippines’ cultural and political evolution.
The dimensions of Philippine peso banknotes have remained consistent at 16 x 6.6 cm since the US-Philippine administration, a standardization introduced during William Howard Taft’s governor-general tenure. This size, initiated in 1928, aligns with that of the United States Federal Reserve Notes, highlighting the historical connection between the two nations.
The issuance of banknotes in the Philippines traces back to 1852 when El Banco Español Filipino de Isabel II released denominations like 10, 25, 50, and 200 pesos fuertes. Over the years, various banks, such as the Bank of the Philippine Islands (BPI) and the Philippine National Bank (PNB), played roles in issuing different notes. The Silver Certificates in 1918 replaced the earlier certificates, backed by bonds from the United States Government.
The English Series, circulating from 1949 to 1969, was succeeded by the Pilipino Series (1969–1974) and the Ang Bagong Lipunan Series (1973–1996). The latter, undergoing Filipinization, was eventually demonetized in 1993 due to concerns about its potential use in influencing elections.
The New Design/BSP Series (1985–2018) featured security upgrades and a shift in presidential signatures. In 2010, the New Generation Currency (NGC) Series was introduced, emphasizing enhanced security and durability. Presidents Gloria Macapagal Arroyo and Benigno Aquino III approved this series, making it the only one endorsed by two presidents.
In 2017, the NGC series underwent design updates, including changes to font size, italicized scientific names, and alterations to specific images on selected denominations. Subsequently, the Enhanced NGC series in 2020 introduced tactile markings for the visually impaired, improved security threads, and other features to enhance accessibility.
Despite the NGC series’ advancements, certain errors have been identified, such as the exclusion of Batanes from the Philippine map and the mislocations of natural landmarks. Design Systemat, the company responsible for the bills, explained practical printing constraints affecting color reproduction.
The signatures of the President of the Philippines and the Governor of the Bangko Sentral ng Pilipinas are notable features on the banknotes. Over the years, different pairs have appeared on the notes, reflecting leadership changes.
The evolution of Philippine peso banknotes reflects not only economic transitions but also the nation’s history, culture, and political shifts. The meticulous design, security features, and the continuous pursuit of improvement demonstrate the commitment to preserving the integrity of the currency and its representation of Filipino identity.
Inflation and Buying Power of the Philippine Peso
Over the years, the value of the Philippine Peso has fluctuated due to various economic and political factors. Inflation has been a major issue in the country, with the value of the peso decreasing over time. In 1946, the exchange rate was 2 Philippine pesos to 1 US dollar. By 2023, the exchange rate had increased to around 55 Philippine pesos to 1 US dollar.
In recent years, the Philippines has experienced significant challenges related to inflation and the buying power of the Philippine peso. This has had far-reaching implications for the economy and the daily lives of Filipino citizens.
According to a report by IBON, the Philippines has the highest inflation rate in Southeast Asia. In November 2023, the inflation rate in the Philippines hit a 14-year high of 8%, as reported by Scholastic Inc. This surge in inflation has significantly impacted the cost of living for many Filipinos. The Philippine Statistics Authority (PSA) reported a headline inflation rate of 8.0% in November 2023, indicating a significant increase in the overall price level compared to the base year.
The purchasing power of the Philippine peso has been affected by inflation. As prices rise, the real value of the peso diminishes, impacting the ability of individuals and families to afford goods and services.
According to Worlddata.info, the purchasing power of the peso has been eroded over time. For example, a purchasing power of 1,000 pesos in 1960 corresponds to only 3.00 pesos at the beginning of 2023 due to inflation.
The impact of inflation on the buying power of the peso has far-reaching implications for the economy. As reported by the Bangko Sentral ng Pilipinas, the trimmed mean represents the average inflation of the weighted middle 70 percent, highlighting the broad impact of rising prices on the population.
Moreover, the International Monetary Fund (IMF) data shows that the purchasing power parity for the Philippines was 18.8 LCU per international dollar in 2022, indicating the challenges faced by the Filipino population in maintaining their purchasing power.
The Bangko Sentral ng Pilipinas (BSP) plays a crucial role in implementing monetary policies to stabilize prices and support economic growth. Through mechanisms such as interest rate adjustments and liquidity management, the BSP aims to manage inflation.
Addressing the challenges related to inflation and the purchasing power of the peso is crucial for ensuring the well-being of the Filipino population and the stability of the economy. Policy measures aimed at controlling inflation and strengthening the purchasing power of the peso will be essential for mitigating the impact of rising prices.
The Philippine Peso
The Philippine Peso (PHP) serves as the official currency of the Philippines. Represented by the symbol “₱,” the peso can be denoted as “₱100” or “100 PHP.” Additionally, when expressing amounts in words, the format “One hundred Philippine Pesos” is commonly used.
To navigate financial transactions effectively in the Philippines, it is crucial to identify various denominations of Philippine currency, which comes in both coins and bills. Philippine bills, made of polymer for durability and counterfeit resistance, come in denominations of 20, 50, 100, 200, 500, and 1000 pesos. Each bill boasts a unique design, with the 100 peso bill, featuring Apolinario Mabini, a Filipino revolutionary leader, predominantly blue in color.
The Philippine Peso is a vital aspect of the country’s financial landscape. Understanding its symbol, denominations, and security features is essential for smooth financial transactions. Whether using “₱” or “PHP,” this knowledge is instrumental in navigating the Philippine monetary system with confidence.
PHP 20
The ₱20 Philippine banknote is the smallest in circulation, featuring President Manuel L. Quezon on the front and the Banaue Rice Terraces and Asian palm civet on the reverse. Its design has evolved through various series, capturing different historical periods. From the pre-independence era with the Mayon Volcano on Silver Certificates (1905–1917) to Quezon’s introduction in the Pilipino series notes (1967), each series reflects unique aspects. The English series (1951–1971) highlighted Katipunan leaders, and the Pilipino series (1969–1973) changed colors and depicted the Malacañan Palace. The Ang Bagong Lipunan series (1973–1985) added text in 1973, and the New Design series (1986–2012) emphasized Quezon’s achievements and the national language. The ongoing New Generation series (2010–present) introduced updates in 2010 and 2017.
PHP 50
The ₱50 Philippine banknote features former President Sergio Osmeña with the First Philippine Assembly, Leyte Landing on the front, and Taal Lake with a Giant Trevally on the reverse. Its history spans diverse design series, starting with Banco Español Filipino De Isabel II in 1852. Osmeña’s presence began in the Pilipino series notes (1967), with subsequent series highlighting figures like Antonio Luna and landmarks like the Old Legislative Building. The Ang Bagong Lipunan (1973–1985) and New Design (1987–2013) series emphasized Osmeña’s achievements, while the ongoing New Generation series (2010–present) saw updates and enhancements in 2010, 2017, and 2020. Commemorative overprints mark events like Osmeña’s 100th Birth Anniversary (1978) and Central Banking milestones (1997, 2009, and 2013), underscoring the cultural and historical significance of the ₱50 Philippine banknote.
PHP 100
The ₱100 Philippine banknote features former president Manuel A. Roxas on the front and the Mayon Volcano and a whale shark on the reverse. Its history dates back to Banco Español Filipino De Isabel II in 1852 and includes various series, like the Philippine Islands Silver Certificates depicting Ferdinand Magellan. Roxas first appeared in the Pilipino series notes in 1967, followed by the Ang Bagong Lipunan (1973–1985) and New Design (1987–2013) series, reflecting design changes and historical events. Commemorative overprints mark events like the Philippine Centennial and UP Centennial. The ₱100 bill serves as a canvas for commemorating cultural, educational, and historical occasions in the Philippines.
PHP 200
The ₱200 Philippine banknote features President Diosdado Macapagal on the front and Chocolate Bohol Hills with a tarsier on the reverse. Its historical roots date back to Banco Español Filipino de Isabel II issuing 200 pesos fuertes notes in 1852. After withdrawal in 1959, the denomination was reintroduced in the 2002 New Design series, highlighting Diosdado P. Macapagal and the Aguinaldo Shrine. An “enhanced” version in 2020 introduced security features, and the 2022 version adopted the redesigned BSP logo. As the rarest in circulation, the ₱200 bill serves as a commemorative canvas for events like the UST Quadricentennial and 60 Years of Central Banking.
PHP 500
The ₱500 Philippine banknote features Senator Benigno Aquino Jr. and President Corazon Aquino on the front, with the Puerto Princesa Subterranean River National Park and the blue-naped parrot on the reverse. Set to release a polymer version in 2023, following the 1000-Piso polymer banknote in April 2022, the bill has a diverse history, originating from 1905 Philippine Islands Silver Certificates. Beyond its monetary value, the ₱500 bill serves as a canvas for commemorating significant events, underlining its cultural and historical importance in the Philippines.
PHP 1,000
The ₱1000 Philippine banknote is notable as the largest denomination in general circulation and stands out as the only peso note with a polymer version, launched in April 2022. The cotton-abaca version highlights significant figures like José Abad Santos, Vicente Lim, and Josefa Llanes Escoda on the front, with the reverse featuring the Tubbataha Reefs Natural Park and the South Sea pearl. The controversial 2021 redesign of the polymer version replaces portraits with that of the Philippine eagle. Its historical journey dates back to World War II, with the New Design series (1991–2012) depicting heroes and iconic landscapes. The 2022 polymer version is currently in limited trial circulation, showcasing the Philippine eagle and natural elements.
Currency Usage in the Philippines
Understanding the currency usage and value in the Philippines is important for a smooth and hassle-free trip. Here are some important things to know about using currency in the Philippines.
Is USD accepted in the Philippines?
Yes, USD is accepted in the Philippines, but it is not as widely accepted as the Philippine peso. You may encounter some establishments that only accept PHP, especially in smaller towns and rural areas. It is also important to note that paying in USD may result in a lower exchange rate and additional fees.
According to AboutPhilippines.org, USD and other major currencies are not widely accepted in the Philippines, except in tourist establishments, airports, or hotels. It is a good idea to bring some USD with you as emergency cash, but you should be prepared to exchange it for PHP at a bank or currency exchange.
Using PHP instead of USD can be advantageous because exchange rates are typically better. Additionally, some establishments may offer discounts or better prices if you pay in PHP.
If you do decide to use USD, it is important to know the current exchange rate. According to TripSavvy, if you are quoted a price in USD instead of PHP, you should check the current exchange rate to ensure that you are getting a fair deal.
Exchanging Currency in the Philippines
If you are planning to visit the Philippines, you will need to exchange your currency to Philippine Peso (PHP) to pay for goods and services. Here are some things you should know about exchanging currency in the Philippines.
When traveling to the Philippines, it is important to understand the currency exchange and value. The official currency of the Philippines is the Philippine peso (PHP), which is divided into 100 centavos. The Philippine peso comes in denominations of 20, 50, 100, 200, 500, and 1000 pesos.
Where can I exchange Philippine Peso?
There are many places where you can exchange your currency to Philippine Peso. The most common places are banks, hotels, and currency exchange offices. You can also exchange your currency at the airport when you arrive in the Philippines. However, keep in mind that the exchange rate at the airport is usually not as favorable as the exchange rate at other places.
Understanding the currency exchange and value in the Philippines is important for a smooth and hassle-free trip. Make sure to bring a mix of cash and credit cards, exchange your USD to PHP for better rates, and compare rates and fees before exchanging your currency.
What to know before exchanging currency in Philippine Peso
When traveling to the Philippines, exchanging your currency to Philippine Peso (PHP) is necessary for transactions. Here are important considerations before exchanging your money:
Firstly, check the daily fluctuating exchange rate between your currency and PHP to maximize your financial value. Verify the current rate online or at local banks or money changers.
Secondly, be aware of potential exchange fees imposed by banks or money changers. Knowing these fees in advance prevents surprises. Some institutions may offer favorable exchange rates but higher fees, while others provide lower rates with lower fees.
Selecting a reliable money changer is crucial to avoid scams and counterfeit currency. Opt for authorized changers with a positive reputation, steering clear of street exchanges. Although credit and debit cards are widely accepted in urban and tourist hubs, cash remains the preferred payment method in many places. Carrying some cash is advisable for smaller purchases and to address any potential card acceptance issues.
Given the prevalence of counterfeit currency in the Philippines, exercise caution. Check security features like watermarks and security threads to verify the authenticity of the bills you receive. By following these guidelines, you can ensure an optimal currency exchange experience in Philippine Peso.
Choosing Between USD and Philippine Peso
When traveling to the Philippines, you may be wondering whether you should use US dollars or Philippine Peso for your transactions. Both currencies are widely accepted in the country, but there are some factors to consider when choosing which one to use.
Exchange Rate
Before exchanging your currency, it is important to know the current exchange rate. You can check the exchange rate online or at a currency exchange office. It is also important to know that some places may charge a commission or a fee for exchanging currency. Make sure to ask about any fees or commissions before exchanging your currency.
While the USD is a dominant currency in the global market, the Philippine Peso can be subject to fluctuating exchange rates. It’s important to keep an eye on exchange rates to make the most out of your currency.
Convenience
When exchanging your currency, consider the convenience of the location. Banks and hotels may offer a more convenient location but charge higher fees or offer a less favorable exchange rate. Currency exchange offices may offer a better exchange rate, but they may be located in less convenient areas.
USD is widely accepted in many countries, making it a convenient currency for travelers and businesses. However, the Philippine Peso may be more accessible in the Philippines, where it’s the official currency. If you’re doing business or traveling in the Philippines, use the local currency to avoid exchange fees and get a better value for your money.
Fees
When exchanging your currency, make sure to ask about any fees or commissions. Some places may charge a commission or a fee for exchanging currency. It is important to know the fees before exchanging your currency to avoid any surprises.
While USD transactions may have lower fees due to their widespread use, it’s important to compare fees for both currencies to determine which one is more cost-effective.
Tips
Be sure to check the current exchange rate before proceeding with the currency exchange. Additionally, inquire about any associated fees or commissions to avoid unexpected charges. The convenience of the exchange location is another factor to consider, as well as the potential drawbacks of exchanging currency at the airport, if possible.
Furthermore, explore the option of using a debit card that does not impose foreign transaction fees for added convenience. By adhering to these guidelines, you can ensure a fair exchange rate and minimize unnecessary fees during your currency exchange in the Philippines.
Overall, the decision to choose between USD and Philippine Peso depends on your individual needs and circumstances. By considering the factors mentioned above, you can make an informed decision and choose the currency that’s right for you.
Cost of Living in the Philippines
If you are planning to move to the Philippines, you might wonder about the cost of living in the country. According to Expatistan, the cost of living in the Philippines is cheaper than in 69% of countries in Asia and 83% of countries in the world.
To give you an idea of the cost of living in the Philippines, a single person’s estimated monthly costs are around $1,591 or Php88,358. This includes accommodation, food, transportation, and other basic necessities.
However, if you want to live more reasonably, expect to pay at least Php25,000 or around $450 for a studio-type apartment. A bigger 2-bedroom apartment for the entire family will set you back at least Php50,000 or around $900.
When it comes to food, the Philippines offers a wide variety of affordable and delicious options. You can eat at a local restaurant for as low as Php50 or $1. A meal at a mid-range restaurant can cost around Php300 or $6. If you prefer to cook your own meals, the cost of groceries is also quite affordable. You can shop at several supermarkets or malls such as Robinsons.
Transportation in the Philippines is also relatively cheap. A one-way ticket for local transportation can cost as low as Php12 or $0.25. If you prefer to use ride-sharing services such as Grab or Angkas, expect to pay around Php200 or $4 for a 10-kilometer ride.
Overall, the cost of living in the Philippines is relatively affordable compared to other countries in the world. However, the cost of living can vary depending on your lifestyle and location. It is important to do your research and budget accordingly.
Don’t Get Scammed Tips
When handling Philippine currency, it’s important to be aware of the potential for scams. Here are some tips to help you avoid getting scammed:
1. Familiarize Yourself with the Security Features
The Bangko Sentral ng Pilipinas, the central bank of the Philippines, regularly updates the security features of Philippine currency to prevent counterfeiting. Familiarize yourself with these features so you can easily spot fake bills. Some of the security features include:
Watermark: Hold the bill up to the light to see the watermark.
Security Thread: Look for the security thread embedded in the bill.
Color-shifting Ink: Tilt the bill to see the color of the ink shift.
See-through Mark: Hold the bill up to the light to see the see-through mark.
2. Only Exchange Currency at Authorized Locations
When exchanging currency, make sure you only do so at authorized locations such as banks or authorized money changers. Be wary of exchanging currency with street vendors or individuals who approach you on the street.
3. Check the Exchange Rate
Before exchanging currency, check the current exchange rate to ensure you’re getting a fair deal. You can check the exchange rate online or at a bank.
4. Avoid Giving Out Personal Information
Scammers may attempt to obtain your personal information, such as your passport number or bank account information, under the guise of exchanging currency. Be wary of anyone who asks for this information and only provide it to authorized individuals or institutions.
5. Use Caution When Receiving Change
When receiving change, double-check the bills you receive to ensure they are not counterfeit. If you have any doubts, ask for different bills or ask for the assistance of an authorized individual.
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https://en.wikipedia.org/wiki/Peso
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Name of several monetary units
For the song, see Peso (song).
The peso is the monetary unit of several Spanish-speaking countries in Latin America, as well as the Philippines. Originating in the Spanish Empire, the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign, "$", was originally used as an abbreviation of "pesos" and later adopted by the dollar. The dollar itself actually originated from the peso or Spanish dollar in the late 18th century. The sign "₱" is used in the Philippines.
The silver peso worth eight reales was also known in English as a Spanish dollar or "piece of eight" and was widely used for international trade from the 16th to the 19th century.
Main articles: Spanish dollar and Spanish real
The name peso was given to the 8-real silver coin introduced in 1497, minted at 83⁄8 pesos to a Castilian mark (230.0465 grams) of silver 134/144 fine (25.56 g fine silver). It was minted in large quantities after the discovery of silver in Mexico, Peru and Bolivia in the 16th century, and immediately became a coin of worldwide importance in international trade between Europe, Asia and North America.
Initially the peso was produced in Spanish Latin America in a rapid and simplified manner by cutting off a lump of silver of proper weight and fineness from the end of a silver bar, which was then flattened out and impressed by a hammer. This resulted in a crude, irregular coin called a cob in English and macuquina in Spanish. The Crown was entitled to a fifth of all gold and silver mined, the quinto real (royal fifth), and cobs were a convenient means of handling and accounting for silver. In most cases these cobs were immediately melted down by the recipient. However, some remained in circulation as currency; they were ideal candidates for clipping and counterfeiting due to their irregular shape and incomplete design.
Spanish laws of 1728 and 1730 ordered the mechanization of the minting of the peso so that they would be perfectly round and have milled edges. There was a simultaneous reduction in weight and fineness to 8.5 pesos to a mark (27.064 g), 0.9167 fine or 24.809 g fine silver. This new peso became even more popular in international trade, with recipients finding it more advantageous to trade it as coined silver of known value rather than melting it into silver bullion.Later it was reduced even more.
This coin was known to English colonists in North America as a piece of eight, then later on as a Spanish dollar, Spanish milled dollar, and finally as a Mexican dollar. In French, it was called a piastre and in Portuguese, a pataca or patacão. The Spanish names at various times and in various places were real de a ocho, patacón, duro, or fuerte.
A final alteration in 1772 further reduced the fineness of the peso from 11/12 fine to 130/144 = 0.9028 (fine silver 24.443 g). A sample of coins at the end of the 18th century, however, confirm a fineness of only 0.896 (hence, fine silver 24.25 g); see Currency of Spanish America#Coinage of 1786. The weight of the United States dollar was defined in 1788 as 371.25 grains of fine silver (or 24.057 g) based on the average silver content of worn peso coins. The full 0.9028 fineness was restored by Mexico after its independence in 1821.
While the relationship of 8 reales = $1 (or peso duro) continued in the Americas until the 19th century, Spain struggled with the issuance of reales de vellon (made of billon alloy with less than ½ silver) of various weights and finenesses starting in 1600 due to its domestic financial and monetary problems.
In 1642, it first recognized a new, reduced real provincial worth only $0.10 or 10 reales/$ for use only in Spain (with the old real worth $0.125 now called real nacional and retained in Latin America). In 1686 Spain minted a coin worth 8 reales provinciales (or only $0.80, known as the peso maria or peso sencillo) which was poorly received by the people.[1]
An edict made in the same year which valued the peso duro at $1 = 15 and 2/34 reales de vellon proved to be ineffective as the various reales in circulation contained even less silver. The situation was only resolved in 1837 with the peso duro fixed at $1 = 20 reales de vellon, with all prior non-standard reales demonetized.
The loss of Spain's territories in the Americas and the ensuing domestic instability in the 19th century cut off the inflow of precious metals into Spain and resulted in French coinage gradually entering domestic circulation. Two subsequent decimal system reforms were attempted in 1850 (at $1 = 20 reales, each of 10 decimos or 100 centimos) and 1864 (at $1 = 2 silver escudos, each of 100 centimos) but were not fully carried out. The peso and the real were only fully retired with the introduction in 1868 of the Spanish peseta, at par with the French franc, and at the rate of $1 = 20 reales = 5 pesetas = 22.5 g of fine silver.
Main article: Mexican peso
The successful revolt of the Spanish colonies in America had cut off the supply of silver coin by 1820. By 1825 "...the Spanish dollar, the universal coin of three centuries, had lost its supremacy, and...its universal dominion was in process of disintegration into rival 'currency areas', chief among which was destined to be the area dominated by British sterling."[2]
The Spanish dollar continued to dominate the Eastern trade, and the peso of eight reales continued to be minted in the New World. The coin was sometimes called a Republican dollar, but eventually any peso of the old Spanish eight-real standard was generally referred to as a Mexican dollar, Mexico being the most prolific producer. Mexico restored the standard of 1772, producing a coin of 27.073 g, 0.9028 fine, containing 24.441 g fine silver (the mark weight of the Mexico City mint was very slightly heavier than the standard mark of Spain).
In 1869–1870, not long after adopting the metric system, Mexican mints began producing the peso of “Un Peso” denomination, popularly known as “balanza” (scales), with the same weight and fineness, but with a uniform diameter of 37 mm (making it slightly thicker than the old peso, which was slightly irregular, with a diameter of 38–40 mm). Chinese merchants rejected the new coin, discounting it by 4%–5% in favor of the old eight-real peso. Faced with this threat to her silver exports, Mexico returned to the old eight-real peso by decree of May 29, 1873, but international trade was already shifting from silver to gold, and after 1873 there was a steady decline in the international price of silver.
Until 1873 the Mexican dollar would have been to all intents and purposes equal in value to the silver dollar coins of the United States north of the border, but at that time in history, the Mexican coin would have had a much greater international presence than the U.S. dollar. The great silver devaluation of 1873 caused the Mexican dollar to drop in value against the U.S. dollar, but until the beginning of the 20th century the Mexican dollar would still have been a more widely accepted coin in the Far East than the U.S. dollar. Between the 16th and 19th centuries Mexico produced well over three billion of these coins. Mexico minted the last eight-real peso in 1897, and at the beginning of the twentieth century these Mexican dollar coins were worth only 50 U.S. cents.
Main article: Philippine peso
The Philippine peso (Filipino: piso) is derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the entire America and Southeast Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the United States and Canada.
Prior to 1852 the Philippines had no currency of its own (with the exception of local copper cuartos) since pesos received from Spain and Spanish Latin America were accepted in circulation. Locally issued pesos only came about with
The issuance of Philippine peso fuerte banknotes in 1852 by the Banco Español-Filipino de Isabel II (now the Bank of the Philippine Islands)
The founding of the Casa de Moneda de Manila mint in 1857 and the minting of gold 1, 2 and 4 peso coins starting 1861, and
The minting of 50, 20 and 10 centimo silver coins starting 1864.
As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated. Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar. The name of the currency remained unchanged despite the 1896 Philippine Revolution and the subsequent declaration of independence in 1898.
Country Currency ISO 4217 code Argentina Argentine peso ARS Chile Chilean peso CLP Colombia Colombian peso COP Cuba Cuban peso CUP Dominican Republic Dominican peso DOP Mexico Mexican peso MXN Philippines Philippine peso (piso) PHP Uruguay Uruguayan peso UYU
Several countries formerly used different currencies also named peso not listed here, with different value, over time. See Argentine peso#History.
Country Former currency Final Year Current currency Bolivia Bolivian peso 1986 Bolivian boliviano Costa Rica Costa Rican peso 1896 Costa Rican colón Cuba Cuban convertible peso 2020 — Ecuador Ecuadorian peso 1884 United States dollar El Salvador Salvadoran peso 1919 United States dollar Bitcoin Equatorial Guinea Equatorial Guinean peso 1975 Central African CFA franc Guatemala Guatemalan peso 1925 Guatemalan quetzal Guinea-Bissau Guinea-Bissau peso 1997 West African CFA franc Honduras Honduran peso 1931 Honduran lempira Nicaragua Nicaraguan peso 1912 Nicaraguan córdoba Paraguay Paraguayan peso 1943 Paraguayan guaraní Peru Peruvian peso 1863 Peruvian sol Puerto Rico Puerto Rican peso 1900 United States dollar Spain Spanish peso 1869 Euro Venezuela Venezuelan peso 1874 Venezuelan bolívar
Money portal
Numismatics portal
Currency of Spanish America
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Best places to get Philippine Pesos in the US | Online or In-store
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Find the best places to buy Philippine Peso (PHP). We rank cheap and convenient ways to get Philippine Pesos in the US. Compare exchange rates and fees to find the best option for your trip.
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Exiap
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https://www.exiap.com/currency-exchange/buy-philippine-pesos-php
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If you have an overseas trip or vacation coming up, planning your travel money in advance can save you time and money. This guide walks through the best available options to buy Philippine Pesos in the United States, whether you want cash in your wallet before you leave, or prefer to spend with a card.
We’ll look at how to pick the right method for you, what it might cost, and how to get the best available Philippine Peso exchange rate.
Compare providers
We do not compare all available providers in the market. Our results are sorted by default from the lowest USD cost to you to the highest USD cost to you and you may choose to sort results according to other criteria. We may receive a referral fee if you choose one of these providers, but that won’t affect the ranking of the provider, the exchange rates or any fees you are charged.
*Please see Terms of Use for your region or visit Wise fees & pricing for most up to date information.
**Average margin versus the mid-market exchange rate of 129 individual quotes from 9 travel money providers, collected on 30/05/2024.
You can order a travel money card like Wise or Revolut in the United States, add money in USD and use your balance to purchase Philippine Pesos within your multi-currency account.
You’ll then be free to spend your Philippine Pesos when you have enough balance with no extra fees once you arrive at your destination - you can also make ATM withdrawals whenever you need some cash. If you have travel money left after your vacation you can convert back to USD instantly for use at home - or just leave your balance ready for your next trip.
Secure, cheap, and easy to use
Exchange instantly or let your card do it when you pay
Use a digital card even before your physical card arrives
Travel money cards like the Wise card offer great rates, cheap fees, and flexibility to manage your money with your phone.
Some banks allow you to exchange money in a branch location. The processes and eligibility rules here do vary quite a lot. In some cases you’ll need to already hold an account with the bank you pick, for example. Plus you’ll usually need to order your travel money in advance as banks don’t tend to hold a high level of stock of foreign currencies. Some banks support buy back services so you can sell your unused travel money back - but you might get a different exchange rate for this, which means you could get back less than you spent in the first place.
Where banks offer travel money services they cover most global currencies
You’ll often be able to order online for branch collection
Buy back services may be available for leftover travel money
ProviderFeesExchange ratesLocationsLearn more Wells FargoVarying fees depending on the service requiredExchange rates may include a markupMajor branches of Wells Fargo - call ahead to check availabilityGo to site
Another option is to buy your Philippine Pesos in person at an exchange office. To do this all you’ll need to do is pick the exchange office that’s most convenient to you, and head in with some cash in US Dollars. Some exchange offices also accept card payments. Currency exchange offices set their own exchange rates and fees, so shopping around is essential - but this method does have the advantage that it’s usually instant to get the travel money you need.
Exchange rates are likely to include a markup - a fee
Not all currencies are stocked by all exchange services
You may lose out when you sell back unused travel money
There’s no single best provider when it comes to exchange rates. Different services set their own rates which may vary based on the currency, the amount you want to exchange, how you want to pay, and whether you’re exchanging money in a digital account or for physical cash.
To compare your options it helps to understand a bit about the mid-market exchange rate. That’s the rate you’ll see for USD to PHP exchange if you use an online currency converter tool or a Google search. The mid-market rate is commonly used as a benchmark as it’s the one quoted on wholesale markets. However, banks and exchange services don’t usually pass this rate on directly. Instead they add an extra fee to the rate offered to retail customers - known as a markup.
This means that looking for a service which has transparent exchange rates which are the same as - or close to - the mid-market exchange rates is a good idea. You can compare a few live exchange rates for popular providers using the Exiap tools, to find the best Philippine Peso exchange rate based on the specific transaction you want to make.
Here’s what to do to find the best USD to PHP exchange rate:
Enter the amount you need into the comparison tool
Review the options available, looking at the exchange rate for US Dollars to Philippine Pesos in particular
Decide between getting a travel card, ordering online, or in person
Choose a provider based on the available options and deals
ProviderExchange rateLearn more Wise56.6722 Mid-market rate 0%Go to siteWells Fargo50.4236 🔻 - 11.02%Go to siteXchange of America51.5358 🔻 - 9.06%Go to site
Your budget for a trip to the Philippines can vary enormously depending on what you’re planning to do, where you’ll stay and how long you’re going to be there. It’s worth setting yourself a budget in Philippine Pesos well in advance so you can plan around that. The most expensive costs of any trip are usually accommodation and activities, but do remember to also take into account costs of currency exchange, food and transport, as well as incidentals like tipping.
Average hotel costs in the Philippines do vary a lot but can start from around $50. On top of that you’ll need to budget for food, at around $15 per meal. If you’re looking for an easy life you could also choose to take an organized tour which means there’s no need to plan all your activities individually. Or, set your budget to cover about $14 per day to make sure you can get the most from your trip.
SpendingCosts in PhilippinesAmount in US DollarsAccommodation₱2,833$50Transportation₱1,190$21Meals₱850$15Entertainment₱793$14
Country costs provided by BudgetYourTrip. Correct as of 25 April 2024.
Is it better to get Philippine Pesos in the US or the Philippines?
You can buy Philippine Pesos before you travel, or on arrival if you’d prefer. Which works best will come down to the fees and exchange rates you can find both locally and when you get to your destination. One disadvantage of buying Philippine Pesos when you arrive is that you’ll waste time looking for exchange offices - while taking all your cash with you isn’t necessarily a smart choice for safety. As an alternative, getting a travel money card from a service like Wise could be a good bet for flexibility, security and cost.
Can I get Philippine Pesos at a bank?
Whether or not you can get Philippine Pesos from your bank will depend on several factors - including who you bank with. Some banks do allow account holders to purchase Philippine Pesos in person but you might need to order Philippine Pesos online in advance and wait for your order to be prepared before you can collect.
Because Philippine Pesos are a commonly traded currency you might find your bank has them in stock if they offer travel money services. Call in advance to ask if they have Philippine Pesos on hand to avoid a wasted trip.
Can I get Philippine Pesos at the airport?
Many major airports have currency exchange desks which stock major currencies for instant conversion. You may also be able to order money in advance for collection. However, it’s useful to know that a lack of local competition can mean that prices are high at the airport, with exchange rate markups adding to the overall cost significantly.
As Philippine Pesos are commonly needed by travelers, you may find you can get some instantly at the airport. However, it’s worth checking in advance to make sure you don’t end up stuck without travel money.
How long does it take to get Philippine Pesos?
How long it takes to sort out your travel money can depend a lot on the method you choose - here’s a quick summary:
Travel cards can take 7 - 21 days to be delivered, but you may be able to start using a virtual card instantly for mobile payments
Home delivery services could dispatch common currencies on the same day as order, for overnight delivery, but may take 4-5 days for some currencies and payment methods
Bank currency exchange can involve placing an order in advance and waiting 2 - 7 days before you can collect it, particularly for uncommon currencies
Foreign currency exchange offices in cities and at the airport can offer instant conversion if they have the currency you need in stock
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Currency, History & Countries
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Originally divided into eight reales, the peso subsequently became the basis of the silver coinage of the Spanish empire after the monetary reform of 1772–86. In the Americas it was called “piece of eight,” or “Spanish milled dollar,” and was, in fact, equivalent to the U.S. silver dollar. It was retained as the basic coin by most of the Spanish colonies in the Americas when they gained their independence. When these countries adopted the decimal system for their coinage, a local name was in several cases substituted for the term peso. Thus it was renamed sol in Peru, bolivar in Venezuela, sucre in Ecuador, colón in El Salvador and Costa Rica, balboa in Panama, lempira in Honduras, quetzal in Guatemala, córdoba in Nicaragua, and boliviano in Bolivia. Other countries, such as Argentina, Chile, Colombia, Cuba, Mexico, and Uruguay, continued to use the term peso. Even where the name was officially changed, peso often continued to be used in popular speech. Spain first adopted the peseta as a monetary unit in 1859 and, except briefly from 1864 to 1868, retained the peseta as the basic unit until 2002, when the euro, the monetary unit of the European Union, became the country’s sole currency.
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https://www.globocambio.co/en/currencies-of-the-world/philippine-peso
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Philippine Peso
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en
|
https://www.globocambio.co/documents/20151/31618/favicon.png/54a53a66-bc81-dbec-5206-5cee30bb0cd9?t=1667562804900
|
https://www.globocambio.co/es/monedas-del-mundo/peso-filipino
|
The currency of the Philippines (officially, Republic of the Philippines) is called the Philippine Peso. Its ISO 4217 code is PHP and it has PhP or $ as symbol. The issuer of the Philippine Peso is the Central Bank of the Philippines (CBF).
The Peso is known in Filipino and Tagalog as "piso" and is divided into 100 cents ("sentimo" in the previous languages).
These currencies are issued by the Central Bank of the Philippines. This Central Bank was created by the Republic Act No. 265 on January 3rd, 1949. It is the BCF that manages the banking operations and the country's credit system. In addition, this Act gives the CBF all the powers to print and mint Filipino money since then.
Banknotes and coins of the Philippine peso in use
The Peso coins are minted in the Security Plant Complex of the Philippines. At present, coins of 1, 5, 10 and 25 cents are in use and those of 1, 2, 5 and 10 pesos are in use.
As for the peso notes, they are printed at the Security Plant Complex or at the National Printing Office. At present time, notes of 20, 50, 100, 200, 500 and 1,000 pesos circulate.
Did you know?
The Philippines has a population of about 102 million inhabitants, being the 12th most populated country in the world. In addition, 11 million Filipinos are currently living abroad.
The word "Philippines" derives from the name of King Felipe II of Spain (deformation of "Felipinas"). In addition, the official name of the Philippines has changed several times in the course of its history.
Before 1967, the language used in the notes and coins of the Philippines was English. Then it was known as "Peso". But a short time later the name was used in Filipino, changing its name to the "Piso" currency.
The Philippine peso has its origins in the Spanish Real of 8 and in the Mexican peso, which circulated widely throughout the Americas and Southeast Asia during the seventeenth and eighteenth centuries.
|
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https://www.paypal.com/uk/webapps/mpp/country-worldwide
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en
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PayPal Global | List of Countries and Currencies
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PayPal empowers you to send and receive money across the globe. View our list of 200+ countries/regions we’re available in and the 25 currencies we support.
|
en
|
https://www.paypal.com/uk/webapps/mpp/country-worldwide
|
We get where you’re coming from.
We are available in more than 200 countries/regions and support 25 currencies. Send and receive payments easily over borders and language barriers. We’re here for you, wherever you are.
|
||||||
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https://travel.gc.ca/air/travelling-money
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en
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Travelling and money
|
http://travel.gc.ca/vt/custom/images/fb-opengraph-icon.jpg
|
http://travel.gc.ca/vt/custom/images/fb-opengraph-icon.jpg
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Government of Canada's official one-stop-shop for comprehensive international travel information.
|
en
|
/wet-boew/themes-dist-15.0.0-gcweb/GCWeb/assets/favicon.ico
|
Travel.gc.ca
| null |
Take steps that will help you avoid financial problems that may ruin your trip. Make sure you purchase travel insurance, and most importantly make sure you always carry a backup source of funds in case of emergency or an unexpected delay.
On this page
Cash
Cards (Credit, debit and pre-paid)
Traveller’s cheques
Travelling with $10,000 or more
Taxes
Cash
Check with the embassy or consulate in Canada of the country you are planning to visit to make sure you are allowed to import or export its currency. If you are permitted to import its currency, bring enough cash to get by for a couple of days and keep it in a money belt or in several different pockets in case your wallet is lost or stolen or your financial institution accidently freezes your cards. When you arrive at your destination, you can withdraw more cash from an ATM.
Exchanging your money
The currency exchange rate tells you how much your Canadian money is worth in the local currency. When you exchange your money, you are actually using it to buy or sell foreign currency at a specific price called the exchange rate. You can find the official exchange rate of the currency in the country you will be visiting by using the Bank of Canada’s online currency converter.
It pays to know your options when dealing with foreign exchange rates. There are a number of ways to manage your finances when you are abroad that will save you a lot of money in exchange fees.
Banks
If you want cash on hand before you leave Canada, you can buy foreign currency from your financial institution over the phone or online. It can be delivered to your local branch for pick up. Exchange rates at banks are slightly better than elsewhere. You can also order currency before you leave on your trip from a number of websites that will ship it to your home within a couple of days.
Exchange desks
If you need cash in an emergency, there are foreign exchange desks at airports and hotels that will exchange Canadian money for the local currency. Fees tend to be very high. Even those advertising no commissions may have hidden fees, making these desks the most expensive places to change money.
Black market
The currency black market forms part of the underground economy in a number of countries. In a currency black market, transactions are almost always in cash, since its participants don’t want to leave any evidence.
This illegal or parallel market in foreign exchange operates outside legal banking channels. If you are tempted to take advantage of the currency black market you should be aware that you will be breaking the country’s laws and could be arrested and imprisoned. You are subject to the country’s criminal justice system. Consular officials will not arrange your release from prison.
Scams
Be aware of anyone approaching you on the street offering to exchange your money for a much better rate than a bank. Typical money exchange scams include stealing your money in the process of counting and recounting a pile of bills or mixing your money with currency from another country with a much lower exchange rate. It is safer to go through an authorized agency or a bank.
Cards (Credit, debit and pre-paid)
Credit cards
Use a major international credit card for your big purchases, such as your airplane tickets, hotel bills and restaurant tabs. If you reserve your hotel and rental car on your credit card, the reservation should be guaranteed even if you arrive late.
Use the credit card instead of cash wherever possible. Credit card issuers typically charge fees for international transactions and you may get the best exchange rate and fees lower than those associated with exchanging cash. However, you should not use your credit card to withdraw money from an ATM, because the fees and interest charges are usually very high.
Before you leave:
Know the expiry dates, account balance and amount of credit available to you on all of your credit cards. Make sure you have enough money in your accounts to cover your trip expenses, plus extra in case of emergency.
Make sure your credit card company and financial institution have your up-to-date contact details, including a cellphone number, and information on where and when you will be travelling so that your account isn’t flagged for unusual activity.
Check with your financial institution before you leave on your trip. Not all major credit cards are accepted everywhere. Merchants in some destinations prefer to be paid in cash because they must pay a fee to the credit card company. There may be a risk that your credit card will be cloned at some destinations, particularly in restaurants.
Debit cards
Always use bank-affiliated ATMs when you are outside Canada. Check if your financial institution has international branches or partners in your destination country where you can use your debit card fee-free. Using your debit card to withdraw money from ATMs will cost you extra in fees, but you can minimize them by withdrawing larger amounts less often.
You should carry some cash to cover daily expenses. Your debit card may not work in every ATM machine or be accepted at stores or restaurants in your destination country. If you are travelling to a rural area, you may not be able to find an ATM that is part of your financial institution’s network, so withdraw enough cash to manage until you are back in a city.
Due to the potential for fraud and other criminal activity, you should use your credit cards and debit cards with caution. Use ATMs during business hours inside a bank, supermarket, or large commercial building.
Pre-paid cards
Some financial institutions offer pre-paid travel cards in foreign currencies. They may have higher fees than credit and debit cards, so check the terms and conditions and costs before you decide to travel with one. You can usually replace a pre-paid travel card as you would a lost or stolen travellers’ cheque.
Be aware that pre-paid cards may not be accepted at some hotels and car rental companies, and may be difficult to use at the ATM machines of foreign banks.
Dynamic Currency Conversion
Some shops, restaurants and ATMs give the option of using the currency of the country you are in or having the transaction converted into Canadian currency. Always choose to be charged in the currency of the country you are in. You will pay high conversion rates and transaction fees if they convert to Canadian currency.
Save your receipts
As you travel, save all ATM and transaction receipts in an envelope. Bring them home in your carry-on bag. Save your airline boarding pass to prove your return date. If you need to dispute a transaction, sending a copy of your receipt will speed up the resolution process.
After you return home, carefully examine your credit and debit card statements and continue to do so for several months. Identity theft and credit card fraud are not confined to Canada. If you notice any unusual charges on your statement, inform your financial institution immediately and request a copy of the receipt.
Travellers’ cheques
Canadian travellers’ cheques are not widely accepted worldwide, but are an option if you don’t want to use credit or debit cards or carry large amounts of cash.
When possible, order the cheques in the local currency and carry multiple cheques in small denominations. If you can’t order cheques in the currency of your destination country, order them in U.S. funds, which are widely accepted. Sign them as soon as you get them and keep the receipt in a separate location. If they are stolen they can be replaced anywhere in the world, usually within 24 hours.
Keep a record of your travellers’ cheque numbers, credit card account numbers and expiry dates and the telephone numbers for reporting lost or stolen cards in a safe place. If possible, leave a copy of the list with a family member or friend at home who can help you make telephone calls quickly if your cards are lost or stolen.
Travelling with $10,000 or more
Any time you enter or leave Canada, you must declare any money or monetary instruments, such as stocks, bond or cheques, you are carrying valued at $10,000 or more.
Travelling with $10,000 or more
Taxes
Canadians who live or work abroad or who travel a lot may still have to pay Canadian and provincial or territorial income taxes.
If you are planning to be outside Canada for an extended period of time, you should inform the Canada Revenue Agency (CRA) before you go to ask for a determination of your residency status. Your residency status depends on whether you are leaving Canada permanently or only temporarily and the residential ties you keep with Canada and establish in another country:
You are leaving Canada permanently
You are leaving Canada temporarily
Visit International and non-resident taxes for information about income tax requirements that may affect you.
Departure tax
In some countries you must pay a departure tax or service fee at the airport or point of departure. Make sure you set aside enough money in local funds to pay it.
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https://www.bloomberg.com/news/articles/2024-05-21/philippine-peso-declines-past-key-58-level-against-dollar
|
en
|
PHP USD: Philippine Peso Declines Past Key 58 Level Against Dollar
|
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[
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] |
2024-05-21T00:00:00
|
The Philippine central bank warned it will intervene in the currency market after the peso dropped past the key 58-per-dollar level.
|
en
|
Bloomberg.com
|
https://www.bloomberg.com/news/articles/2024-05-21/philippine-peso-declines-past-key-58-level-against-dollar
|
Philippines Warns of Intervention as Peso Drops Past Key Level
Currency approaches record low level touched in 2022
Governor Remolona said BSP to intervene when necessary
The Philippine central bank warned it will intervene in the currency market after the peso dropped past the key 58-per-dollar level.
Authorities will step inBloomberg Terminal “when necessary to smoothen excessive volatility and restore order during periods of stress,” Governor Eli Remolona said in an emailed statement Tuesday. The peso weakened as much as 0.7% to 58.28 per dollar on the day, approaching the record-low level of 59 touched in 2022.
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https://nomadcapitalist.com/finance/asian-countries-and-currencies/
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en
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Asian Countries and Their Currencies – The Nomad Capitalist’s Guide
|
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[
"Nomad Capitalist"
] |
2023-07-19T00:00:00
|
Discover Asian countries and their currencies with our guide for Nomad Capitalists. Explore the monetary systems shaping Asia's economies.
|
en
|
Nomad Capitalist
|
https://nomadcapitalist.com/finance/asian-countries-and-currencies/
|
As the largest and most populous continent, Asia’s unique blend of cultures and economies offers unparalleled opportunities for exploration and capital growth.
Understanding the monetary systems of these countries is pivotal, as they provide insights into the local economies, potential for investment and day-to-day cost of living for those seeking an international lifestyle.
To assist with your research, the Nomad Capitalist team took an in-depth look at the diverse and dynamic world of Asian countries and their currencies, a subject of interest for seasoned travellers and savvy investors alike.
But in advance of interrogating our guide, do note that Asia won’t solve everyone’s problems and you need to carefully consider whether it will work for you.
Choosing the right destination to relocate you, your family or your business to can be a complex and sometimes overwhelming challenge, depending on the location and your personal circumstances.
That’s where we come in. Nomad Capitalist has helped over 1,500 clients move to multiple tax-friendly jurisdictions from Central America to Western Europe and further afield. Apply to become a client today, and our team will assess your personal and corporate vision and portfolio to determine the best solutions to help you retain and grow wealth, pay fewer taxes legally and acquire greater individual freedom.
A Comprehensive Overview of Asian Currencies
Hosting several of the globe’s most expansive nations and influential economies, Asia stands out as the largest continent in the world.
Each of the nations that make up the continent has its own official currency that influences its socio-economic context and plays a significant role in local commerce and international banking payments.
So, let’s begin.
Japanese Yen
The Japanese yen, a key player on the global financial stage and the third most traded currency, holds considerable sway over the economies of Asia. In Japanese, the word yen (円) is synonymous with ’round,’ a name inspired by the circular form of the coins.
At the end of the Edo era in 1868, Japan introduced significant changes in its banking system. Embracing a modern central bank model, the nation introduced the yen, a milestone development during the transformative period of the Meiji Restoration that restored imperial rule to Japan. The 10,000 yen note (worth around US$65) is the highest denomination and features Yukichi Fukuzawa, an educator and journalist of the time.
Chinese Yuan
The Chinese Yuan Renminbi (CNY) falls under the management of the People’s Bank of China. The yuan is the unit of currency, while the name of the currency itself is renminbi.
The term ‘yuan’ carries with it a rich history, harking back several centuries when it was used to denote round coins. Fast-forward to the contemporary economic landscape and the stature of the Chinese yuan has witnessed remarkable growth.
A pivotal moment in this growth trajectory was China’s induction into the World Trade Organisation in 2001, which propelled the yuan’s standing on the global stage.
As of June 2024, one yuan will buy 0.14 US dollars.
Indian Rupee
The South Asian powerhouse nation uses the Indian rupee as its official currency. The term rupee is derived from the Sanskrit word ‘rupya’, which means wrought silver. Introduced by Sher Shah Suri during his reign from 1540 to 1545, the rupee has weathered various economic changes throughout history. Prior to 1835, the value of the currency varied from region to region until it was made uniform and later decimalised in 1955.
Indonesian Rupiah
Introduced in 1946 by the Indonesian government to replace the Japanese-controlled Dutch East Indies guilder, the rupiah has seen significant fluctuations due to the socio-political changes within the country.
The Southeast Asian archipelago state, which has a population in excess of 275 million people, is the largest economy in the region.
Hong Kong Dollar
First used in 1937, the Hong Kong Monetary Authority is now the custodian of the Hong Kong dollar. Initially, its value was tethered to the British pound, but a shift occurred in 1983 and, since then, it’s been hitched to the US dollar at a rate of 7.80 to 1, a move that has contributed significantly to its stability.
In a somewhat unique fashion – considering it’s linked specifically to the city state – the Hong Kong dollar is virtually a tracking ‘stock’ for the city state which is officially a part of China. It is also the world’s eighth most traded currency.
Singapore Dollar
Introduced in 1967, a mere two years after Singapore achieved independence from Malaysia, the Singapore dollar has seen significant growth, establishing itself as one of the most influential currencies in Southeast Asia.
The Monetary Authority of Singapore currently manages the Singapore dollar, and thanks to the country’s vigorous economy and solid banking sector it has garnered a well-respected standing in the region.
The Singapore dollar’s Fitch rating of AAA, denoting the lowest expectation of failure risk, is extremely rare.
Philippine Peso
The Philippine peso was introduced in 1852, making it one of the oldest in the region. Formerly known as the ‘peso fuerte’ or the ‘strong peso,’ it continues to serve as the Philippines’ official currency. The term peso harks back to a history of over 300 years of Spanish rule in the Southeast Asian archipelago.
The currency underwent decimalisation in 1861 and has survived numerous political shifts in the country.
Vietnamese Dong
Vietnam’s currency has a fascinating history. The dong came into existence in 1978 following the union of North and South Vietnam.
With the passing years, the country’s economic turbulence and inflation necessitated multiple revaluations of the dong. Because of this, it became recognised as one of the world’s weakest currencies.
Today, the dong is still highly devalued, but economic recovery in the country could signal an upward trend.
Korean Won
The division of Korea into North and South after World War II resulted in two separate currencies, both called the Korean won.
Following the division of Korea in 1945, the Korean won was introduced to replace the Korean yen. The won, which is circulated and issued under the authority of the country’s Central Bank, is managed by the Bank of Korea.
Over the years, it has seen moderate fluctuation against the US dollar but remains a significant Asian currency with the South Korean economy one of the strongest and most advanced in Asia.
North Korean Won
The North Korean won is issued by the Central Bank of the Democratic People’s Republic of Korea. The currency operates in a strictly regulated economy and is not openly traded on global forex markets due to extensive international sanctions. This situation is unlikely to change any time soon.
Foreigners are not permitted to use the currency.
New Taiwan Dollar
Taiwan’s official currency is the New Taiwan dollar, introduced in 1949 to replace the Old Taiwan dollar at a ratio of 40,000 to one.
The New Taiwan dollar has been stable over the years, largely thanks to Taiwan’s strong economic performance in the tech industry. However, this stability is threatened by growing concerns over conflict with China.
Thai Baht
In Southeast Asia, the Thai baht dates back to the 19th century and originally referred to a specific weight in gold. Today, the Bank of Thailand controls this currency, which stands out as one of the most resilient among emerging economies.
Carrying banknotes in your trouser back pocket is frowned upon in Thailand, as it implies that you are sitting on the King’s image.
Malaysian Ringgit
Malaysia’s currency, the Ringgit, has been the legal tender since 1975, replacing the Malaya and British Borneo dollar. The term Ringgit translates as ‘jagged’ in Malay and originally referred to the separated edges of Spanish silver dollars widely circulated in the area.
Brunei Dollar
Another noteworthy Southeast Asian currency is the Brunei dollar. It is interchangeable with the Singapore dollar, a unique arrangement maintained since 1967, highlighting the close ties between the two nations. The Brunei Currency and Monetary Board issues the Brunei dollar.
At current rates, one Brunei dollar buys 0.7433 US dollars.
Pakistani Rupee
The Pakistani rupee was introduced after the partition of India in 1947. Tied to the British pound until 1982 to control inflation, when the arrangement was withdrawn, the Pakistani rupee was heavily devalued. Due to how political, social and economic instability impacts the country, it remains depreciated. So much so that currently, one Rupee buys 0.0036 US dollars.
Sri Lankan Rupee
Represented by the acronym LKR, the Sri Lankan rupee was first introduced in 1872, replacing the British pound at a rate of one pound to two rupees. The Central Bank of Sri Lanka now issues the rupee.
Periods of high inflation, such as when it hit an Asian record high of 61% in July 2022, serve as a reminder of the country’s potential for political and economic turmoil.
Bangladeshi Taka
The Taka, Bangladesh’s currency, was introduced in 1971, replacing the Pakistani rupee at a par exchange rate when the country became independent. Every Taka note features the same historical figure, Sheikh Mujibur Rahman, a revered political leader who helped establish democracy there but was assassinated in 1975.
Saudi Riyal
Saudi Arabia is an economic frontrunner in the Middle East. The official currency, the Saudi riyal is governed by the Saudi Arabian Monetary Authority.
Introduced in 1925, the riyal has been pegged to the US dollar at a rate of 3.75 to 1 since 1986, lending it stability, which is also maintained by the Kingdom’s position of being the world’s second-largest producer of oil.
Turkish Lira
The lira, serving as Turkey’s currency since 1844, has seen many changes, particularly in the last two decades. The Grand National Assembly of Turkey passed a law in 2003 that led to the removal of six zeros from the currency, giving birth to the New Turkish lira. The word ‘new’ was removed in 2009 and it reverted to Turkish Lira.
In recent times, the lira has been massively devalued against both the US dollar and the British pound. However, while skyrocketing inflation (currently 38%), political instability and natural disasters have blighted the nation’s economy, there are signs of increasing stability.
United Arab Emirates Dirham
The United Arab Emirates dirham was introduced in 1973 by the United Arab Emirates Currency Board to replace the Bahraini dinar and the Qatar-Dubai riyal.
The UAE Dirham has been pegged to the United States dollar at a rate of 3.67 to 1 since 1997 and is one of the most stable currencies in the world.
With its reliance on oil and gas revenues, pegging the dirham to the US dollar is a means of reducing the volatility of the country’s exports.
Qatari Riyal
The Qatari riyal is the currency of Qatar. This Middle Eastern nation is small but wealthy and hugely influential. When India devalued the rupee in 1966, Qatar was one of several nearby territories to introduce its own currency.
Qatar’s vast natural gas and oil reserves have contributed to the riyal’s overall stability against the USD. As of June 2024, one Riyal buys 0.27 US dollars.
Bahraini Dinar
Like the Qatari riyal, The Bahraini dinar was introduced in 1966 to replace the Gulf rupee.
Renowned for its status as one of the most valuable global currencies, it is intrinsically linked to the country’s meticulously regulated financial industry. The dinar has been pegged to the US dollar since 1980 at a rate of 1 to 2.659 – making it one of the few global currencies that is actually stronger than the greenback.
Jordanian Dinar
Jordan’s currency, the dinar, was introduced in 1949, replacing the Palestinian pound.
The Central Bank of Jordan manages the dinar and it has remained relatively stable due to the country’s prudent monetary policies.
Israeli New Shekel
The Israeli new shekel, often referred to as simply the shekel, is the official currency of Israel. The new shekel replaced the old shekel in 1985 to address rampant inflation.
The Bank of Israel manages this currency, which has proved relatively resilient in recent years despite political tensions in the region.
Kuwaiti Dinar
The Kuwaiti dinar, first introduced in 1961, serves as the official currency of Kuwait – a small nation located on the Persian Gulf that boasts considerable oil reserves.
With the Central Bank of Kuwait overseeing its management, the Kuwaiti dinar has gained recognition as one of the most robust currencies globally. This strength is underpinned by the substantial oil revenues generated by the country.
Omani Rial
The Omani rial replaced the Rial Saidi at par value due to a change in the nation’s governing regime. Given Oman’s robust economy, primarily driven by oil, the rial has demonstrated considerable stability over time.
Turkmenistan Manat
The Turkmenistan manat is the currency of Turkmenistan, a country in Central Asia. The manat was introduced in 1993, replacing the Russian Ruble.
The Central Bank of Turkmenistan is the issuing authority, and while the country has large natural gas reserves, the manat has experienced significant inflation.
In fact, due to soaring inflation, a new version of the currency was introduced in January 2009 at a rate of 5,000 old manats to 1 new manat.
Uzbekistani Som
The Uzbekistani som was first issued in 1993 to replace the Soviet ruble. The currency has experienced inflation in the past few years, prompting the Central Bank of the Republic of Uzbekistan to introduce higher-value banknotes.
The 200,000 som banknote (currently worth US$158) was introduced in July 2022 to ease cash payments.
Kazakhstani Tenge
The tenge is the official currency of Kazakhstan, the world’s largest landlocked country. Introduced in 1993, the tenge replaced the Soviet ruble at a rate of 1 tenge to 500 rubles.
Despite periods of inflation, the National Bank of Kazakhstan has taken measures to stabilise the tenge and limit currency speculation.
Kyrgyzstani Som
The Kyrgyzstani som replaced the Soviet Ruble in 1993 and since then has maintained relative stability, which can be attributed to the country’s Central Bank’s strict regulations.
After the collapse of the Soviet Union, Kyrgyzstan was the second nation to introduce its own currency after Russia.
Asian Currencies: FAQs
The Economic Powerhouses of Asia
Asia’s rich history, diverse economies and unique monetary systems provide a fascinating study of currencies.
From the Japanese yen and Chinese yuan to the Indian rupee and Singapore dollar, the region’s currencies reflect each country’s economic journey and aspirations on the global stage.
Given the rise of globalisation and the intricate web connecting economies worldwide, it is evident that these Asian currencies will maintain their important role in shaping the international financial landscape.
From the strength of the Kuwaiti dinar to the resilience of the Singapore dollar, the currencies of Asia offer insights into the socio-economic context of the countries they represent.
They’re not just a medium of exchange. They’re also a window into the past, present and future of these financially vibrant nations.
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https://wise.com/us/currency-converter/currencies/php-philippine-peso
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Philippine peso - PHP Exchange Rates
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Convert Philippine peso - PHP to Major World Currencies with Wise Currency Converter
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Wise
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https://wise.com/us/currency-converter/currencies/php-philippine-peso
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Beware of bad exchange rates.Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. Every time.
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dbpedia
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https://www.travelex.co.nz/buy-currency/php-philippine-peso
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Buy Philippine Peso (PHP) Currency Online
|
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Need currency for your trip to the Phillippines? Buy Philippine Peso online with Travelex and get our best rates and 0% commission. Buy PHP online today!
|
en
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https://www.travelex.co.nz/buy-currency/php-philippine-peso
|
The official currency of the Philippines is the peso, or ‘piso’ in Filipino - abbreviated to PHP.
Philippine banknotes and coins are minted exclusively by the Central Bank of the Philippines or Bangko Sentral ng Pilipinas in Quezon City. The peso has been used in its current form since 1949.
1 peso is divided into 100 centavos, and the most popular bills for Philippine peso are the 20, 50, 100, 500 and 1000 notes.
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https://www.bworldonline.com/banking-finance/2024/06/23/603543/peso-may-stay-weak-vs-strong-dollar/
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Peso may stay weak vs strong dollar
|
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2024-06-23T00:00:00
|
THE PESO is likely to stay at the P58 level this week as the dollar will continue to be supported by the US Federal Reserve’s “higher for longer” policy stance, analysts said. The local unit weakened to a near 20-month low on Friday, ending at P58.80 per dollar, inching down by two centavos from its […]
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BusinessWorld Online
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https://www.bworldonline.com/banking-finance/2024/06/23/603543/peso-may-stay-weak-vs-strong-dollar/
|
THE PESO is likely to stay at the P58 level this week as the dollar will continue to be supported by the US Federal Reserve’s “higher for longer” policy stance, analysts said.
The local unit weakened to a near 20-month low on Friday, ending at P58.80 per dollar, inching down by two centavos from its P58.78 finish on Thursday, Bankers Association of the Philippines data showed.
This was the peso’s worst finish since its P58.87-a-dollar close on Oct. 24, 2022.
Week on week, the peso declined by 15 centavos from its P58.65 finish on June 14.
“Asian currencies showed mixed performance against the US dollar, with focus shifting to Friday’s US June purchasing managers’ index manufacturing data,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
The Fed’s hawkish stance continued to support the dollar on Friday, leading to a weaker peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.
The dollar rose against other major currencies on Friday, hitting a fresh eight-week high against the yen as data showed a strong US economy and as the Federal Reserve’s patient approach to interest-rate cuts contrasts it with more dovish peers, Reuters reported.
The dollar index, which measures the currency against six others, was last up 0.2% at 105.82. It had spiked 0.41% overnight, erasing declines for the week, following a second successive rate cut at the Swiss National Bank and hints from the Bank of England of a reduction in August.
For this week, Mr. Roces said the peso’s weakness may persist amid a strong dollar.
“Overall, major central bank rate cuts ahead of the Federal Reserve’s decision are keeping the dollar well-supported and may continue on to [this] week,” he said.
“An offsetting positive factor for the peso is the increased possibility of Fed rate cuts recently, interestingly and ironically, as the latest fed fund futures priced in nearly two Fed rate cuts for 2024,” Mr. Ricafort added.
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https://www.westernunion.com/us/en/home.html
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en
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Send and Track Money Online Now
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https://www.westernunion.com/content/dam/wu/logo/favicon-48x48.ico
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https://www.westernunion.com/content/dam/wu/logo/favicon-48x48.ico
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Send and track money from the United States with Western Union's international money transfer services.
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en
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/content/dam/wu/logo/favicon-48x48.ico
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Western Union Money Transfer
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https://www.westernunion.com/us/en/home.html
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Western Union is the best
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https://www.tripsavvy.com/money-in-the-philippines-1458584
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Money in the Philippines: What to Know for Travel
|
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""
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[
"Greg Rodgers",
"www.facebook.com"
] |
2013-12-19T10:33:16-05:00
|
Read about accessing and managing money while traveling in the Philippines. Learn about ATMs, currency, scams, and tips for using Philippine money.
|
en
|
/favicon.ico
|
TripSavvy
|
https://www.tripsavvy.com/money-in-the-philippines-1458584
|
Managing money in the Philippines while traveling is simple enough, however, there are a few caveats of which you should be aware.
As when entering any new country for the first time, knowing a little about the currency beforehand helps to avert scams that target newbies.
The Philippine Peso
The Philippine peso (currency code: PHP) is the official currency of the Philippines. The colorful notes come in denominations of 20, 50, 100, 200 (not common), 500, and 1,000. The peso is further divided into 100 centavos, however, you'll rarely deal with or encounter these fractional amounts.
Prices in Philippine pesos are denoted by the following symbols:
"₱" (official)
P
P$
PHP
Currency printed before 1967 has the English word "peso" on it. After 1967, the Filipino word "piso" (no, it isn't referring to the Spanish word for "floor") is used instead.
U.S. dollars are sometimes accepted as an alternative form of payment and work well as emergency cash. Carrying U.S. dollars while traveling in Asia is a good idea for emergencies. If paying a price quoted in dollars rather than pesos, know the current exchange rate.
Tip: While traveling in the Philippines, you'll end up with a pocketful of heavy coins, usually 1-peso, 5-peso, and 10-peso coins — keep them! Coins come in handy for small tips or paying jeepney drivers.
Banks and ATMs in the Philippines
Outside of larger cities, functioning ATMs can be frustratingly difficult to find. Even on popular islands such as Palawan, Siquijor, Panglao, or others in the Visayas, there may only be one international-networked ATM located in the main port city. Err on the safe side and stock up on cash before arriving on smaller islands.
Using ATMs attached to banks is always the safest. You stand a much better chance of recovering a card if it is captured by the machine. Also, ATMs in lit areas near banks are less likely to have a card-skimming device installed by thieves. Identity theft is a growing problem in the Philippines.
Bank of the Philippine Islands (BPI), Banco de Oro (BDO), and Metrobank usually work best for foreign cards. Limits vary, but many ATMs will only dispense up to 10,000 pesos per transaction, and up to 50,000 pesos per account, per day. You may be charged a fee of up to 200 pesos per transaction (around US $4), so take as much cash as possible during each transaction.
Tip: To avoid ending up with only 1,000-peso banknotes which are often difficult to break, end your requested amount with 500 so that you at least receive one 500-peso note (e.g., ask for 9,500 rather than 10,000).
Traveler's Checks in the Philippines
Traveler's checks are rarely accepted for exchange in the Philippines. Plan on using your card in ATMs to get local currency.
For additional security, diversify your travel money. Bring a few denominations of U.S. dollars and hide a $50 inside a very unlikely place (get creative!) in your luggage.
Using Credit Cards in the Philippines
Credit cards are mostly only useful in bigger cities such as Manila and Cebu. They'll also work in busy tourist areas such as Boracay.
Credit cards come in handy for booking short domestic flights and for paying in upscale hotels. You can also pay for diving courses by credit card. For daily transactions, plan to depend on cash. Many businesses charge an extra commission of up to 10% when you pay with plastic.
MasterCard and Visa are the most accepted credit cards in the Philippines.
Tip: Remember to notify your ATM and credit card banks so they can place a travel alert on your account, otherwise they may deactivate your card for suspected fraud.
Hoard Your Small Change
Acquiring and hoarding small change is a popular game in Southeast Asia that everyone plays. Breaking large 1,000-peso notes — and sometimes 500-peso notes — fresh from the ATM can be a real challenge in small places.
Build up a good stock of coins and smaller denomination bills for paying drivers and others who often claim not to have change — they hope you will let them keep the difference. Using large denomination notes on buses and for small amounts is considered bad form.
Always try to pay with the largest banknote that someone will accept. In a pinch, you can break large denominations in busy bars, fast food restaurants, some minimarts, or try your luck in a grocery or department store.
Haggling is the name of the game for much of the Philippines. Good negotiation skills will go a long way to helping you to save money.
Tipping in the Philippines
Unlike the etiquette for tipping in much of Asia, the rules for tipping in the Philippines are a little murky. Although gratuity generally isn't "required," it is greatly appreciated — sometimes even expected — in many circumstances. In general, try to reward people with a small token of appreciation who go the extra mile to help you out (e.g., the driver who carries your bags all the way to your room).
It is common to round up fares for drivers and maybe even give them a little something extra for friendly service. Don't tip taxi drivers who initially balked at your request to turn on the meter. Many restaurants tack a 10 percent service fee onto bills, which may or may not simply be used to pay the staff's low salary. You can leave a few extra coins on the table to show thanks for great service.
|
||||
9083
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dbpedia
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3
| 29
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https://www.tripsavvy.com/money-in-the-philippines-1458584
|
en
|
Money in the Philippines: What to Know for Travel
|
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Read about accessing and managing money while traveling in the Philippines. Learn about ATMs, currency, scams, and tips for using Philippine money.
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TripSavvy
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https://www.tripsavvy.com/money-in-the-philippines-1458584
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Managing money in the Philippines while traveling is simple enough, however, there are a few caveats of which you should be aware.
As when entering any new country for the first time, knowing a little about the currency beforehand helps to avert scams that target newbies.
The Philippine Peso
The Philippine peso (currency code: PHP) is the official currency of the Philippines. The colorful notes come in denominations of 20, 50, 100, 200 (not common), 500, and 1,000. The peso is further divided into 100 centavos, however, you'll rarely deal with or encounter these fractional amounts.
Prices in Philippine pesos are denoted by the following symbols:
"₱" (official)
P
P$
PHP
Currency printed before 1967 has the English word "peso" on it. After 1967, the Filipino word "piso" (no, it isn't referring to the Spanish word for "floor") is used instead.
U.S. dollars are sometimes accepted as an alternative form of payment and work well as emergency cash. Carrying U.S. dollars while traveling in Asia is a good idea for emergencies. If paying a price quoted in dollars rather than pesos, know the current exchange rate.
Tip: While traveling in the Philippines, you'll end up with a pocketful of heavy coins, usually 1-peso, 5-peso, and 10-peso coins — keep them! Coins come in handy for small tips or paying jeepney drivers.
Banks and ATMs in the Philippines
Outside of larger cities, functioning ATMs can be frustratingly difficult to find. Even on popular islands such as Palawan, Siquijor, Panglao, or others in the Visayas, there may only be one international-networked ATM located in the main port city. Err on the safe side and stock up on cash before arriving on smaller islands.
Using ATMs attached to banks is always the safest. You stand a much better chance of recovering a card if it is captured by the machine. Also, ATMs in lit areas near banks are less likely to have a card-skimming device installed by thieves. Identity theft is a growing problem in the Philippines.
Bank of the Philippine Islands (BPI), Banco de Oro (BDO), and Metrobank usually work best for foreign cards. Limits vary, but many ATMs will only dispense up to 10,000 pesos per transaction, and up to 50,000 pesos per account, per day. You may be charged a fee of up to 200 pesos per transaction (around US $4), so take as much cash as possible during each transaction.
Tip: To avoid ending up with only 1,000-peso banknotes which are often difficult to break, end your requested amount with 500 so that you at least receive one 500-peso note (e.g., ask for 9,500 rather than 10,000).
Traveler's Checks in the Philippines
Traveler's checks are rarely accepted for exchange in the Philippines. Plan on using your card in ATMs to get local currency.
For additional security, diversify your travel money. Bring a few denominations of U.S. dollars and hide a $50 inside a very unlikely place (get creative!) in your luggage.
Using Credit Cards in the Philippines
Credit cards are mostly only useful in bigger cities such as Manila and Cebu. They'll also work in busy tourist areas such as Boracay.
Credit cards come in handy for booking short domestic flights and for paying in upscale hotels. You can also pay for diving courses by credit card. For daily transactions, plan to depend on cash. Many businesses charge an extra commission of up to 10% when you pay with plastic.
MasterCard and Visa are the most accepted credit cards in the Philippines.
Tip: Remember to notify your ATM and credit card banks so they can place a travel alert on your account, otherwise they may deactivate your card for suspected fraud.
Hoard Your Small Change
Acquiring and hoarding small change is a popular game in Southeast Asia that everyone plays. Breaking large 1,000-peso notes — and sometimes 500-peso notes — fresh from the ATM can be a real challenge in small places.
Build up a good stock of coins and smaller denomination bills for paying drivers and others who often claim not to have change — they hope you will let them keep the difference. Using large denomination notes on buses and for small amounts is considered bad form.
Always try to pay with the largest banknote that someone will accept. In a pinch, you can break large denominations in busy bars, fast food restaurants, some minimarts, or try your luck in a grocery or department store.
Haggling is the name of the game for much of the Philippines. Good negotiation skills will go a long way to helping you to save money.
Tipping in the Philippines
Unlike the etiquette for tipping in much of Asia, the rules for tipping in the Philippines are a little murky. Although gratuity generally isn't "required," it is greatly appreciated — sometimes even expected — in many circumstances. In general, try to reward people with a small token of appreciation who go the extra mile to help you out (e.g., the driver who carries your bags all the way to your room).
It is common to round up fares for drivers and maybe even give them a little something extra for friendly service. Don't tip taxi drivers who initially balked at your request to turn on the meter. Many restaurants tack a 10 percent service fee onto bills, which may or may not simply be used to pay the staff's low salary. You can leave a few extra coins on the table to show thanks for great service.
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Philippine peso
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Currency of the Philippines
"PhP" redirects here. For the scripting language, see PHP. For other uses, see PHP (disambiguation).
Philippine pesoPiso ng Pilipinas (Filipino) ISO 4217CodePHP (numeric: 608)Subunit 0.01UnitSymbol₱DenominationsSubunit 1⁄100sentimo (or centavo)Banknotes Freq. used₱20, ₱50, ₱100, ₱200, ₱500, ₱1000Coins Freq. used₱1, ₱5, ₱10, ₱20 Rarely used1¢, 5¢, 25¢DemographicsUser(s)PhilippinesIssuanceCentral bankBangko Sentral ng Pilipinas Websitewww .bsp .gov .phPrinterThe Security Plant ComplexMintThe Security Plant ComplexValuationInflation3.8%[1] SourcePhilippine Statistics Authority, April 2024 MethodCPI
The Philippine peso, also referred to by its Filipino name piso (Philippine English: PEH-saw, PEE-, plural pesos; Filipino: piso [ˈpiso, pɪˈso]; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
The peso has the symbol "₱", introduced during American rule in place of the original peso sign "$" used throughout Spanish America.[2] Alternative symbols used are "PHP", "PhP", "Php", or just "P".
The monetary policy of the Philippines is conducted by the Bangko Sentral ng Pilipinas (BSP), established on July 3, 1993, as its central bank. It produces the country's banknotes and coins at its Security Plant Complex, which is set to move to New Clark City in Capas, Tarlac.[3][4]
History
[edit]
Main article: History of Philippine money
The Philippine peso is derived from the Spanish peso or pieces of eight brought over in large quantities from Spanish America by the Manila galleons of the period from the 16th century to the 19th. From the same Spanish peso or dollar is derived the various pesos of Spanish America, the dollars of the US and Hong Kong, as well as the Chinese yuan and the Japanese yen.[5][6][7]
Pre-colonial coinage
[edit]
The trade the pre-colonial tribes of what is now the Philippines did among themselves with its many types of pre-Hispanic kingdoms (kedatuans, rajahnates, wangdoms, lakanates and sultanates) and with traders from the neighboring islands was conducted through barter. The inconvenience of barter, however, later led to the use of some objects as a medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the Piloncitos, small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient peoples of the Philippines, and gold barter rings.[8] The original silver currency unit was the rupya or rupiah, brought over by trade with India and Indonesia.
Two native Tagalog words for money which survive today in Filipino were salapi and possibly pera. Salapi is thought to be from isa (one) + rupya which would become lapia when adapted to Tagalog. Alternately, it could be from Arabic asrafi (a gold coin, see Persian ashrafi) or sarf (money, money exchange). Pera is thought to be from Malay perak (silver), which also has a direct cognate or adaptation in Tagalog/Filipino as pilak. Alternately, it could be from 10 and 5 céntimo coins of the Spanish peseta, known as the perra gorda and perra chica.
Spanish colonial period
[edit]
The Spanish dollar or silver peso worth eight reales was first introduced by the Magellan expedition of 1521 and brought in large quantities after the 1565 conquest of the Philippines by Miguel López de Legazpi. The local salapi continued under Spanish rule as a toston or half-peso coin. Additionally, Spanish gold onzas or eight-escudo coins were also introduced with identical weight to the Spanish dollar but valued at 16 silver pesos.[6]
The earliest silver coins brought in by the Manila galleons from Mexico and other Spanish American colonies were in the form of roughly-cut cobs or macuquinas. These coins usually bore a cross on one side and the Spanish royal coat-of-arms on the other. These crudely-made coins were subsequently replaced by machine-minted coins called Columnarios (pillar dollars) or "dos mundos (two worlds)" in 1732 containing 27.07 grams of 0.917 fine silver (revised to 0.903 fine in 1771).[6]
Fractional currency was supplied by cutting the Spanish dollar coin, most commonly into eight wedges each worth one Spanish real. Locally produced crude copper or bronze coins called cuartos or barrillas (hence the Tagalog/Filipino words cuarta or kwarta, "money" and barya "coin" or "loose change") were also struck in the Philippines by order of the Spanish government, with 20 cuartos being equal to one real (hence, 160 cuartos to a peso).[6] The absence of officially minted cuartos in the 19th century was alleviated in part by counterfeit two-cuarto coins made by Igorot copper miners in the Cordilleras.
A currency system derived from coins imported from Spain, China and neighboring countries was fraught with various difficulties. Money came in different coinages, and fractional currency in addition to the real and the cuarto also existed. Money has nearly always been scarce in Manila, and when it was abundant it was shipped to the provinces[6] or exported abroad to pay for exports.[9][10] An 1857 decree requiring the keeping of accounts in pesos and céntimos (worth 1⁄100of a peso) was of little help to the situation given the existence of copper cuartos worth 1⁄160 of a peso.[6]
19th century Gold/Silver Bimetallic standard
[edit]
The Spanish gold onza (or 8-escudo coin) was of identical weight to the Spanish dollar but was officially valued at 16 silver pesos, thus putting the peso on a bimetallic standard, worth either the silver Mexican peso (27.07 g 0.903 fine, or 0.786 troy ounce XAG) or 1⁄16 the gold onza (1.6915 g 0.875 fine, or 0.0476 troy ounce XAU), with a gold–silver ratio of 16. Its divergence with the value of gold in international trade featured prominently in the continued monetary crises of the 19th century. In the 1850s the low price of gold in the international markets triggered the outflow of silver coins. In 1875 the adoption of the gold standard in Europe triggered a rise in the international price of gold and the replacement of gold coins with silver Mexican pesos.
As the price of silver fell further, Mexican peso imports were forbidden from 1877, and only Mexican pesos dated 1877 or earlier were legally equivalent to Philippine-minted pesos and peso fuerte banknotes. However, Spain and its colonies failed to establish a proper gold standard. The Philippine peso and the Spanish duro (Spain's "peso" or five-peseta coin) thus went on a fiduciary coin (or fiat coin) standard; while worth more than the Mexican peso due to its scarcity in circulation, both coins traded at a fluctuating discount versus the gold peso.[11] While pre-1877 Mexican pesos were reminted into Philippine 10-, 20- and 50-céntimo coins until the 1890s, these coins were continuously smuggled in connivance with Customs officials due to their higher fiat value in the Philippines.
After 1898 the United States colonial administration repealed this "fictitious gold standard" in favor of the unlimited importation of Mexican pesos, and the Philippine peso became a silver standard currency with its value dropping to half a gold peso.
Concurrent with these events is the establishment of the Casa de Moneda de Manila in the Philippines in 1857, the mintage starting 1861 of gold 1, 2 and 4 peso coins according to Spanish standards (the 4-peso coin being 6.766 grams of 0.875 gold), and the mintage starting 1864 of fractional 50-, 20- and 10-céntimo silver coins also according to Spanish standards (with 100 céntimos containing 25.96 grams of 0.900 silver; later lowered to 0.835 silver in 1881).
In 1897 Spain introduced 1-peso silver coins with the bust of King Alfonso XIII, as well as 5- and 10-céntimo de peseta coins for circulation in the Philippines as 1- and 2-céntimo de peso coins. The Spanish-Filipino peso remained in circulation and were legal tender in the islands until 1904, when the American authorities demonetized them in favor of the new US-Philippine peso.[12]
The first paper money circulated in the Philippines was the Philippine peso fuerte issued in 1851 by the country's first bank, the El Banco Español Filipino de Isabel II. Convertible to either silver pesos or gold onzas, its volume of 1,800,000 pesos was small relative to about 40,000,000 silver pesos in circulation at the end of the 19th century.
A fanciful etymology for the term pera holds that it was inspired by the Carlist Wars where Queen Isabel II was supposedly called La Perra (The Bitch) by her detractors, and thus coins bearing the image of Isabel II were supposedly called perras, which became pera. A less outlandish Spanish origin, if the term is indeed derived from Spanish, could be the Spanish coins of 10 and 5 céntimos de peseta (valued locally at 2 and 1 céntimos de peso) which were nicknamed perra gorda and perra chica, where the "bitch" or female dog is a sarcastic reference to the Spanish lion. Arguments against either theory are that the coins bearing the face of Isabel II were nicknamed Isabelinas and that the perra coins were only introduced to the Philippines in 1897.
Revolutionary Period
[edit]
Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the República Filipina (Philippine Republic) under General Emilio Aguinaldo issued its own coins and paper currency backed by the country's natural resources. The coins were the first to use the name centavo instead of céntimo for the subdivision of the peso. The island of Panay also issued revolutionary coinage. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist.
American Colonial Period
[edit]
After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso (not coined) consisting of 12.9 grains of gold 0.900 fine (0.0241875 XAU). This unit was equivalent to exactly half the value of a U.S. dollar.[13] Its peg to gold was maintained until the gold content of the U.S. dollar was reduced in 1934. Its peg of ₱2 to the U.S. dollar was maintained until independence in 1946.
The act provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos (maximum denomination increased to 500 pesos from 1905).
It also provided for the creation of a gold-standard fund to maintain the parity of the coins so authorized to be issued and authorized the insular government to issue temporary certificates of indebtedness bearing interest at a rate not to exceed 4 percent per annum, payable not more than one year from date of issue, to an amount which should not at any one time exceed 10 million dollars or 20 million pesos.
The US territorial administration also issued Culion leper colony coinage between 1913 and 1930.
Commonwealth Period
[edit]
When the Philippines became a U.S. Commonwealth in 1935, the coat of arms of the Philippine Commonwealth was adopted and replaced the arms of the U.S. Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.
World War II
[edit]
Main article: Japanese government-issued Philippine peso
In 1942, at the height of the resistance against the Japanese invasion in Corregidor island, US-Philippine forces managed to ship off to Australia most of the gold and significant assets held in reserve by Manila's banks, but they had to discard an estimated ₱ 15 million worth of silver pesos into the sea off Caballo Bay rather than surrender it to the Japanese. After the war these assets would be returned to Philippine banks, and most of the discarded pesos would be recovered but in badly corroded condition.[14]
The Japanese occupiers of the Philippines then introduced fiat notes for use in the country. Emergency circulating notes (also termed "guerrilla pesos") were also issued by banks and local governments, using crude inks and materials, which were redeemable in silver pesos after the end of the war. The puppet state under José P. Laurel outlawed possession of guerrilla currency and declared a monopoly on the issuance of money and anyone found to possess guerrilla notes could be arrested or even executed. Because of the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation.
Combined U.S. and Philippine Commonwealth military forces including recognized guerrilla units continued printing Philippine pesos, so that, from October 1944 to September 1945, all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.
Independence and the Central Bank of the Philippines, 1949–1993
[edit]
Republic Act No. 265 created the Central Bank of the Philippines (now the Bangko Sentral ng Pilipinas) on January 3, 1949, in which was vested the power of administering the banking and credit system of the country. Under the act, all powers in the printing and mintage of Philippine currency was vested in the CBP, taking away the rights of the banks such as Bank of the Philippine Islands and the Philippine National Bank to issue currency.[15]
The Philippines faced various post-war problems due to the slow recovery of agricultural production, trade deficits due to the need to import needed goods, and high inflation due to the lack of goods. The CBP embarked on a fixed exchange system during the 1950s where the peso's convertibility was maintained at ₱2 per U.S. dollar by various measures to control and conserve the country's international reserves.[16]
This system, combined with other "Filipino First" efforts to curtail importations, helped reshape the country's import patterns and improve the balance of payments. Such restrictions, however, gave rise to a black market where dollars routinely traded for above ₱3 per dollar. The CBP's allocation system which rations a limited supply of dollars at ₱2 per dollar to purchase priority imports was exploited by parties with political connections. Higher black market exchange rates drove remittances and foreign investments away from official channels.
By 1962 the task of maintaining the old ₱2 per dollar parity while defending available reserves has become untenable under the new Diosdado Macapagal administration, opening up a new decontrol era from 1962 to 1970 where foreign exchange restrictions were dismantled and a new free-market exchange rate of ₱3.90 per dollar was adopted since 1965. This move helped balance foreign exchange supply versus demand and greatly boosted foreign investment inflows and international reserves. However, a weak manufacturing base that can't capture market share in (mostly imported) consumer goods meant that devaluation only fueled inflation, and by the time the decontrol era ended in 1970 another devaluation to ₱6.43 per dollar was needed.
In 1967, coinage adopted Filipino language terminology instead of English, banknotes following suit in 1969. Consecutively, the currency terminologies as appearing on coinage and banknotes changed from the English centavo and peso to the Filipino sentimo and piso. However, centavo is more commonly used by Filipinos in everyday speech.
The CBP's final era from 1970 until the BSP's reestablishment in 1993 involved a managed float system with no more fixed parity commitments versus the dollar. The CBP only committed to maintain orderly foreign exchange market conditions and to reduce short-term volatility. Difficulties continued throughout the 1970s and 1980s in managing inflation and keeping exchange rates stable, and was complicated further by the CBP lacking independence in government especially when the latter incurs fiscal shortfalls. The worst episode occurred when a confidence crisis in the Ferdinand Marcos administration triggered a capital flight among investors between August 1983 to February 1986, nearly doubling the exchange rate from ₱11 to ₱20 per dollar and also doubling the prices of goods.
Reorganization to the new Bangko Sentral ng Pilipinas
[edit]
Positive political and economic developments in the 1990s paved the way for further economic liberalization and an opportunity to unburden the central bank of objectives that are inconsistent with keeping inflation stable. The New Central Bank Act (Republic Act No 7653) of June 14, 1993 replaces the old CBP with a new Bangko Sentral ng Pilipinas mandated explicitly to maintain price stability, and enjoying fiscal and administrative autonomy to insulate it from government interference. This, along with the further liberalization of various foreign exchange regulations, puts the Philippine peso on a fully floating exchange rate system. The market decides on the level in which the peso trades versus foreign currencies based on the BSP's ability to maintain a stable inflation rate on goods and services as well as sufficient international reserves to fund exports. Black market exchange rates as seen in the past are now nonexistent since official markets now reflect underlying supply and demand.[17]
The Philippine peso has since traded versus the U.S. dollar in a range of ₱24–46 from 1993 to 1999, ₱40–56 from 2000 to 2009, and ₱40–54 from 2010 to 2019. The previous 1903–1934 definition of a peso as 12.9 grains of 0.9 gold (or 0.0241875 XAU) is now worth ₱2,266.03 based on gold prices as of November 2021.[18]
Names for different denominations
[edit]
The smallest currency unit is called centavo in English (from Spanish centavo). Following the adoption of the "Pilipino series" in 1967, it became officially known as sentimo in Filipino (from Spanish céntimo).[19] However, "centavo" and its local spellings, síntabo and sentabo, are still used as synonyms in Tagalog. It is the most widespread preferred term over sentimo in other Philippine languages, including Abaknon,[20] Bikol,[21] Cebuano,[22][23] Cuyonon,[24] Ilocano,[25] and Waray,[20] In Chavacano, centavos are referred to as céns (also spelled séns).[26]
Tagalog language words for the different centavo-denominated coins were more common in the 20th century before the decrease in their use afterwards.[27]
The half-centavo coin was called a kusing, and the 1-centavo coin was called isang pera or sampera.
Coins for 5, 10, 25 and 50 centavos went by their Spanish names singko, diyes, bentesingko and singkwenta. Additionally, the 50-centavo coin was also called salapi.
The terms "1 peso each", "50 centavos each" and "1 centavo each" may be expressed as mamiso, manalapi and mamera, respectively.
Coins
[edit]
The Spanish administration opened the Casa de Moneda de Manila (or Manila mint) in 1857 in order to supply coins for the Philippines, minting silver coins of 10 céntimos, 20 céntimos, and 50 céntimos; and gold coins of 1 peso, 2 pesos and 4 pesos.
The American government minted currency under the Philippine Coinage Act of 1903 in its mints in the United States, in base-metal denominations of half centavo, one centavo and five centavos; and in silver denominations of 10 centavos, 20 centavos, 50 centavos and 1 peso. They eventually deemed it more economical and convenient to mint coins in the Philippines, hence the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth Era excluding 1⁄2 centavo and regular-issue 1-peso coins (commemorative 1-peso coins were minted in 1936).
In 1937 the eagle-and-shield reverse design was changed into the coat-of-arms of the Commonwealth of the Philippines while retaining the legend "United States of America". During the Second World War, no coins were minted from 1942 to 1943 due to the Japanese Occupation. Minting resumed in 1944–45 for the last time under the Commonwealth. Coins only resumed in 1958 after an issuance of centavo-denominated fractional banknotes from 1949 to 1957.
50-centavo coin, English series (1964)
1-piso coin, Pilipino series, 1972–1974
The one-peso coin of the BSP series
In 1958, the new English coinage series entirely of base metal was introduced, consisting of bronze 1 centavo, brass 5 centavos and nickel-brass 10 centavos, 25 centavos and 50 centavos. The 20-centavo denomination was discontinued. [28]
In 1967, the Pilipino-language coin series was introduced with the peso and centavo renamed into piso and sentimo. It consisted of aluminum 1-sentimo, brass 5-sentimo, and nickel-brass 10, 25 and 50 sentimo. The 1-piso coin was reintroduced in 1972.[29]
In 1975, the Ang Bagong Lipunan Series was introduced. It consisted of aluminum 1-sentimo, brass 5-sentimo, cupro-nickel 10-sentimo, 25-sentimo and 1-piso, and a pure nickel 5-piso coin which rarely circulated. [30]
In 1983, the Flora and Fauna Series was introduced. It consisted of aluminum 1, 5 and 10-sentimo, brass 25-sentimo, and cupro-nickel 50-sentimo, 1-piso and a new 2-piso coin. From 1991 to 1994 the sizes of coins from 25-sentimo to 2-piso were reduced under the Improved Flora and Fauna Series, and a new nickel-brass 5-piso coin was introduced. [31] [32]
In 1995, the New Design coin series was introduced with the aim of replacing and demonetizing all previously issued coin series on January 3, 1998. It initially consisted of copper-plated steel 1, 5 and 10-sentimo, brass 25-sentimo, copper-nickel 1-piso and nickel-brass 5-piso. In 2000, the bimetallic 10-piso coin was added to the series. In 2004 the composition of the 25-sentimo and 1-piso was changed to brass-plated steel and nickel-plated steel, respectively.
The current series, the New Generation Currency Series was introduced in 2017, consisting of nickel-plated steel 1, 5 ,25 sentimo and 1, 5 and 10-piso. In December 2019 the bimetallic plated-steel 20-piso coin was introduced,[33] together with a modified nine-sided 5-piso coin issued in response to numerous complaints that the round steel 5-piso coin looked too much like the 1-piso and 10-piso.
Denominations worth P0.25 (~$0.005) and below are still issued but have been increasingly regarded as a nuisance. Proposals to retire and demonetize all coins less than one peso in value have been rejected by the government and the BSP.[34]
New Generation coin series Value Obverse Reverse Diameter Mass Thickness Composition Edge Obverse Reverse Introduced 1-sentimo 15 mm 1.90 g 1.54 mm Nickel-plated steel Plain "Republika ng Pilipinas"; Three stars and the sun (stylized representation of the Philippine flag); Value; Year of minting; Mint mark Xanthostemon verdugonianus (Mangkono); logo of the Bangko Sentral ng Pilipinas March 26, 2018 5-sentimo 16 mm 2.20 g 1.60 mm Reeded Hoya pubicalyx[35] (Kapal-kapal Baging); logo of the Bangko Sentral ng Pilipinas 25-sentimo 20 mm 3.60 g 1.65 mm Plain Dillenia philippinensis (Katmon); logo of the Bangko Sentral ng Pilipinas 1-piso 23 mm 6.00 g 2.05 mm Segmented (Plain and Reeded edges) "Republika ng Pilipinas"; Portrait of José Rizal; Value; Year of minting; Mint mark Vanda sanderiana (Waling-waling); logo of the Bangko Sentral ng Pilipinas March 26, 2018 5-piso 25 mm 7.40 g 2.20 mm Plain "Republika ng Pilipinas"; Portrait of Andrés Bonifacio; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark Strongylodon macrobotrys (Tayabak); logo of the Bangko Sentral ng Pilipinas; Microprint of "Bangko Sentral ng Pilipinas" November 30, 2017 5-piso (nonagonal shape) 25 mm 7.40 g 2.20 mm December 17, 2019 10-piso 27 mm 8.00 g 2.05 mm Reeded with edge inscription of "BANGKO SENTRAL NG PILIPINAS" in italics "Republika ng Pilipinas"; Portrait of Apolinario Mabini; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark Medinilla magnifica (Kapa-kapa); logo of the Bangko Sentral ng Pilipinas; Microprint of "Bangko Sentral ng Pilipinas"; Microdots March 26, 2018 20-piso 30 mm 11.50 g 2.10 mm Ring: bronze-plated steel; Center: nickel-plated steel Plain edge with inscription of "BSP" at six angles Ring: "Republika ng Pilipinas"; Center: Portrait of Manuel Quezon; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark Scyphiphora hydrophylacea (Nilad); logo of the Bangko Sentral ng Pilipinas; Malacañang Palace; Microprint of "Bangko Sentral ng Pilipinas" December 17, 2019
Banknotes
[edit]
One-peso Treasury Certificate, 1924
Two-peso note, Ang Bagong Lipunan series
Five-peso note, New Design Series
Previous series
[edit]
In 1852, the Philippines first issued banknotes under El Banco Español Filipino de Isabel II (the present Bank of the Philippine Islands) in denominations of 10, 25, 50 and 200 pesos fuertes (strong pesos).
By 1903, the American colonial Insular Government issued Silver Certificates in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos, backed by silver coin or U.S. gold at a fixed rate of 2:1. These were supplemented by banknotes of the Bank of the Philippine Islands in 1908, banknotes of the Philippine National Bank in 1916, and Treasury Certificates of the Philippine Treasury in 1918 backed by United States Government bonds. Only the latter remained legal tender after Philippine independence in 1946.
The dimensions of all banknotes issued under the US-Philippine administration, 16 x 6.6 cm, has been used ever since on all Philippine banknotes (except pre-1958 centavo notes), and was introduced during William Howard Taft's tenure as governor-general of the Philippines. In view of its highly successful run, President Taft then appointed a committee that reported favorably on the advantages and savings from changing the size of United States banknotes to Philippine-size. [36] Since 1928 the sizes of the U.S. dollar Federal Reserve Notes and Philippine banknotes have therefore been nearly identical.
In 1949, the Central Bank of the Philippines took over paper money issue. Its first notes were Treasury Certificates printed under US administration overprinted with "Victory - Central Bank of the Philippines". These were followed in 1951 by regular-issue English Series banknotes in denominations of 5, 10, 20 and 50 centavos, 1 peso, 2 pesos, 5 pesos, 10 pesos, 20 pesos, 50 pesos, 100 pesos, 200 pesos and 500 pesos. The centavo notes (except for the 50-centavo note, which would be later known as the half-peso note) were discontinued in 1958 when the English Series coins were first minted.[28]
In 1967, the CBP adopted the Filipino language on its Pilipino Banknote Series, using the name Bangko Sentral ng Pilipinas, and in 1969 introduced the Pilipino Series of notes in denominations of 1, 5, 10, 20, 50 and 100 piso. The Ang Bagong Lipunan Series was introduced in 1973 and included 2-piso notes.[29][30]
A radical change occurred in 1985, when the CBP issued the New Design Series with 500-piso notes introduced in 1987, 1000-piso notes (for the first time) in 1991 and 200-piso notes in 2002.[37]
The New Design Series was the name used to refer to Philippine banknotes issued from 1985 to 1993. It was then renamed as the BSP Series due to the re-establishment of the Bangko Sentral ng Pilipinas in 1993. It was succeeded by the New Generation Currency Series issued on December 16, 2010.
The New Design/BSP Series banknotes were printed from 1985 to 2013 (1985–1995 for the 5 peso notes, 1985–2001 for the 10 peso notes, 1986–2012 for the 20 peso notes, 1991–2012 for the 1000 peso notes, 2002–2013 for the 200 peso notes, and 1987–2013 for 50, 100, and 500 peso notes). Existing banknotes remained legal tender until December 31, 2015. The notes were originally to be demonetized by January 1, 2017,[38][39][40][41][42][43] but the deadline for exchanging the old banknotes was extended twice, on June 30, 2017, and December 29, 2017. After that date, all NDS/BSP banknotes were demonetized and are no longer a liability of the Bangko Sentral ng Pilipinas.[44][45]
New Generation Currency (current)
[edit]
Main article: New Generation Currency series
In 2009, Bangko Sentral ng Pilipinas (BSP) announced that it has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability.[46] The members of the numismatic committee include BSP Deputy Governor Diwa Guinigundo and Ambeth Ocampo, Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010.
Several, albeit disputable, errors have been discovered on banknotes of the New Generation series and discussed over social media. Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations, the mislocation of the Puerto Princesa Subterranean Underground River on the reverse of the 500-peso note and the Tubbataha Reef on the 1000-peso note, and the incorrect coloring on the beak and feathers of the blue-naped parrot on the 500-peso,[47][48] but these were eventually realized to be due to the color limitations of intaglio printing.[49] The scientific names of the animals featured on the reverse sides of all banknotes were incorrectly rendered in the 2010 series, but were corrected starting 2017.[50]
By February 2016, the BSP started to circulate new 100-peso notes which were modified to have a stronger mauve or violet color. This was "in response to suggestions from the public to make it easier to distinguish from the 1000-peso bank note". The public could still use the New Generation Currency 100-peso notes with fainter colors as they are still acceptable.[51]
In 2019, Bangko Sentral ng Pilipinas (BSP) introduced a 20-piso coin that will eventually replace the 20-piso note. The latter remained in production until its printing materials were used up; it will remain legal tender, disappearing gradually as individual notes become unfit for circulation.[52][53]
New Generation banknote series Value Image Dimensions Main Color Design Year of First Issue Usage in circulation Obverse Reverse Obverse Reverse 20-piso 160 mm × 66 mm Orange Manuel L. Quezon, Declaration of Filipino as the national language, Malacañang Palace Banaue Rice Terraces; Paradoxurus hermaphroditus (Asian palm civet); Cordilleras weave design December 16, 2010 To be replaced by coin 50-piso Red Sergio Osmeña, First Philippine Assembly, Leyte Landing October 1944 Taal Lake in Batangas; Caranx ignobilis, maliputo (giant trevally); Batangas embroidery design Wide 100-piso Violet Manuel A. Roxas, Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila, Inauguration of the Third Philippine Republic Mayon Volcano in Albay; butanding, Rhincodon typus, whale shark; Bicol textile design 200-piso Green Diosdado P. Macapagal, EDSA People Power 2001, Declaration of Philippine Independence 1898 in Kawit, Cavite, opening of Malolos Congress at Barasoain Church‚ Bulacan Chocolate Hills in Bohol; Tarsius syrichta, Philippine tarsier; Visayas weave design 500-piso Yellow Corazon C. Aquino, Benigno S. Aquino Jr., EDSA People Power I, Benigno Aquino monument in Makati Subterranean Underground River in Puerto Princesa, Palawan; Tanygnathus lucionensis, blue-naped parrot; Southern Philippines cloth design 1,000-piso Light Blue José Abad Santos, Vicente Lim, Josefa Llanes Escoda; Centennial celebration of Philippine independence; Medal of Honor Tubbataha Reefs Natural Park in Sulu Sea; Pinctada maxima, South Sea pearl; Mindanao design for T'nalak (Ikat-dyed abaca) For table standards, see the banknote specification table.
Commemorative banknotes
[edit]
Commemorative banknotes have been issued by the Bangko Sentral ng Pilipinas to memorialize events of historic significance to the Philippines.[54] The most common method of commemoration is by adding a commemorative overprint on the watermark area of a circulating denomination. There also exist especially printed commemorative higher-denomination non-circulating banknotes, in the following denominations:
2,000-piso: Centennial of Declaration of Philippine Independence, 1998
100,000-piso: Centennial of Declaration of Philippine Independence, 1998
5,000-piso: 2021 Quincentennial Commemorations in the Philippines
Monetary policy
[edit]
The Bangko Sentral ng Pilipinas (BSP) was established on July 3, 1993, as the Philippines' central bank, succeeding the previous Central Bank of the Philippines which was established in 1949. Its primary monetary policy objective is to promote a low and stable inflation conducive to a balanced and sustainable economic growth. [55] [56] It achieves this objective through inflation targeting, a monetary policy approach where an inflation target is publicly announced, which the BSP then commits to achieve over a two-year horizon by using these monetary policy tools:
Adjusting the policy rate at which the BSP borrows from banks;
Open Market Operations where the BSP buys (or sells) government securities and BSP securities in order to increase (or decrease) liquidity;
Offering term deposits to absorb liquidity;
Standing Liquidity Facilities to provide liquidity to banks as needed; and
Increasing (or decreasing) bank reserve requirements to decrease (or increase) remaining liquidity that can be loaned out.
Inflation forecasts exceeding targets are addressed by a contractionary policy to bring down inflation to target by increasing policy rates, increasing reserve requirements, or selling government securities - all resulting in reduced liquidity. An expansionary policy to counteract low inflation brought by economic pessimism involves the opposite steps - lower policy rates, lower reserve requirements, or buying government securities.
Exchange rates
[edit]
Historical exchange rate
[edit]
The official exchange rate was ₱2 against the U.S. dollar from 1946 to 1962, 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 per dollar in 1984 from the dirty float at ₱11.25 in 1983 [57] 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 ₱45 in 1998 and to about ₱50 in 2001 before appreciating to ₱41 in 2007. In the 2010s, it was appreciated to ₱40 in 2012, before depreciating to ₱54/$ in 2018. Amidst the COVID-19 pandemic, the peso appreciated as much as ₱47 in 2021. In 2022, the peso depreciated to its all-time low of ₱59.203 per dollar, likely as a result of the economic impact of the Russian invasion of Ukraine.[citation needed] 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.
Current exchange rate
[edit]
Current PHP exchange rates From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD
Recent issues
[edit]
Errors in currency
[edit]
In 2005, about 78 million 100-peso notes with President Gloria Macapagal Arroyo's surname misspelled as "Arrovo" were printed and planned to be circulated. The error was only found out after 2 million of the notes were circulated and the BSP had ordered an investigation.[58][59][60]
The incorrect manner in which scientific names were printed in the 2010 New Generation Currency Series were addressed in 2017 revisions.
In December 2017, a 100 peso banknote which had no face of Manuel A. Roxas and no electrotype 100 was issued. The Facebook post was shared over 24,000 times. The BSP said that the banknotes are due to a rare misprint.[61][62]
1-peso coin fraud
[edit]
By August 2006, it became publicly known that the 1-peso coin has the same size as the 1 United Arab Emirates dirham coin.[63] As of 2010 , 1 peso is only worth 0.08 dirhams, leading to vending machine fraud in the UAE.
Fake denominations
[edit]
In 2017, a one-peso coin that was allegedly minted in 1971 was said to bear the design of the novel Noli Me Tángere by Jose Rizal at the back of the coin. The coin was allegedly sold for up to ₱1,000,000. The holder of the said coin was interviewed by Kapuso Mo, Jessica Soho about this, but potential buyers made no serious offers to purchase the coin, and the BSP said that it did not release any coin of the said design. The BSP also mentioned that the coin is thinner than the circulating coin which gives the possibility that someone might have tampered it and replaced it with a different design.[64]
In June 2018, a Facebook page posted a ₱10,000 note with a portrait of President Ramon Magsaysay on the front and a water buffalo and Mount Pinatubo on the back. The Bangko Sentral ng Pilipinas did not issue this banknote and stressed that only 6 denominations are in current circulation (20, 50, 100, 200, 500 and 1,000 pesos). The Facebook page of the BSP said that it was fake. The signature was also of former governor of the Bangko Sentral ng Pilipinas Amando Tetangco Jr.[65] It was found out that the photo was from a different user who found a fake 10,000 peso banknote in a book at a library.
Folded banknotes
[edit]
In July 2022, a Facebook user posted a ₱1,000 banknote (polymer variant) that is slightly folded and complained how SM supermalls rejected the said banknote due to it being folded while also warning the public to not fold their ₱1,000 polymer banknotes. SM supermalls in Facebook and the BSP later wrote official statements announcing that folded polymer notes are still being accepted.[66][67][68]
See also
[edit]
Economy of the Philippines
References
[edit]
Bibliography
[edit]
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https://www.dailyforex.com/forex-technical-analysis/2024/08/usdphp-signal-8-august-2024/216031
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08/08: PHP Strengthens vs USD (Chart)
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"Christopher Lewis"
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2024-08-08T06:47:06+00:00
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USD/PHP Signal: Philippine Peso strengthens against the USD. Watch key levels: 57 PHP support, 200-Day EMA. Potential buy signal if USD/PHP moves above 58 PHP.
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https://www.dailyforex.com/favicon.ico?v=345
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DailyForex
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https://www.dailyforex.com/forex-technical-analysis/2024/08/usdphp-signal-8-august-2024/216031
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Potential signal:
On a move above the 58 PHP level, I’d be a buyer of this pair, aiming for the 59 level again.
I would put a stop loss just below the 200-Day EMA.
I’ve noticed that the Philippine peso seems to be a bit of a now performer.
That being said, a lot of this will have to do with news coming out of Japan that the central bank is not looking to raise interest rates in volatile market conditions.
This has people looking to step out on the risk spectrum a bit, and of course the Philippines is considered to be a much riskier investment region than the United States.
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Technical Analysis
For what it is worth, the market looks as if it is trying to reach down toward the 57 PHP level. That’s an area that has been important more than once, and a certain amount of “market memory” should be found there. Between here and there, we also have the 200-Day EMA, which is an area that a lot of people will pay close attention to as well, as it is a major technical indicator used by trend traders. At this point, the market could very well bounce, but if it does, the market is likely to go looking to the 58 level first, followed by the 50-Day EMA, sitting right around the 50.40 level.
Ultimately, this has a lot to do with Asia and North America as well, as the risk spectrum will be quite wildly different in both areas. Quite frankly, a lot of people are starting to worry about the possibility of a recession in the United States, and that of course has a major influence on the US dollar in general. If we are going to in fact see a massive recession, then we could see the USD/PHP market turn right back around and rally. On the other hand, if the market were to break down below that crucial 57 level, we could see the US dollar really start to fall, perhaps reaching the 55.50 PHP level before you know it. In that type of mood, you probably have the US dollar losing strength against almost everything around the world.
The US dollar does tend to move in one direction overall, and therefore it’s likely that we will continue to see that being the case, especially in exotic currency such as the Philippine peso.
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https://www.nationalww2museum.org/war/articles/july-4-1946-philippines-independence
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July 4, 1946: The Philippines Gained Independence from the United States
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[
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"Asian Americans and Pacific Islanders in World War II",
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2021-07-01T19:00:00
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In WWII’s aftermath, July 4 also became Independence Day for the Philippines in 1946.
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en
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/themes/nwwiim/favicon.ico
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The National WWII Museum | New Orleans
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https://www.nationalww2museum.org/war/articles/july-4-1946-philippines-independence
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Top Image: Commemorative stamps celebrating Independence Day from the collection of Dr. Ricardo T. Jose.
The 4th of July used to be considered an important national holiday in the Philippines. Not because it was the United States’ birthday, but because it was Philippine Independence Day in 1946. Seventy five years ago, the Philippines was recognized as an independent, sovereign country by the United States, which withdrew its authority over the archipelago as colonizer.
Pre-Independence History of the Philippines
The road to July 4, 1946 was long and tenuous. The Philippines had been a Spanish colony since 1565, and since that time numerous revolts broke out challenging Spanish rule. These revolts were disunited, however, until the nineteenth century when nationalism brought forth a more united anti-colonial movement. This culminated in a revolution that broke out in 1896. After much fighting, a stalemate ensued, leading to a ceasefire agreement between Filipino and Spanish leaders.
The outbreak of the Spanish-American War in 1898 brought Commodore George Dewey and the US Asiatic Squadron to Manila Bay, where they defeated the Spanish Asiatic fleet. The Philippine Revolution resumed in earnest, led by General Emilio Aguinaldo who established a revolutionary government. At the height of its military successes against Spain, the revolutionary government proclaimed independence on June 12, 1898. Aguinaldo became president and the Philippine Republic was formally inaugurated in Malolos, Bulacan, in January 1899.
The Spanish-American war was concluded by the Treaty of Paris which decreed that Spain would give up the Philippines, but in turn the archipelago would become a colony of the United States. Filipinos had not been consulted, and as a result the war for independence turned against the United States.
After over two years of fighting, Aguinaldo was captured and President Theodore Roosevelt declared the end of the Philippine-American War. The campaign for independence continued on the political front, even as sporadic violent resistance against American rule continued to break out.
In August 1916, the Jones Law, more formally known as the Philippine Autonomy Act of 1916, was passed, promising independence to the Philippines once Filipinos were able to prove that they could govern themselves. No timetable was set, but once the United States declared war on Germany in World War I, Philippine political leaders offered a division of Filipinos to fight on the side of the United States. Filipinos were given great leeway in running the government at that time, but once the Great War ended, the US government reexamined Philippine conditions and strengthened American control of the insular government. Filipinos sent regular independence missions to Washington to call for concrete steps towards independence, which were rebuffed by the prevailing Republican administrations.
The advent of the Great Depression made Congress rethink US-Philippine relations, and passed the Hare-Hawes-Cutting Act in 1933, over President Herbert Hoover’s veto. The Hare-Hawes-Cutting Act (HHC) envisaged a 10 year transitory period during which time the Philippines would establish a semi-autonomous government under an elected Filipino president. The act was rejected by the Philippine Legislature later that year, after much debate and political wrangling. Manuel L. Quezon, President of the Philippine Senate, proceeded to Washington immediately after to negotiate a more advantageous law, citing among others issues relating to the continuance of US bases in the Philippines after independence, the limits of authority of the Philippine president in the transitory government, and the abrupt end of Philippine preferential trade relations with the United States.
1934 Philippine Independence Act
Quezon, the dominant political leader in the Philippines at that time, believed he could influence the new American president, Franklin D. Roosevelt, and the Democratic congress to rectify his main objections in a new Philippine independence bill. Roosevelt and the congress were busy with New Deal policies and were only willing to resuscitate the HHC with very minor changes. Quezon accepted these and returned to Manila. The ensuing act, the Tydings-McDuffie Law, was accepted by the Philippine legislature in May 1934, thus setting the stage for Philippine independence in 1946.
Under the Tydings-McDuffie Law, the Philippines would establish a government to be known as the Philippine Commonwealth, which would steer the Philippines through a 10-year transition period. After completing 10 years of nearly autonomous governance, the United States would withdraw its sovereignty over the islands on July 4 of the succeeding year, and would recognize the Philippines as an independent republic.
Prior to the establishment of the Philippine Commonwealth, a constitution had to be drafted. A constitutional convention was thus elected, and finished its draft in February 1935. Roosevelt approved this document, which was to become the legal framework not only of the Philippine Commonwealth, but also of the future Philippine Republic. It was approved in a nationwide plebiscite, and national elections for the new government were held in September 1935. The Philippine Commonwealth was formally inaugurated on November 15, 1935, an unprecedented world event in which the United States, a colonial power, was preparing to let go of its colony. The ramifications were keenly felt among other colonial governments and colonized people. Quezon was predictably elected as president.
The Philippine Commonwealth government had to resolve major problems during the 10-year transition period, among them national defense, social justice, economic development, national integration, and cultural identity. During the over three decades of American colonial rule, the Philippines had become dependent on the US economically, and had no armed forces of its own. These and major agrarian and labor problems had to be resolved. A Philippine Army was formed, and government enterprises in business were launched.
The Philippine Commonwealth was an untried experiment, and the Tydings-McDuffie Law appointed a representative of the US president in the form of a High Commissioner. Gone was the Governor General of earlier years. The High Commissioner would report on the progress of the Philippine experiment, and the US government had oversight functions over legislative, executive, and judicial actions of the Commonwealth. Furthermore, the US government held on to foreign affairs and currency matters. In case the experiment failed, the transition could be scrapped and it would be back to square one. Neither Quezon nor Roosevelt wanted this, so despite much power granted him, Quezon held back where he could.
World War II and the Filipino Guerrilla Movement
Halfway through the experiment, World War II broke out in Europe. Trade was disrupted, and the reality of war reaching the Philippines loomed. The gravity of some problems delayed enforcement of various plans, and some began to ask whether 10 years were enough. Quezon, however, attempted to advance independence at least privately, although this did not bear fruit.
The outbreak of war between Japan and China in 1937 also brought forth the specter of war, through refugees and news of defenseless cities being bombed. But it was the war in Europe that seemed closer: The European capitals were better known to most Filipinos, and the Blitzkrieg and the Battle of Britain became household words.
War did reach the Philippines in December 1941, although strenuous last-minute preparations were made. The US Army Forces in the Far East was created, placing under one command the US Army forces in the Philippines and the mobilized Philippine Army forces. Gen. Douglas MacArthur was placed in command, and modern aircraft and weapons were rushed to the Philippines. It was too late.
The Japanese struck before the defense preparations were completed, decimating the US air forces and naval facilities in the first days of the war. Beach defenses were unable to hold against the Japanese juggernaut, but a fighting withdrawal to Bataan and Corregidor was successful and held against all odds. Realizing the hopelessness of the situation, Roosevelt ordered MacArthur to Australia; the Philippine Commonwealth government, which had moved to Corregidor to save Manila from bombing, was itself also removed. Quezon would establish the Commonwealth government in exile in Washington as Bataan and Corregidor were forced to surrender. Roosevelt had, in the meantime, promised to redeem Philippine freedom and to pay for war damages,
For three years the Philippines was in the hands of the Japanese, who set up a military administration. Wanting to win Filipino loyalty, the Japanese declared the Philippines independent in 1943, ahead of the US promise. A government was set up, but most Filipinos saw through the Japanese aims and instead supported the guerrilla resistance movement. The guerrillas remained loyal to the Philippine Commonwealth and the United States, and were a major threat to the Japanese occupation forces.
Liberation of the Philippines from the Japanese
Gen. MacArthur, who had promised to return, landed in Leyte in October 1944, thus commencing the military campaign to liberate the Philippines from the Japanese. In the ensuing struggle, Manila and most of the major Philippine cities suffered grievous damage. MacArthur declared the military campaign on Luzon closed on July 4, 1945, but the bulk of the Japanese ground forces were still intact in the mountains. Fighting continued in Mindanao. And Japan had not yet surrendered.
The Philippine Commonwealth government returned with Gen. MacArthur. Quezon had died while in the United States, and Sergio Osmeña, the vice president, automatically took over. Osmeña landed with MacArthur on Leyte, and as the Battle of Manila neared its end, restored the government to Malacañang Palace in Manila. While in Washington, the Commonwealth government did all it could to hasten the return of American forces to the Philippines. It also sought to ensure that war damage would be rehabilitated by the US government. The Philippines actively participated in the early meetings that would result in the United Nations.
Upon his return to Manila, Osmeña pledged a Philippine Army division to participate in the assault landings on Japan. Guerrillas, now part of the army, trained accordingly. The atomic bombs negated the need for such action, and Japan accepted the Allied terms on August 15, 1945.
Post-war Rehabilitation
As the war ended, the Philippines counted the cost. Over a million Filipinos had died or were killed, out of a population of 18 million. Manila and most of the major cities were in ruins. Severe inflation had set in as a result of the Japanese occupation, and farms were fallow; farm animals too had died because of the war. Industries, transportation, and communication facilities were destroyed.
Should the original timetable for independence be kept? The tasks facing Osmeña and the Commonwealth government were daunting; none of this had been foreseen when the Tydings-McDuffie Act had become law.
Apart from the physical destruction and the loss of lives, the Philippines was divided: there had been those who had collaborated with the Japanese, while most had resisted either directly or indirectly. The country was split on whether the collaborators were to be dealt with harshly or not. Many key government officials from before the war had—willingly or not—served in the Japanese-controlled administration.
There was an immediate need for relief. People had to be fed, clothed, and given shelter. All the basic necessities were initially provided by the US Army—water, clothing, food, power, communications, and jobs. Other assistance came in from the United States and the United Nations Relief and Rehabilitation Administration as the piers were restored, and ships arrived.
Peace and order problems were serious—some stemming from the pre-war social and agrarian issues, others because of loose firearms. Guerrilla units were plenty, but not all were legitimate, and there was an upsurge of crimes. Morality was in tatters, as people had to survive in whatever ways they could. Inflation was rampant, even as the government strove to bring prices down with newly printed currency and price controls. Besides, after having been away for three years, it was a difficult task to win back the people’s confidence in the government.
The Philippine Congress was convened in June 1945—the first time it sat since the elections of November 1941. Some of its members had died during the war; others were tainted by charges of collaboration. It began its work of legislating, but was hampered by the unstable postwar conditions.
Osmeña travelled to the United States three times in 1945—a last meeting with FDR in April and two meetings with President Harry S. Truman, to negotiate aid and assistance for the Philippines—as well as assurances that independence would come as scheduled.
For a while an earlier independence date was broached, but this would have required legislation which was not a priority. There were mutterings that Philippine independence be delayed, owing to the unsettled conditions after the war, but this would mean political suicide to those seeking office. And so independence would take place as planned, on July 4, 1946.
The post-war Philippine Commonwealth faced severe problems not anticipated before the war. Land reform, reopening of schools, reconstruction, trials of suspected collaborators with the Japanese, recognizing and compensating veterans, restarting the economy, restoring trade, attracting investment—these and more had to be dealt with in the last months of the Philippine Commonwealth government.
The government was now more strongly reliant on the United States, more so than before the war. The Philippine Army was totally dependent on the US Army for equipment and weapons, and relief only coming from the United States. External defense would now be too costly for the cash-strapped government. Thus the presence of US bases could be seen as mutually beneficial.
The last American High Commissioner was Paul V. McNutt, who had served in that position in the late 1930s. He advised Osmeña on various matters. Secretary of State Harold Ickes insisted that the Philippines take a hard line on alleged collaborators—something that would be difficult to do due to the many issues involved. Ickes threatened to withhold assistance if the government did not punish those who had reneged on their oaths of loyalty to the United States.
Paul McNutt, High Commissioner to the Philippines, reads a proclamation at the ceremony. US Signal Corps photograph from the collection of Dr. Ricardo T. Jose.
An ally of the Philippines in Washington was Senator Millard Tydings, co-author of the pre-war Philippine Independence Act. He sponsored a bill granting what he felt were sufficient funds for rehabilitation. On a personal visit to the Philippines, however, he found out that earlier estimates had been underestimated, and that more funds were needed. His bill did allot a generous $620 million—later raised to $800 million—to the Philippines.
The Rehabilitation Bill was, however, tied to a trade bill, authored by Representative Jasper Bell. The Bell Trade bill sought to extend the free trade relations between the United States and the Philippines for another eight years, after which tariffs would be gradually imposed for 20 years. Bell insisted that to convince Americans to invest in the Philippines they had to be given the same rights as Filipinos. This necessitated amending the 1935 Philippine constitution, which limited land ownership, access to natural resources, among others, to Filipino citizens and majority Filipino-owned corporations. The parity amendment would thus become a requisite for receiving the bulk of the rehabilitation aid in the Tydings bill. The Bell Trade Bill also tied the Philippine peso to the US dollar and could not be independently revalued.
Other issues that emerged on the eve of independence. In February 1946, President Truman signed the Rescission Law, which denied most Filipino veterans of benefits due them, voiding their service in the US armed forces.
A strong US military presence remained in early 1946, with the 86th Infantry Division in full strength, prepared to protect American interests. With World War II over, many of its members felt their duty was done and rallied to be sent home. But there was discontent brewing in the provinces, with long agrarian issues remaining unsolved. Many military bases were still in US hands, and negotiations as to which would be kept after Philippine independence were begun. As set in the Tydings-McDuffie Act, the United States would maintain bases even after Philippine independence to protect American interests in the region.
Philippine Commonwealth Election of 1946
As the date of independence approached, a multitude of problems had to be solved. Amidst the disunity, tension, and uncertainty of the immediate post-war Philippines, there had to be a final election for the Commonwealth. Osmeña chose to run for reelection; Manuel Roxas, ambitious contender and also Quezon’s own choice as successor, ran against him. While Roxas had participated in the defense of the Philippines, he had also served in the Japanese-sponsored government under Jose P. Laurel. To some he was tainted with collaboration and might bring other collaborators back to power. Osmeña was the guerrillas’ choice, and also the peasants; Osmeña leaned left of center. But Roxas was backed by McNutt and General MacArthur.
Roxas won the election of April 1946, but by only a slim margin, garnering some 54 percent of the votes cast. He took his oath of office on May 28, 1946, in a temporary stage built in front of the ruins of the Legislative Building, as the third and last president of the Philippine Commonwealth.
Prior to his assumption of office, Roxas went to the United States via Tokyo, where he paid a visit to MacArthur. Roxas’ Washington visit was a frenzied week-long one, meeting with President Truman and ranking American officials to discuss Philippine affairs and concretize plans for US assistance to the Philippines.
As Roxas took office, conservative congressmen ousted more liberal legislators on unfounded charges. It marked a split between peasant leaders who were open to pursuing change in the government and conservatives who felt threatened by them. On the eve of Philippine independence, left-leaning peasant and labor groups threatened to secede and launch a rebellion, reacting to the blatant politicization of the congress.
Philippine Independence Day 1946
This was a big international event, but the Philippines did not yet have a Department of Foreign Affairs. It had to rely on the US government for much of the preparations.
May 1946 saw the start of a flurry of events to plan out the final days of the Commonwealth and prepare for Independence Day. A joint Filipino-American committee was formed to iron out details. The Manila Hotel, which had been gutted during the Battle of Manila, was cleaned up and prepared for gala events. Invitations were issued to distinguished guests from the United States and various countries. President Truman was invited, but he declined, owing to pressure of work. Independence related contests were launched—for an appropriate poster, essay, poem, and hymn. A US flag was to be hand-sewn by past and present Philippine first ladies, to be presented to President Truman. Commemorative postage stamps, medals, and other souvenirs were issued.
The venue for the independence rites was chosen and a stage shaped in the form of a ship’s prow (symbolizing the ship of state) was built with towering pillars behind it. The stage and grandstand were built in front of the iconic memorial of the Philippine national hero, Jose Rizal, in Luneta Park. A large arch was erected near it, in front of the Manila Hotel, to welcome visitors.
As the month of July 1946 began, so did the numerous events and preparations to climax in Philippine Independence on July 4. Private homes and government buildings were decorated. Bands paraded and gave concerts. The University of the Philippines’ Conservatory of Music held a gala concert at the Rizal Coliseum, where numerous international sports matches were held. Distinguished visitors from the US and other countries arrived. The US Navy’s Task Force 77 anchored in Manila Bay to salute the birth of the republic. It consisted of the flagship USS Bremerton, two aircraft carriers, two cruisers, and seven destroyers.
Among the Very-Important-Persons who arrived in the first days of July was General MacArthur, who flew from Tokyo. Representing the US government was High Commissioner McNutt, now destined to be the first US Ambassador to the Republic of the Philippines. From the United States were Senator Tydings, Representative Bell, US Postmaster General Robert E. Hannegan, former Governor General Francis B. Harrison, and others. Representatives from 27 nations arrived, among them the French WWI hero Lt. Gen. Zinovi Peckoff (at that time serving with the Supreme Commander for the Allied Powers in Tokyo) and Lt. Gen. Sook Chatinakrob, Thailand’s Chief of Staff. In Manila Bay were Australian, Portuguese and Thai warships.
All these activities were taking place as the Cold War began: the United States tested an atomic bomb in Bikini Atoll on July 1. Communist-linked movements were beginning to threaten the post-war order.
On July 3, the Philippine Congress accepted the Bell Trade Act and authorized President Roxas to sign an executive agreement with the US laying the groundwork for formal negotiations and mutual recognition. That same day, Roxas and McNutt visited the commander of Task Force 77 on his flagship; later they recorded messages to be broadcast nationwide and to the United States. McNutt hosted a reception at his official residence and capped the day with a formal dinner in honor of Roxas at the Manila Hotel.
Thursday, July 4 1946, was a cloudy, sunless day. It was the rainy season in the Philippines, but this did not dampen the excitement building up towards the Philippine independence ceremony. Religious services were held in the various churches of Manila and provincial capitals, cities, and towns. Guests began arriving at the venue shortly before 7:00 in the morning. Dignitaries arrived from 7:20; the crowd craned their necks to get a glimpse of Gen. MacArthur. A bugle sounded, and the audience rose to welcome President Roxas and his wife at 7:55. He was followed by Vice President Elpidio Quirino and finally High Commissioner McNutt, accompanied by their respective wives.
With McNutt serving as emcee, the program began at precisely 8:00 am. The Rt. Rev. Robert F. Wilmer, ranking Protestant in the Philippines, gave the invocation. McNutt then introduced the speakers; there were wild cheers for Senator Tydings and Gen. MacArthur. Tydings reviewed the events which led to this day, and then wished the new republic “Godspeed.” MacArthur reviewed the “special relationship” between the Philippines and the United States.
The highlight of the program was McNutt’s reading of President Truman’s Proclamation of Independence. As he began speaking, a heavy downpour drenched the audience, but they braved the rain. The downpour lifted in time for McNutt to read the proclamation, which first laid out the legal basis for the United States’ acquisition of the Philippines, the United States’ desire to grant the Philippines independence, and the provisions of the Tydings McDuffie Act. Truman, as president of the United States, then withdrew all “rights of possession, supervision, jurisdiction, control or sovereignty” exercised by the United States over the territory and people of the Philippines, and recognized the independence of the Philippines.
McNutt ended with his own words:
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Currency list sorted by currency name. List of countries, currencies and codes
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What currencies are used in each country? This currency list sorted by currency name shows the 249 different countries, territories or entities in the world
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Exchange Rate
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http://www.exchange-rate.com/Currency-List-sorted-by-currency-name.html
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Currency List Sorted by
Currency Name
What currencies are used in each country? This currency list sorted by currency name shows the 249 different countries, territories or entities in the world, the currency used by each one and its three letter code.
This currency list is arranged alphabetically by currency name. Columns include the country (or entity), the name of the currency used in that country and the alphabetical three-letter currency code. The data comes from the International Standards Organisation (ISO) and their listing of 249 entities/countries in the ISO 4217 Standard.
Click here for a page showing the currency list arranged alphabetically by country / entity.
Click here for a page showing the currency list arranged alphabetically by currency code.
Table: Currency list sorted by Currency Name, Country and Currency Code
Country / Entity
Currency Name
(sorted a-z)
Currency Code
Comment
Afghanistan
Afghani
AFN
Algeria
DZD
Argentina
ARS
Armenia
AMD
Aruba
Aruban Florin
AWG
Australia
AUD
Christmas Island
AUD
Cocos (Keeling) Islands
AUD
Heard Island and McDonald Islands
AUD
Kiribati
AUD
Nauru
AUD
Norfolk Island
AUD
Tuvalu
AUD
Azerbaijan
Azerbaijanian Manat
AZN
Bahamas
Bahamian Dollar
BSD
Bahrain
Bahraini Dinar
BHD
Thailand
Baht
THB
Panama
Balboa
PAB
US Dollar (USD) also accepted
Barbados
Barbados Dollar
BBD
Belarus
BYR
Belize
Belize Dollar
BZD
Bermuda
Bermudian Dollar
BMD
Also known as Bermuda Dollar
Venezuela, Bolivarian Republic of
Bolivar
VEF
Changed from Bolivar Fuerte 31 August 2012
Bolivia, Plurinational State of
Boliviano
BOB
Brazil
Brazilian Real
BRL
Brunei Darussalam
Brunei Dollar
BND
Bulgaria
BGN
Burundi
Burundi Franc
BIF
Cabo Verde
Cabo Verde Escudo
CVE
Canada
CAD
Cayman Islands
Cayman Islands Dollar
KYD
Benin
CFA Franc BCEAO †
XOF
Burkina Faso
CFA Franc BCEAO †
XOF
Côte D'Ivoire
CFA Franc BCEAO †
XOF
Mali
CFA Franc BCEAO †
XOF
Niger
CFA Franc BCEAO †
XOF
Senegal
CFA Franc BCEAO †
XOF
Togo
CFA Franc BCEAO †
XOF
Cameroon
CFA Franc BEAC ‡
XAF
Central African Republic
CFA Franc BEAC ‡
XAF
Chad
CFA Franc BEAC ‡
XAF
Congo
CFA Franc BEAC ‡
XAF
Equatorial Guinea
CFA Franc BEAC ‡
XAF
Gabon
CFA Franc BEAC ‡
XAF
French Polynesia
CFP Franc
XPF
New Caledonia
CFP Franc
XPF
Wallis And Futuna
CFP Franc
XPF
Chile
Chilean Peso
CLP
Colombia
Colombian Peso
COP
Comoros
Comoro Franc
KMF
Bosnia and Herzegovina
Convertible Marks
BAM
Nicaragua
Cordoba Oro
NIO
Costa Rica
Costa Rican Colon
CRC
Croatia
Croatian Kuna
HRK
Cuba
Cuban Peso
CUP
Cyprus
Cyprus Pound
CYP
Czech Republic
Czech Koruna
CZK
Gambia
Dalasi
GMD
Denmark
Danish Krone
DKK
Faroe Islands
Danish Krone
DKK
Greenland
Danish Krone
DKK
Macedonia, The Former Yugoslav Republic of
Denar
MKD
Djibouti
Djibouti Franc
DJF
Sao Tome and Principe
Dobra
STD
Dominican Republic
Dominican Peso
DOP
Viet Nam
Dong
VND
Anguilla
East Caribbean Dollar
XCD
Antigua and Barbuda
East Caribbean Dollar
XCD
Dominica
East Caribbean Dollar
XCD
Grenada
East Caribbean Dollar
XCD
Montserrat
East Caribbean Dollar
XCD
Saint Kitts and Nevis
East Caribbean Dollar
XCD
Saint Lucia
East Caribbean Dollar
XCD
Saint Vincent and The Grenadines
East Caribbean Dollar
XCD
Egypt
Egyptian Pound
EGP
El Salvador
El Salvador Colon
SVC
US Dollar (USD) also accepted
Ethiopia
Ethiopian Birr
ETB
Åland Islands
EUR
Andorra
EUR
Austria
EUR
Belgium
EUR
Estonia
EUR
European Economic and Monetary Union area
EUR
Finland
EUR
France
EUR
French Guiana
EUR
French Southern Territories
EUR
Germany
EUR
Greece
EUR
Guadeloupe
EUR
Holy See (Vatican City State)
EUR
Ireland
EUR
Italy
EUR
Latvia
EUR
Luxembourg
EUR
Malta
EUR
Martinique
EUR
Mayotte
EUR
Monaco
EUR
Montenegro
EUR
Netherlands
EUR
Portugal
EUR
Réunion
EUR
Saint Barthélemy
EUR
Saint Martin (French part)
EUR
Saint Pierre and Miquelon
EUR
San Marino
EUR
Slovakia
EUR
Slovenia
EUR
Spain
EUR
Falkland Islands (Malvinas)
Falkland Islands Pound
FKP
Fiji
Fiji Dollar
FJD
Hungary
Forint
HUF
Congo, The Democratic Republic of
Franc Congolais
CDF
Ghana
Ghana Cedi
GHS
Gibraltar
Gibraltar Pound
GIP
Haiti
Gourde
HTG
US Dollar (USD) also accepted
Paraguay
Guarani
PYG
Guinea
Guinea Franc
GNF
Guinea-Bissau
Guinea-Bissau Peso
GWP
CFA Franc BCEAO also accepted
Guyana
Guyana Dollar
GYD
Hong Kong
Hong Kong Dollar
HKD
Ukraine
Hryvnia
UAH
Iceland
Iceland Krona
ISK
India
Indian Rupee
INR
Iran, Islamic Republic Of
Iranian Rial
IRR
Iraq
Iraqi Dinar
IQD
Jamaica
Jamaican Dollar
JMD
Jordan
Jordanian Dinar
JOD
Kenya
Kenyan Shilling
KES
Papua New Guinea
Kina
PGK
Lao People's Democratic Republic
Kip
LAK
Kuwait
Kuwaiti Dinar
KWD
Malawi
Kwacha
MWK
Zambia
Kwacha
ZMK
Angola
Kwanza
AOA
Myanmar
MMK
Georgia
Lari
GEL
Lebanon
Lebanese Pound
LBP
Albania
Lek
ALL
Honduras
Lempira
HNL
Sierra Leone
Leone
SLL
Liberia
Liberian Dollar
LRD
Libya
Libyan Dinar
LYD
Swaziland
Lilangeni
SZL
Lithuania
Lithuanian Litas
LTL
Euro from 1 January 2015
Lesotho
Loti
LSL
South African Rand (ZAR) also accepted
Madagascar
Malagasy Ariary
MGA
Malaysia
MYR
Turkmenistan
Turkmenistan New Manat
TMT
Mauritius
Mauritius Rupee
MUR
Mozambique
Mozambique Metical
MZN
Mexico
Mexican Peso
MXN
Moldova, Republic of
Moldovan Leu
MDL
Morocco
Moroccan Dirham
MAD
Western Sahara
Moroccan Dirham
MAD
Nigeria
Naira
NGN
Eritrea
Nakfa
ERN
Namibia
Namibia Dollar
NAD
South African Rand (ZAR) also accepted
Nepal
Nepalese Rupee
NPR
Curaço
Netherlands Antillean Guilder
ANG
Netherlands Antilles
Netherlands Antillean Guilder
ANG
Dissolved on 10 October 2010 into Curaçao and Sint Maarten
Sint Maarten (Dutch part)
Netherlands Antillean Guilder
ANG
Israel
New Israeli Sheqel
ILS
Romania
New Romanian Leu
RON
Taiwan, Province of China
TWD
Turkey
New Turkish Lira
TRY
Cook Islands
New Zealand Dollar
NZD
New Zealand
New Zealand Dollar
NZD
Niue
New Zealand Dollar
NZD
Pitcairn
New Zealand Dollar
NZD
Tokelau
New Zealand Dollar
NZD
Bhutan
Ngultrum
BTN
Indian Rupee (INR) also accepted
Antarctica
No universal currency
Palestine, State of
No universal currency
South Georgia and the South Sandwich Islands
No universal currency
Korea, Democratic People's Republic of
North Korean Won
KPW
Bouvet Island
Norwegian Krone
NOK
Norway
Norwegian Krone
NOK
Svalbard and Jan Mayen
Norwegian Krone
NOK
Peru
Nuevo Sol
PEN
Mauritania
Ouguiya
MRO
Tonga
Pa'anga
TOP
Pakistan
Pakistan Rupee
PKR
Macao
Pataca
MOP
Uruguay
Peso Uruguayo
UYU
Philippines
Philippine Peso
PHP
Guernsey
Pound Sterling
GBP
Isle of Man
Pound Sterling
GBP
Jersey
Pound Sterling
GBP
United Kingdom
Pound Sterling
GBP
Botswana
Pula
BWP
Qatar
Qatari Rial
QAR
Guatemala
Quetzal
GTQ
South Africa
Rand
ZAR
Oman
Rial Omani
OMR
Cambodia
Riel
KHR
Maldives
Rufiyaa
MVR
Indonesia
Rupiah
IDR
Russian Federation
Russian Ruble
RUB
Rwanda
Rwanda Franc
RWF
Saint Helena, Ascension and Tristan Da Cunha
Saint Helena Pound
SHP
Saudi Arabia
Saudi Riyal
SAR
Serbia
Serbian Dinar
RSD
Seychelles
Seychelles Rupee
SCR
Singapore
Singapore Dollar
SGD
Solomon Islands
Solomon Islands Dollar
SBD
Kyrgyzstan
Som
KGS
Somalia
Somali Shilling
SOS
Tajikistan
Somoni
TJS
South Sudan
South Sudanese Pound
SSP
Sri Lanka
Sri Lanka Rupee
LKR
Sudan
Sudanese Pound
SDG
Suriname
Surinam Dollar
SRD
Sweden
Swedish Krona
SEK
Switzerland
CHF
Liechtenstein
CHF
Syrian Arab Republic
Syrian Pound
SYP
Bangladesh
BDT
Samoa
Tala
WST
Tanzania, United Republic of
Tanzanian Shilling
TZS
Kazakhstan
Tenge
KZT
Trinidad and Tobago
Trinidad and Tobago Dollar
TTD
Mongolia
Tugrik
MNT
Tunisia
Tunisian Dinar
TND
United Arab Emirates
UAE Dirham
AED
Uganda
Uganda Shilling
UGX
United States
US Dollar
USD
American Samoa
US Dollar
USD
Bonaire, Sint Eustatius and Saba
US Dollar
USD
British Indian Ocean Territory
US Dollar
USD
Ecuador
US Dollar
USD
Guam
US Dollar
USD
Marshall Islands
US Dollar
USD
Micronesia, Federated States of
US Dollar
USD
Northern Mariana Islands
US Dollar
USD
Palau
US Dollar
USD
Puerto Rico
US Dollar
USD
Timor-Leste
US Dollar
USD
Turks and Caicos Islands
US Dollar
USD
United States Minor Outlying Islands
US Dollar
USD
Virgin Islands (British)
US Dollar
USD
Virgin Islands (U.S.)
US Dollar
USD
Uzbekistan
Uzbekistan Sum
UZS
Vanuatu
Vatu
VUV
Korea, Republic of
Won
KRW
Yemen
Yemeni Rial
YER
Japan
Yen
JPY
China
Yuan Renminbi
CNY
Zimbabwe
Zimbabwe Dollar
ZWD
Poland
Zloty
PLN
Source: International Standards Organisation. This currency list sorted by currency name table data last September 2012
* See this Wikipedia entry for more information on CFA Franc, a currency used in twelve formerly French-ruled African countries, as well as in Guinea-Bissau (a former Portuguese colony) and in Equatorial Guinea (a former Spanish colony). The ISO currency list has the code of XAF for the Central African CFA franc and XOF for the West African CFA franc.
Return from this currency list sorted by currency name page to our home page
Or go to our converter which shows the exchange rate of each currency listed above
Currency List sorted by currency name
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Philippine Currency Guide: History, Exchange Rate, and Transfers
|
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[
"Evelyne Kuo"
] |
2023-11-01T01:59:42+00:00
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Use this Philippine currency guide to learn about the history of the Philippine peso and how to convert and send money to the Philippines.
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Beyond Borders
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https://blog.remitly.com/currencies/philippine-peso-guide-peso-rates-exchanging-transferring/
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  << 7 Fascinating Facts about the Dominican Peso>> Meet the Quetzal: Guatemala Currency Facts for Visitors and Expats
 
Do you need to send or exchange Philippine pesos?
Maybe you plan to travel to Southeast Asia sometime soon and want local cash when you arrive. Or maybe you need to send money home to your parents or friends. Regardless of your reason, there are many ways to buy Philippine pesos or wire money abroad.
But Philippine currency is more than just local money: It’s also a part of the nation’s history.
Keep reading for more information on Philippine currency, including its history, interesting facts, and how to get the best Philippine peso rates.
An introduction to Philippine currency: The peso
Printed by the Central Bank of the Philippines, or Bangko Sentral ng Pilipinas, the Philippine peso, locally called the piso in Tagalog, is the national currency of the Philippines. A peso is divided into 100 sentimos, similar to how one U.S. dollar (USD) divides into 100 cents.
If you’re unfamiliar with the Philippine currency, here are some quick facts about the peso:
Currency code: PHP
Abbreviation: ₱
Coin denominations: 1, 5, 10, 20 pesos and 1, 5, 10, and 25 sentimos
Banknotes: 20, 50, 100, 200, 500, 1,000
History of the Philippine peso
Like the United States dollar and several Latin American currencies, the modern-day Philippine currency originally came from the Spanish peso. But before the Spanish introduced the peso, Philippine communities used gold bits, a currency known as salapi, or the rupya, silver coins from India and Indonesia.
Even after the Spanish peso became the primary currency in 1565, island residents continued using the salapi, which the Spaniards branded as a half-peso coin. Although the Spanish peso underwent several changes, it remained a common currency in the Philippines until the early 1900s.
Everything changed in 1898, though, when the Philippines achieved independence from Spain. During this time, the new government introduced the centavo coin, which would become a subdivision of the peso.
While the centavo coin is used today as sentimo, it temporarily fell out of use during the American colonial period.
But after two world wars and Japanese occupation, the Philippines regained its independence in 1946. The Central Bank of the Philippines, now called the Bangko Sentral ng Pilipinas, was founded in 1949 and took over the responsibility of designing and printing a new Philippine currency, the modern peso.
The Philippine peso exchange rate explained
At the time of writing in May 2022, 1 USD equals around 52 PHP. For the last 180 days, according to OANDA’s historical rate charts, the exchange rate hovered between 1:49 and 1:52.
Why is there such a gap between these two currencies? It comes down to the differences between the government and economies of the United States and the Philippines.
Several factors can affect the trading value of a currency, including:
Trade relations
Economic growth
Government stability and freedom
Demand
Since the United States dollar is generally more stable and in greater demand than the Filipino peso, it tends to be valued more highly in the global currency market.
However, this isn’t true for the peso in all markets. The difference is much less between other common currency pairs, like the Malaysian ringgit (1 ringgit equals around 12 PHP) and the Saudi Arabian riyal (1 riyal equals almost 14 PHP) at the time of writing.
Meanwhile, if you want to trade your Filipino pesos for Indonesian rupiah (IDR), you’ll have a better rate, with 1 PHP equaling around 277 IDR at the time of writing.
Here are some of the current conversion rates between other global currencies and the peso:
1 Swiss franc (CHF) = 53 pesos
1 pound sterling (GBP) = 65 pesos
1 Australian dollar (AUD) = 37 pesos
1 Hong Kong dollar (HKD) = 7 pesos
1 United Arab Emirates dirham (AED) = 14 pesos
1 Japanese yen (JPY) = 0.5 peso
5 facts you might not know about the Philippine peso
The peso has a long and storied history in the Philippines. After nearly 500 years of circulation, there are so many interesting facts about the Philippine currency, but these are our top five.
1. The Philippine currency comes from the Spanish “Real of 8”
The peso came from the Spanish dollar or the “Real of 8,” which was a silver coinage.
The Spanish “Real of 8” came in 1/2-, 1-, 2-, 4- and 8-real coins and was recognized across the globe.
2. Filipino pesos used to be tied to gold and the U.S. dollar
When the United States still held control of the Philippines, it passed the Philippine Coinage Act of 1903. This tied the value of the peso to a gold coin, which was worth half of one U.S. dollar.
After achieving its independence in 1946, the Philippines dropped this standard.
3. There used to be a subset of the Philippine peso called Culion currency
In 1906, the island government minted separate pesos for those suffering from leprosy in the Culion colony.
At the time, the government mistakenly believed that leprosy could be transmitted through exchanging money. Although printed in Manila, the Culion currency was prohibited outside of the colony for fear of spreading disease.
4. During WWII, special pesos were printed to undermine Japanese occupation
Known as “guerrilla pesos,” this currency was used by the local government to defy Japanese occupiers, who attempted to circulate their own version of the peso. In fact, until 1944, it was illegal to possess or use guerrilla pesos.
5. An error in 2005 created rare peso notes for collectors
About 78 million 100-peso notes printed in the early 2000s had a major typography error: President Gloria Macapagal Arroyo’s surname was misspelled as “Arrovo.”
Only 2 million of these notes ended up in circulation, but today, they’re considered a rarity for currency collectors.
Currency converter for the Philippine peso
Planning to visit the Philippines? You can find current PHP exchange rates in the Remitly app or on our website if you need to calculate how your currency will convert.
You have a few options for converting your money into Philippine currency, but each comes with pros and cons. Whichever route you choose, be sure to plan ahead of your visit so you have enough cash for your stay.
Exchange money at the airport: Airport exchanges are convenient, but they can be pricey.
Take out pesos from an ATM: ATMs are easy to use in major population centers, but they come with international transfer fees, and they’re hard to find outside of the Philippines’ main cities.
Order pesos from your local bank before you arrive: This option can help you avoid pricey fees once you land in the Philippines, but there’s always a danger to traveling with a lot of cash. Plus, you’re only legally allowed to bring 10,000 pesos into the country (currently less than $200 USD).
Use your credit cards: Credit cards are generally accepted in major tourist destinations and cities like Manila, Cebu, and Boracay. But you’ll want cash in most other areas.
Buy pesos at a foreign exchange counter at an SM Mall: Usually, SM Mall or department store branches in the Philippines have a foreign exchange counter where you can buy pesos. To do this, you’ll want to use crisp, new USD. Additionally, you should request 500 peso notes or less. Larger bills, like the 1,000 note, are often harder to break.
Send money to the Philippines
Maybe you don’t want quick cash for a tourist trip, and instead, you need to send Philippine currency to friends or family. Or perhaps you plan to stay in the country for an extended period and need a reliable method for transferring money before you leave.
In both cases, you may also need to send large sums of money. And the last thing you want to do is pay hundreds of pesos in fees.
International money transfer apps like Remitly make it easier to send money quickly and affordably to the Philippines. We offer a flat, transparent fee when sending to the Philippines from the U.S., which at the time of writing goes down to zero when you send $1,000 or more using your debit card.
Not only that, but your loved ones can receive the money in a variety of ways. Send money to a Filipino bank account, a mobile wallet account like GCash, or pick up cash from thousands of locations around the country.
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NZD to PHP Exchange Rate Conversion & Chart
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View our real-time NZD to PHP exchange rate currency chart. See 12 months of historical rates for New Zealand dollar to Philippine peso. Order online today!
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https://www.travelex.co.nz/rates/nzd-to-php
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The lowdown on the Philippine peso
Economical Influences and the Philippine Peso
When Queen Isabella II approved the creation of the Casa de Moneda de Manila and a proper monetary system in 1857, it had been a long time coming for the Philippines. The Spanish colonial period had seen pesos from around the world flood into the country, causing confusion with their different weights and values.
The system remained until the Philippines gained independence in 1898 that the Spanish-Filipino peso was replaced with the Filipino peso, confirming the country’s new sense of freedom. After being taken over by the United States in 1901, the currency was changed to equal exactly half a US dollar, and it wasn’t until 1949 that the Central Bank of the Philippines was established and the Philippine peso made its comeback.
Today, the Philippine peso can be found in an eye-catching range of colourful banknotes, which bear the images of everyone from the former president, Manuel L. Quezon, to Josefa Llanes Escoda, otherwise known as the ‘Florence Nightingale of the Philippines’.
Available in 20, 50, 100, 200, 500 and 1,000 denominations, the flip-side features striking images depicting some of the Philippines’ most majestic wildlife and natural beauty. The 500 peso note is particularly fetching, displaying an image of a Blue-Naped Parrot set against a backdrop of the Puerto Princesa Subterranean River National Park.
With reports in 2016 confirming the country to be showing the strongest economic growth in Asia during 2016 at 7.1%, things are looking financially positive for the people of the Philippines.
Philippine Peso Historical Market Exchange Rate
Although the Philippine peso has seen some fluctuations during the last five years, it has remained relatively stable.1
Beginning April 2014 the New Zealand dollar was buying around 38.65 PHP; almost a year later on 27th February of 2015 the NZD was buying around 33.22 PHP.1
The Philippine peso improved slightly over the next few months, and by late September 2015 1 New Zealand dollar would get you approximately 29.56 PHP.1
By the end of January 2017 that figure has soared back up with 1 NZD converting to approximately 36.12 Philippine pesos. (1) Staying mostly stable throughout 2017, by 20th November the NZD was buying 34.56066 PHP.1
2018 saw the PHP drop to around 38.66 PHP to 1 NZD on February 17th; before recovering somewhat to around 34.88 PHP to 1 NZD on 26th October.1
Learn more about the PHP before you travel to the Philippines and create a currency rate alert so we can notify you when it hits the rate you want.
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Currency in the Philippines: A Complete Guide
|
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[] |
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[
""
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Heading to the Philippines? Find out what currency is used in the Philippines, tips and tricks for Philippine currency exchange, and spending and saving money on your visit.
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Wise
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https://wise.com/gb/travel-money/philippine-currency
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The currency in the Philippines is the Philippine peso. Each peso is divided into 100 sentimos.
When you’re buying currency for the Philippines, look out for the currency code PHP. And once you’re in the Philippines, you’ll see the symbol ₱ used to show prices.
You’ll find Philippine banknotes in denominations of 5, 10, 20, 50, 100, 200, 500 and 1000 - although the 5 and 10 PHP notes are seldom used. There are also 1, 5 and 10 peso coins.
Sentimos come in coins of 1, 2, 5, 10 and 25.
The Wise Philippine peso travel money card lets you top up in your local currency, and switch to peso to spend when you’re in the Philippines. You’ll get the best rate for spending in Philippine peso - and can also hold and spend 40+ other currencies with the same card.
Get your Wise travel money card online for free, to send and spend money around the world at the mid-market exchange rate.
Simply top up your card and convert to the currency you need in real time using the Wise app.
You’ll always get the mid-market exchange rate with no hidden costs, and you’ll avoid foreign transaction fees while withdrawing from ATMs abroad, paying in restaurants and shops, and buying your accommodation and flights.
Learn more about the Philippine peso card
Paying by credit or debit card in the Philippines
Cards can be used in bigger cities and in major tourist resorts in the Philippines - but carrying cash as an alternative and for smaller purchases is a good plan.
ATMs in the Philippines
It's surprisingly tricky to find a functioning ATM outside of the major cities in the Philippines - you may even struggle on popular tourist islands. Stock up on local cash when you're in the cities to make sure you don't run out as you travel.
To get the best deal when spending on card or withdrawing money in the Philippines, don’t forget to use the Wise travel money card to avoid sneaky exchange rate markups and excessive fees.
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https://www.rappler.com/voices/thought-leaders/analysis-why-stronger-peso-mirrors-weaker-philippine-economy/
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[ANALYSIS] Why the stronger peso mirrors a weaker PH economy
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2020-12-10T05:07:31+00:00
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' not much demand for dollars since Filipinos aren’t traveling and investing abroad as much as they used to'
|
en
|
RAPPLER
|
https://www.rappler.com/voices/thought-leaders/analysis-why-stronger-peso-mirrors-weaker-philippine-economy/
|
A stronger peso is not necessarily good.
Amid the COVID-19 pandemic, the Philippine peso has strengthened against the US dollar (Figure 1).
From P50.9 a dollar in January, the exchange rate has gone down to P48.1 a dollar in November — a 5.5% appreciation of the peso.
This is hardly the first time our currency strengthened against the US dollar by this much. There was an even steeper and longer peso appreciation stretching from 2005 to 2008, and a more muted appreciation from 2009 to 2013.
The peso’s recent strengthening is but a continuation of a longer trend that started back in late 2018.
Figure 1.
Still, the continuous appreciation of the peso from May 2020 is quite striking, as well as the fact that the peso is now one of ASEAN’s strongest currencies.
What explains this trend? And is it good? Far from signaling our economy’s strength, the stronger peso actually betrays our economy’s present weaknesses.
Demand and supply
By telling us how many pesos you have to give up to get a dollar, the peso-dollar exchange rate simply represents the price of a US dollar.
As with any other market price, this exchange rate is intricately tied to the forces of demand and supply.
For instance, you can expect the price of a dollar to go down (say, from P50 to P45 a dollar) if there’s weaker demand for it. In this case, there’s an appreciation (or “strengthening”) of the peso.
Meanwhile, you can expect the price of a dollar to increase (say, from P45 to P50 a dollar) when there’s a lower supply of it. Hence, a depreciation (or “weakening”) of the peso.
Weak imports
Arguably the biggest factor behind the peso’s recent strengthening is the anemic demand for imports.
When Filipinos lost their jobs and incomes because of the pandemic, they refrained from buying stuff from abroad. This dampened the total demand for dollars that can be used to pay for such imported goods.
More significantly, imports of capital goods and raw materials — essential for production — have also been derailed by the pandemic.
Figure 2 shows that the growth of imports plunged to -65.3% in April. Trade bounced back since, but as of September imports are still 16.5% lower than the same month last year.
By contrast, exports have recovered in September, growing again by 2.25%. This reflects the general recovery of international trade, as well as the gradual reopening of our trading partners.
But for as long as imports remain depressed because of the ongoing economic downturn, the demand for dollars will continue to weaken, and the peso to strengthen.
Apart from weak import demand, there’s also not much demand for dollars since Filipinos aren’t traveling and investing abroad as much as they used to.
In all these senses, a strong peso really mirrors the economy’s weakness.
Figure 2.
More borrowings, fewer remittances
On the supply side, lots of dollars have flowed in because of the Duterte government’s new foreign borrowings, in a bid to combat COVID-19 and its myriad effects.
As of November 23, our government has amassed a total of $10.615 billion (or about P511 billion) in new foreign loans and grants, as well as substantial proceeds from the sale of global bonds.
But this inflow of dollars was counteracted by sizable outflows, too.
For example, we saw a record contraction of remittances from overseas Filipinos (OFs). Figure 3 shows that, for the first time in many decades, the 12-period moving average of remittances has shrunk.
Of course, this is on account of the fact that some 310,000 OFs have been displaced and repatriated since the start of the pandemic. Thousands others have found themselves jobless and stranded abroad.
If OFs can’t send money back at home, this will hamper consumer spending and derail our economy’s recovery. The resulting drop in the supply of dollars tends to weaken the peso.
Figure 3.
Other than weak remittances, dollar inflows were also tempered by anemic investments (especially portfolio or “hot money” investments), tourism receipts, and export earnings.
On balance, the supply of dollars has generally gone up. This is supported by the balance of payments surplus recorded by the Bangko Sentral ng Pilipinas in the first half of this year, as well as the steady rise in gross international reserves.
This, together with the tremendous decline in the demand for dollars (due mainly to weak import demand), invariably led to a stronger peso.
Winners, losers
Any movement of the exchange rate presents both winners and losers.
The recent appreciation of the peso is a boon to anyone who imports, because foreign goods become relatively cheaper to buy. But it’s also a bane to anyone who exports, since they receive lower prices for the things they sell abroad.
By hurting exports — which feed directly into our nation’s total output — the stronger peso spells a loss of trading competitiveness for our economy.
Figure 4 shows that, in real terms, the peso has appreciated more than any other ASEAN currency of late — save for the Myanmar kyat. This means our exports are becoming increasingly expensive relative to the exports of our neighboring countries.
Figure 4.
A protracted recession will almost certainly spell a further strengthening of the peso and a further deterioration of our competitiveness.
But a quick recovery presents a mixed bag as far as the exchange rate is concerned.
On the one hand, economic recovery could bring with it a massive wave of imports, which will weaken the peso but prop up domestic consumption and production.
On the other hand, if OFs get back on their feet in the next few years, we might see a return of strong remittance inflows. But this could strengthen the peso and hurt exports yet again.
Don’t obsess over the exchange rate yet
Changes in the peso-dollar exchange rate are a confusing if not misleading gauge of the economy’s health. Just as a stronger peso is not always good, a weaker peso is not always bad.
Rather than obsess with exchange rate movements, we will do better to focus on shoring up Filipinos’ incomes and ending the recession as soon as possible.
First and foremost, we ought to pressure government to continue addressing the pandemic. The fate of our economy rests on the eradication of COVID-19.
But at the same time, we need government to spend aggressively on economic aid that will not just tide over displaced OFs and the poor, but also support the tens of thousands of embattled businesses about to go under.
Unfortunately, the 2021 budget — on which the economy’s recovery hinges — is badly designed and ill-equipped to fight the recession. (READ: Why you should be alarmed by Duterte’s 2021 budget)
We can focus on the exchange rate again once a sense of normalcy returns. The first order of business is to climb out of this economic sinkhole. – Rappler.com
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dbpedia
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1
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https://www.cnbc.com/2020/09/11/philippine-peso-appreciates-on-weak-imports-current-account-surplus.html
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Asia’s best-performing currency is partly supported by a weak economy
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2020-09-11T00:00:00
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The Philippine peso has strengthened around 4% against the U.S. dollar this year — one of the few Asian currencies that have recorded gains versus the greenback.
|
en
|
https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/favicon.ico
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CNBC
|
https://www.cnbc.com/2020/09/11/philippine-peso-appreciates-on-weak-imports-current-account-surplus.html
|
Andrew Woodley | Education Images | Universal Images Group via Getty Images
SINGAPORE — The Philippines' falling imports as a result of a weak domestic economy have ended up benefiting its currency — which is the best performer in Asia so far this year.
The Philippine peso has strengthened around 4% against the U.S. dollar this year, outperforming its regional peers. It is also one of the few Asian currencies that has recorded gains versus the greenback, alongside the Chinese yuan and Taiwanese dollar.
A collapse in demand for imports came after the Southeast Asian country went through one of the world's longest and strictest lockdowns to contain the coronavirus. The fall in imports was steeper than exports, which proved to be a boon to the currency as it flipped the Philippines' currency account into surplus, said economists.
Current account measures a country's total transactions with the rest of the world, including imports and exports of goods, cross-border investments, as well as transfers such as foreign aid.
"The continued fall in imports translates into subdued demand for foreign currency and will likely lead to short term support for PHP," said Nicholas Mapa, senior economist for the Philippines at ING, referring to the abbreviation for the Philippine peso.
"The Philippine Peso continues to outperform regional peers as the country posts a current account surplus year-to-date in 2020, due mainly to the substantial drop-off in imports, and we can expect this trend to continue going into 4Q 2020," he wrote in a Thursday note.
Such surplus and continued foreign buying of Philippine bonds contributed to a surge in the country's foreign currency reserves, which help to shield the economy against external shocks — another development supporting the strength in the Philippine peso, according to economists.
The Philippine economy has been badly hit by the strict lockdown to slow the spread of the coronavirus disease. It registered one of Asia's worst contractions in the second quarter after shrinking by 16.5% on a year-on-year basis — its first recession in nearly three decades.
The country's more than 248,900 cumulative reported cases of Covid-19 are the highest in Southeast Asia, data compiled by Johns Hopkins University showed. Of those, at least 4,066 have died, according to the data.
Currency strength could fade
In the near term, a contested U.S. presidential election outcome could put pressure on the Philippine peso, analysts from Fitch Solutions said in a Thursday report. That's because foreign investors would reduce their exposure to assets in emerging markets in favor of safer investment options, they said.
Over the longer term, a reopening of the Philippine economy and resumption in imports could cause the currency to weaken, the analysts said.
watch now
"As domestic restrictions measures are eased, we forecast a gradual reversal of the current account's improvement, with the current account shifting to a deficit of 0.9% of GDP in 2021," read the report.
Still, the analysts have not ruled out the possibility of further appreciation in the Philippine peso. That's especially if imports remain weak while demand for exports picks up — which will boost the current account even more, they explained.
"This combined with continued US dollar weakness and positive investor sentiment around (emerging market) assets, could see the peso appreciate through 2021 as well."
|
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2
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https://fintechnews.ph/62327/crypto/ubx-introducing-philippine-peso-stablecoin-on-polygon-to-enhance-remittances/
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en
|
UBX Introducing Philippine Peso Stablecoin on Polygon to Enhance Remittances
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The UBX Philippine peso-pegged stablecoin will aim to enhance the efficiency and cost-effectiveness of remittance processes in the Philippines
|
en
|
Fintech News Philippines
|
https://fintechnews.ph/62327/crypto/ubx-introducing-philippine-peso-stablecoin-on-polygon-to-enhance-remittances/
|
UBX, the digital subsidiary of the Aboitiz Group, has disclosed its plans to launch a stablecoin pegged to the Philippine peso, utilising the Polygon PoS blockchain technology.
This initiative is aimed at enhancing the efficiency and cost-effectiveness of remittance processes within the Philippines, a sector that significantly contributes to the nation’s economy.
The development of this stablecoin is a strategic response to the vital role remittances play in the Philippine economy. With overseas Filipino workers remitting approximately US$37.2 billion in 2023, as reported by the BSP, the impact of these funds on the country’s gross domestic product is substantial.
John Januszczak, President and CEO of UBX, expressed the significance of this partnership, stating,
“By leveraging Polygon’s advanced blockchain technology, we aim to provide a seamless and secure platform for peso-denominated transactions, thereby enhancing financial inclusion across the country.”
The project’s goals extend beyond improving transaction speed and reducing costs. It also seeks to lessen dependency on intermediaries, thus providing faster and more efficient services for Filipinos abroad.
Additionally, the initiative is set to broaden the financial ecosystem by integrating more digital financial services, which will, in turn, bolster the economic resilience of families and communities across the Philippines.
William M. Valtos, Jr., Senior Managing Director at UBX, highlighted the stablecoin collaboration’s potential to tackle specific challenges in the Philippine banking sector.
“By combining UBX’s deep understanding of the Philippine financial market with Polygon’s blockchain expertise, we are poised to create a stablecoin solution that addresses the unique challenges faced by our country’s banking sector,”
William remarked.
Stablecoins, a category of digital currency, aim to maintain a stable value by being pegged to traditional currencies like the US dollar. This stability makes them a reliable medium for transactions, including trading, money transfers, and a variety of online financial services, in contrast to the more volatile nature of other cryptocurrencies.
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Philippine Currency Guide: History, Exchange Rate, and Transfers
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[] |
[] |
[
""
] | null |
[
"Evelyne Kuo"
] |
2023-11-01T01:59:42+00:00
|
Use this Philippine currency guide to learn about the history of the Philippine peso and how to convert and send money to the Philippines.
|
en
|
Beyond Borders
|
https://blog.remitly.com/currencies/philippine-peso-guide-peso-rates-exchanging-transferring/
|
 
  << 7 Fascinating Facts about the Dominican Peso>> Meet the Quetzal: Guatemala Currency Facts for Visitors and Expats
 
Do you need to send or exchange Philippine pesos?
Maybe you plan to travel to Southeast Asia sometime soon and want local cash when you arrive. Or maybe you need to send money home to your parents or friends. Regardless of your reason, there are many ways to buy Philippine pesos or wire money abroad.
But Philippine currency is more than just local money: It’s also a part of the nation’s history.
Keep reading for more information on Philippine currency, including its history, interesting facts, and how to get the best Philippine peso rates.
An introduction to Philippine currency: The peso
Printed by the Central Bank of the Philippines, or Bangko Sentral ng Pilipinas, the Philippine peso, locally called the piso in Tagalog, is the national currency of the Philippines. A peso is divided into 100 sentimos, similar to how one U.S. dollar (USD) divides into 100 cents.
If you’re unfamiliar with the Philippine currency, here are some quick facts about the peso:
Currency code: PHP
Abbreviation: ₱
Coin denominations: 1, 5, 10, 20 pesos and 1, 5, 10, and 25 sentimos
Banknotes: 20, 50, 100, 200, 500, 1,000
History of the Philippine peso
Like the United States dollar and several Latin American currencies, the modern-day Philippine currency originally came from the Spanish peso. But before the Spanish introduced the peso, Philippine communities used gold bits, a currency known as salapi, or the rupya, silver coins from India and Indonesia.
Even after the Spanish peso became the primary currency in 1565, island residents continued using the salapi, which the Spaniards branded as a half-peso coin. Although the Spanish peso underwent several changes, it remained a common currency in the Philippines until the early 1900s.
Everything changed in 1898, though, when the Philippines achieved independence from Spain. During this time, the new government introduced the centavo coin, which would become a subdivision of the peso.
While the centavo coin is used today as sentimo, it temporarily fell out of use during the American colonial period.
But after two world wars and Japanese occupation, the Philippines regained its independence in 1946. The Central Bank of the Philippines, now called the Bangko Sentral ng Pilipinas, was founded in 1949 and took over the responsibility of designing and printing a new Philippine currency, the modern peso.
The Philippine peso exchange rate explained
At the time of writing in May 2022, 1 USD equals around 52 PHP. For the last 180 days, according to OANDA’s historical rate charts, the exchange rate hovered between 1:49 and 1:52.
Why is there such a gap between these two currencies? It comes down to the differences between the government and economies of the United States and the Philippines.
Several factors can affect the trading value of a currency, including:
Trade relations
Economic growth
Government stability and freedom
Demand
Since the United States dollar is generally more stable and in greater demand than the Filipino peso, it tends to be valued more highly in the global currency market.
However, this isn’t true for the peso in all markets. The difference is much less between other common currency pairs, like the Malaysian ringgit (1 ringgit equals around 12 PHP) and the Saudi Arabian riyal (1 riyal equals almost 14 PHP) at the time of writing.
Meanwhile, if you want to trade your Filipino pesos for Indonesian rupiah (IDR), you’ll have a better rate, with 1 PHP equaling around 277 IDR at the time of writing.
Here are some of the current conversion rates between other global currencies and the peso:
1 Swiss franc (CHF) = 53 pesos
1 pound sterling (GBP) = 65 pesos
1 Australian dollar (AUD) = 37 pesos
1 Hong Kong dollar (HKD) = 7 pesos
1 United Arab Emirates dirham (AED) = 14 pesos
1 Japanese yen (JPY) = 0.5 peso
5 facts you might not know about the Philippine peso
The peso has a long and storied history in the Philippines. After nearly 500 years of circulation, there are so many interesting facts about the Philippine currency, but these are our top five.
1. The Philippine currency comes from the Spanish “Real of 8”
The peso came from the Spanish dollar or the “Real of 8,” which was a silver coinage.
The Spanish “Real of 8” came in 1/2-, 1-, 2-, 4- and 8-real coins and was recognized across the globe.
2. Filipino pesos used to be tied to gold and the U.S. dollar
When the United States still held control of the Philippines, it passed the Philippine Coinage Act of 1903. This tied the value of the peso to a gold coin, which was worth half of one U.S. dollar.
After achieving its independence in 1946, the Philippines dropped this standard.
3. There used to be a subset of the Philippine peso called Culion currency
In 1906, the island government minted separate pesos for those suffering from leprosy in the Culion colony.
At the time, the government mistakenly believed that leprosy could be transmitted through exchanging money. Although printed in Manila, the Culion currency was prohibited outside of the colony for fear of spreading disease.
4. During WWII, special pesos were printed to undermine Japanese occupation
Known as “guerrilla pesos,” this currency was used by the local government to defy Japanese occupiers, who attempted to circulate their own version of the peso. In fact, until 1944, it was illegal to possess or use guerrilla pesos.
5. An error in 2005 created rare peso notes for collectors
About 78 million 100-peso notes printed in the early 2000s had a major typography error: President Gloria Macapagal Arroyo’s surname was misspelled as “Arrovo.”
Only 2 million of these notes ended up in circulation, but today, they’re considered a rarity for currency collectors.
Currency converter for the Philippine peso
Planning to visit the Philippines? You can find current PHP exchange rates in the Remitly app or on our website if you need to calculate how your currency will convert.
You have a few options for converting your money into Philippine currency, but each comes with pros and cons. Whichever route you choose, be sure to plan ahead of your visit so you have enough cash for your stay.
Exchange money at the airport: Airport exchanges are convenient, but they can be pricey.
Take out pesos from an ATM: ATMs are easy to use in major population centers, but they come with international transfer fees, and they’re hard to find outside of the Philippines’ main cities.
Order pesos from your local bank before you arrive: This option can help you avoid pricey fees once you land in the Philippines, but there’s always a danger to traveling with a lot of cash. Plus, you’re only legally allowed to bring 10,000 pesos into the country (currently less than $200 USD).
Use your credit cards: Credit cards are generally accepted in major tourist destinations and cities like Manila, Cebu, and Boracay. But you’ll want cash in most other areas.
Buy pesos at a foreign exchange counter at an SM Mall: Usually, SM Mall or department store branches in the Philippines have a foreign exchange counter where you can buy pesos. To do this, you’ll want to use crisp, new USD. Additionally, you should request 500 peso notes or less. Larger bills, like the 1,000 note, are often harder to break.
Send money to the Philippines
Maybe you don’t want quick cash for a tourist trip, and instead, you need to send Philippine currency to friends or family. Or perhaps you plan to stay in the country for an extended period and need a reliable method for transferring money before you leave.
In both cases, you may also need to send large sums of money. And the last thing you want to do is pay hundreds of pesos in fees.
International money transfer apps like Remitly make it easier to send money quickly and affordably to the Philippines. We offer a flat, transparent fee when sending to the Philippines from the U.S., which at the time of writing goes down to zero when you send $1,000 or more using your debit card.
Not only that, but your loved ones can receive the money in a variety of ways. Send money to a Filipino bank account, a mobile wallet account like GCash, or pick up cash from thousands of locations around the country.
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| 27
|
https://www.philippine-embassy.org.sg/travel-advisories/bringing-currency-into-the-philippines/
|
en
|
Bringing Currency into the Philippines
|
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""
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[] |
2015-04-03T05:14:22+08:00
|
In compliance with international conventions against money-laundering, the Bangko Sentral ng Pilipinas (BSP) has regulations on the amount of currency that a traveller can carry into or out of the Philippines. The regulations are compiled in the Manual of Regulations on Foreign Exchange Transactions (FX Manual) issued by the Bangko Sentral. Philippine Peso A person
|
en
|
Embassy of the Philippines in Singapore - Embassy of the Philippines in Singapore
|
https://www.philippine-embassy.org.sg/travel-advisories/bringing-currency-into-the-philippines/
|
In compliance with international conventions against money-laundering, the Bangko Sentral ng Pilipinas (BSP) has regulations on the amount of currency that a traveller can carry into or out of the Philippines. The regulations are compiled in the Manual of Regulations on Foreign Exchange Transactions (FX Manual) issued by the Bangko Sentral.
Philippine Peso
A person may bring into (import) or take out of (export) the Philippines, either physically or by electronical transfer, legal tender Philippine currency of an amount not exceeding PHP 50,000 (fifty thousand pesos, Philippine currency) without prior authorization from the Bangko Sentral ng Pilipinas. The monetary forms include legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in Philippine Pesos against banks operating in the Philippines.
The term “electronic transfer” as used above shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, with or without a source document being mailed to evidence the authority.
The increase to PHP 50,000 in the allowable amount of Philippine currency brought in or out of the Philippines took effect on 15 September 2016, per Bangko Sentral ng Pilipinas Circular No. 922, series of 2016, dated 23 August 2016, titled “The Amendments of the Rules on Cross-Border Transfer of Local Currency”.
Any excess amount not covered by specific written BSP authorization is subject to confiscation by the Philippine Bureau of Customs.
Foreign Currency
A person may carry up to the amount of USD 10,000 (or equivalent in any other foreign currency), in cash or other monetary instruments, into and out of the Philippines. Other monetary instruments include travellers’ checks, other checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets and confirmation of sale/investment.
If a person wishes to bring more that the equivalent of USD 10,000, a written declaration must be made in the form of the BSP’s “Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form” which may be downloaded from http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=631.
Rules on bringing Philippine of Foreign Currencies into or out of the Philippines
Manual of Regulations on Foreign Exchange Transactions
|
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| 84
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https://blogs.worldbank.org/en/eastasiapacific/remittances-and-the-philippines-economy-the-elephant-in-the-room
|
en
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Remittances and the Philippines' economy: the elephant in the room
|
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[] |
[
"Financial Inclusion",
"Financial Sector",
"Philippines",
"East Asia & Pacific on the Rise"
] | null |
[
"Eric Le Borgne"
] |
2009-04-07T12:00:00
|
In the World Bank's latest semi-annual economic update for the East Asia and Pacific region, titled "Battling the Forces of Global Recession" and released today, we mentioned the Philippine economy's resilience, both in absolute and relative terms.
|
en
|
/content/dam/wbr-redesign/logos/wbg-favicon.png
|
World Bank Blogs
|
https://blogs.worldbank.org/en/eastasiapacific/remittances-and-the-philippines-economy-the-elephant-in-the-room
|
In the World Bank's latest semi-annual economic update for the East Asia and Pacific region, titled "Battling the Forces of Global Recession" and released today, we mentioned the Philippine economy's resilience, both in absolute and relative terms. The latter is easy to grasp in a few numbers: global growth is projected to turn negative in 2009, as will growth in a large number of countries in the region (for example, Malaysia and Thailand).
In absolute terms, while we project growth to decelerate from its 2007 peak of 7.2 percent to 1.9 percent this year (after a respectable 4.6 percent in 2008), the Philippines would still be far from a recession – contrary to what happened during the 1997 Asian crisis. Many reasons explain the country's resilience, including policy and regulatory reforms that responded to the lessons drawn from the Asian crisis. However, there is one key factor driving this resilience.
It is, you guessed it, remittances. The fairly stable 10 percent of GDP sent back home year-in and year-out for the past six years from overseas family members is key to the health of the Philippines economy. Not only does it boost private consumption (from the purchase of basic necessities to big ticket items such as cars and housing – private consumption accounts for over 75 percent of GDP), it also lifts foreign exchange reserves, the current account, and deposits in the banking system.
But as the wealthiest countries drag the world into a recession, and world unemployment is projected by the International Labor Office to potentially increase by 50 million, many Filipinos working overseas will also be affected. Some will loose their jobs, others will see their incomes reduced, net deployment overseas will decelerate (though still expected to remain positive), but all are adjusting to the risk that their income and jobs are less secure than they thought even a few months ago.
How will that impact remittances sent back home? Empirical research finds that, on the whole, remittances have been countercyclical in the Philippines. This time, as the downturn is truly global both in terms of geographic reach and scope of jobs affected, one of the strengths of the Filipino diaspora, namely its diversification in terms of geography and skills, will be less effective this time. Ongoing study from the World Bank's Manila office points to some potentially large downsides, though the confidence interval from our analysis is fairly large, as several empirical and theoretical channels are at play and the magnitude of the shock being experienced is fairly unique.
The latest data do point to a significant weakening of remittances as of the last quarter of 2008. In January, remittances posted zero annual growth in dollar terms. Looking into the details of the January numbers, we see that remittance from the all important USA (accounting for over half of total remittances to the country) were down by 25 percent compared to January 2008 (in dollars). Surging remittances from the Gulf managed to offset the decline from the U.S. Can growth from the Gulf continue at such a pace? To what extent is this surge masking the return of OFWs (bringing with them their total savings and severance packages)? As the Gulf-related surge is expected to slow down, and given global growth prospects in the rest of the world, we have revised our estimate downward for the dollar growth rate of remittances to the Philippines to minus 4 percent. In real Peso terms, given our expectation on exchange rate and inflation, the impact will be more muted. Nonetheless, this means that around 2 in every 10 families who are receiving remittances will be adversely affected, and the fight against poverty with it.
In Battling the Forces of Global Recession, the Philippines' overseas foreign workers are its front line soldiers.
|
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https://www.currencyfair.com/
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en
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Send Money Abroad | International Transfers
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] |
[] |
[] |
[
""
] | null |
[] | null |
Cheap, fast, secure international money transfers - up to 8 times cheaper than a typical bank. Exchange money on your terms with CurrencyFair.
|
en
|
https://www.currencyfair.com/
|
Set up your transaction
Tell us the amount and currency you will transfer in to be exchanged - see accepted currencies.
Add recipient details
Fill in the banks details for new recipients or select a saved recipient.
Choose your deposit method
Tell us how you will transfer in your money to be exchanged.
Transfer in money to your account
Once you transfer in money to your account, we will exchange it at rates up to 8x cheaper than the banks and transfer out to your recipient without delay.
Authorised as a payments institution with a 10-year track record of providing best-in-class service for quick, low-cost money transfers.
If youâre not ready to exchange immediately, set up a rate alert so you never miss out on great savings again.
|
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9083
|
dbpedia
|
0
| 31
|
https://www.numismatics.ph/resources/piso-or-peso.html
|
en
|
Piso or Peso? Official currency name of the Philippines?
|
[
"https://www.numismatics.ph/images/resources/piso-or-peso.jpg"
] |
[] |
[] |
[
""
] | null |
[] |
1967-08-19T00:00:00
|
Peso is the unit of monetary value in the Philippines, which is represented by the sign P.
|
../apple-touch-icon.png
|
Numismatics Philippines
|
https://www.numismatics.ph/resources/piso-or-peso.html
|
Are you wondering if what is the official name of the currency of the Philippines? âPisoâ or âPesoâ. According to Section 48 of the Republic Act No. 7653 also known as âThe New Central Bank Actâ, âPesoâ is the unit of monetary value in the Philippines, which is represented by the sign "P." The âPesoâ is divided into one hundred (100) equal parts called "centavos," which are represented by the sign "c."
However, since 1967 for coins, and since 1969 for banknotes, Filipino Language has been used in our currency, including the term âPisoâ which has been translated from âPesoâ. This has been done to uphold and enrich our national language.
|
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9083
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dbpedia
|
3
| 64
|
https://support.apple.com/en-us/102775
|
en
|
Countries and regions that support Apple Pay
|
https://support.apple.com/favicon.ico
|
https://support.apple.com/favicon.ico
|
[
"https://support.apple.com/clientside/images/related_topics.png"
] |
[] |
[] |
[
""
] | null |
[] |
2024-08-19T00:00:00
|
See the countries and regions that support Apple Pay.
|
en
|
/favicon.ico
|
Apple Support
|
https://support.apple.com/en-us/102775
|
Apple Pay offers an easy, secure, and private way to pay on iPhone, iPad, Apple Watch, Mac, and Apple Vision Pro.
Apple Pay is accepted anywhere you see these symbols and marks in stores, within apps, and on the web in Safari. You can add your credit, debit, or prepaid cards from participating banks and card issuers in these countries and regions:
Africa
Morocco
South Africa
Learn about participating banks and card issuers in Africa.
Asia-Pacific
Learn about participating banks and card issuers in Asia-Pacific.
Europe
Learn about participating banks in Europe.
Latin America and the Caribbean
Learn about participating banks in Latin America and the Caribbean.
Middle East
Learn about participating banks in the Middle East.
North America
Canada
The United States
Learn about participating banks in North America.
Sending and receiving money with Apple Pay and the Apple Cash* card are available only in the U.S. These services are provided by Green Dot Bank, member FDIC.
|
||
9083
|
dbpedia
|
1
| 92
|
https://www.westernunion.com/us/en/send-money-to-philippines.html
|
en
|
Send Money to the Philippines from the US
|
https://www.westernunion.com/content/dam/wu/logo/favicon-48x48.ico
|
https://www.westernunion.com/content/dam/wu/logo/favicon-48x48.ico
|
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[] |
[] |
[
""
] | null |
[] | null |
Transfer money to the Philippines from the United States 24/7 using Western Union. Learn how to send money online, in person or through our international app.
|
en
|
/content/dam/wu/logo/favicon-48x48.ico
|
Western Union Money Transfer
|
https://www.westernunion.com/us/en/send-money-to-philippines.html
|
* Terms and Conditions apply. Restrictions apply, see amazon.com/gc-legal
1 Real time transfers are available to Banco De Oro (BDO), Bank of the Philippine Islands (BPI), and Land Bank. For first-time BPI receivers, it may, however, take up to 2 hours. Funds sent to Land Bank between 10 am and 1 pm Eastern Time may also be delayed.
Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory issues, identification requirements, Agent location hours, differences in time zones, or selection of delayed options. For mobile transactions funds will be paid to receiverâs mWallet account provider for credit to account tied to receiverâs mobile number. Additional third-party charges may apply, including SMS and account over-limit and cash-out fees. See the transfer form for restrictions.
2 Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
3 Network data as of June 30, 2020.
4 Funds will be paid to receiverâs mWallet account provider for credit to account tied to receiverâs mobile number. Additional third-party charges may apply, including SMS and account over-limit and cash-out fees. Funds availability subject to terms and conditions of service.
5 If youâre using a credit card, a card-issuer cash advance fee and associated interest charges may apply. To avoid these fees or for reduced fees, use a debit card or check other payment methods.
6 Please make sure that the receiverâs name accurately matches the details of the bank account owner. (Account details may vary by country.)
7 Fee reductions apply only to the Western Union® transfer fee for a single Western Union Money Transfer® or Quick Collect® transaction. Excludes all other services, including without limitation, online bill payments, and money transfers via social/chat applications. Points used will not be reversible and if amount of transfer fee is less than redeemed discount, no cash, credit or refund will be provided. Western Union reserves the right to offer promotions l discounts that cannot be combined with My WU® fee reductions.
|
||
9083
|
dbpedia
|
0
| 66
|
https://www.bookmyforex.com/philippine-peso/
|
en
|
PHP Currency: Buy & Sell Philippine Peso Online in India
|
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[] |
[] |
[
""
] | null |
[
"www.bookmyforex.com"
] | null |
en
|
/assets/www/images/favicon.ico
|
Bookmyforex.com - Leading online Foreign Money Exchanger. Buy, sell or remit foreign currency in India
|
https://www.bookmyforex.com/philippine-peso/
|
The Philippines Piso or Peso is the official currency of Republic of Philippines.The currency code for Pesos is PHP, and the currency symbol is ₽. On the right side of this page, you'll find Philippine Peso rates and a Peso to INR currency converter. Philippines Peso is subdivided into 100 centavos or sentimos in Filipino.
Currency Facts
PHP Stats PHP Profile Name :Philippine Peso/Piso Central Bank : Central Bank of the Philippines
Website: http://www.bsp.gov.ph/ Symbol : ₽ Coins : ₽1, ₽5, ₽10, ₽25 Minor Unit :1/100 = centimo Banknotes : Freq Used : ₽20, ₽50, ₽100, ₽200, ₽ 500, ₽1000
Rarely Used : ₽5 , ₽10 Top PHP Conversion: PHP to USD Users :Philippine
PHILIPPINE PESO/PISO HISTORY
Philippines Pesos are in English Language because it of Philippines being a former colony of the United States. The word 'peso' appeared on notes and coinage until 1967. Since the adoption of the usage of the Filipino language on banknotes and coins, the term 'piso' is now used. Since 2017, the ISO 4217 standard refers to the currency by the Filipino term 'piso'. Though Philippine Peso to INR conversion is not that popular in India but it has picked up considerably in India in last few years. Not everyone will get you the good exchange rate to convert Philippine Peso to INR.
HOW CAN I CONVERT PHILIPPINE PESO TO INR ONLINE IN INDIA?
Being a former colony of USA, the most popular Philippine Peso currency converter is with US Dollar. But last few years have seen an increase in the Philippine Peso to INR conversion. It is bit hard to get Philippine Pesos in India because of its limited availability but you can convert Philippine Peso to INR online with BookMyForex.com in India easily. Not only will you get the best Philippine Peso to INR rates but we will deliver your order to your preferred location. Convert Philippine Peso to INR online in India with BookMyForex and pay zero charges and Zero commission.
WHERE CAN I GET THE BEST PHILIPPINE PESO TO INR RATES IN INDIA?
You will get best Philippine Peso to INR rates with BookMyForex.com. BookMyForex.com compares the Philippine Peso to INR rates across hundreds of Banks and Money changers near you to get you the Best Philippine Peso to INR Rates. BookMyForex.com uses modern technology to bring you the live and most up to date Philippine Peso to INR rates. You can convert Philippine Peso to INR at live rates, these rate are accurate to the last second. You can always lock-in or freeze our Philippine Peso to INR rates for up to 3 days against a refundable advance. BookMyForex.com has tie-ups with more than 5000 banks and money changers across 650+ cities in India. So that you don’t have to move far from your home to convert Philippine Peso to INR.
STOP PAYING FOR FOREIGN EXCHANGE IN INDIA
With BookMyForex.com you don’t have to pay any hidden fees or charges to convert Philippine Peso to INR or vice versa. You can now Exchange your Philippine Peso to INR or any other foreign currency back into Indian rupees at exact interbank rates - that’s the same rates that you see on search engines, forex sites and business news channels.
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https://www.bsp.gov.ph/SitePages/CoinsAndNotes/CoinsAndNotes.aspx
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Bangko Sentral ng Pilipinas Coins and Notes
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/Siteassets/favicon.ico
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https://www.bloomberg.com/news/articles/2024-05-06/philippine-peso-support-at-58-seen-holding-as-bsp-pushes-back
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en
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Philippine Peso Support at 58 Seen Holding as BSP Pushes Back
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[
"Karl Lester M Yap"
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2024-05-06T00:00:00
|
The Philippines’ latest line in the sand for the peso appears to have settled halfway between its previous two, with 58 per dollar the new level to defend for the central bank.
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en
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Bloomberg.com
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https://www.bloomberg.com/news/articles/2024-05-06/philippine-peso-support-at-58-seen-holding-as-bsp-pushes-back
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BSP in the past has set limits of tolerance for peso weakness
Peso has rebounded as BSP said it’s ready to curb volatility
The Philippines ’ latest line in the sand for the peso appears to have settled halfway between its previous two, with 58 per dollar the new level to defend for the central bank.
The currency is just shy of that level after its slump to a 17-month lowBloomberg Terminal last month. The plunge prompted Bangko Sentral ng Pilipinas Governor Eli Remolona to warn that authorities stand ready to manage any unnecessary movement and excessive volatility in the currency.
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https://docs.adyen.com/development-resources/currency-codes/
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en
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Currency codes and minor units
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Look up currency codes, and learn about minor units and currency exchange fees.
|
en
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/user/themes/adyen-docs/images/apple-icon-180x180.png
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In your API requests, you need to provide transaction amounts by specifying a currency code and a value. For most APIs the value must be specified in minor units, given the number of decimals of the currency. This page lists the supported currency codes and explains what minor units are.
Currency codes
Minor units
With the exception of Terminal API, our APIs expect you to submit transaction amount values in minor units: the smallest unit of a currency, depending on the number of decimals.
Most currencies have two decimals. Some currencies do not have decimals, and some have three decimals. For example:
GBP 10: GBP has two decimals, so in minor units you need to submit an amount of 1000
JPY 10: JPY has no decimals, so in minor units you need to submit an amount of 10
BHD 10: BHD has three decimals, so in minor units you need to submit an amount of 10000
Different number of decimals
For CLP, CVE, IDR, and ISK the ISO 4217 standard has a different number of decimals than shown in our currency codes table. When submitting amounts in minor units, the decimals in the table on this page are leading.
For example, ISK has zero decimals in the ISO 4217 standard, but to submit an ISK amount to Adyen you have to use two decimals as shown in the table.
Currency conversion rates and fees
Sometimes sums have to be converted from one currency to another, for example when the transaction currency differs from the settlement currency. When currency conversions take place, a foreign exchange (FX) reference rate and management fee apply.
FX reference rate
Adyen applies a foreign currency exchange rate when a currency conversion takes place. This is called the FX reference rate.
FX management fee
Adyen also charges a fee for managing the exchange of currency conversions. This is called the FX management fee, or spread. How this fee is calculated is included in your contract with Adyen.
By default, the FX management fee differs based on the currency category:
Category one currencies: AUD, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, USD, ZAR.
Category two currencies: all other currencies.
Your company can also choose an alternative setup, where the FX management fee is based on a scheme rate. This is currently available for Visa and Mastercard. The FX management fee for other payment methods is based on the currency category.
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https://www.crownasia.com.ph/lifestyle-blog/what-the-stabilizing-peso-means-for-investors-domestic-and-foreign/
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en
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What the Stabilizing Peso Means for Investors, Domestic and Foreign
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2023-10-11T02:04:44+00:00
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Examine what the stabilization of the Philippine Peso means for both domestic and international investors in this post.
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en
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https://www.crownasia.com.ph/wp-content/themes/crown-asia-theme/images/favicon/favicon.ico
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Crown Asia
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https://www.crownasia.com.ph/lifestyle-blog/what-the-stabilizing-peso-means-for-investors-domestic-and-foreign/
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Foreign investors who are considering prospects in the Philippines are wary of the Philippine Peso’s (PHP) history of volatility. But there’s excellent news in the offing! As the Philippine Peso begins to exhibit signs of greater stability, avenues are being opened for better investment performance, particularly with reputable residential real estate developers selling a house and lot.
Both domestic and international investors are influenced by the fundamental factor of currency stability when making investment decisions. The Philippine Peso (PHP), the nation’s currency, has fluctuated, so achieving stability in the currency will have a big impact on investors in the Philippines. We’ll examine what the stabilization of the Philippine Peso means for both domestic and international investors in this post.
The Philippine Peso’s Exciting Wild Ride
The Philippine Peso has a reputation for being one of Asia’s most unstable currencies. This volatility can be ascribed to a number of things, such as the nation’s reliance on remittances from Filipino workers who live abroad, changes in the price of oil on the world market, and the country’s trade balance. Investors have had to carefully negotiate these changes throughout the years, so it’s critical to comprehend how a stabilized peso could impact their investments.
Volatility of currencies throughout time
The Philippine Peso has a reputation for being unstable. The value of the peso has fluctuated throughout time due to a variety of factors, including inflation, foreign shocks, and economic uncertainty. For investors looking for a secure environment to allocate their capital, this currency instability has presented difficulties.
Stabilization Initiatives
The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, has been working to stabilize the Philippine Peso. Prudent fiscal management, interventions in the foreign exchange market, and inflation targeting are some of these initiatives. The main goal is to improve the investment climate and make it more predictable.
Consequences for Domestic Investors
Reduced Inflation Risk: Lower inflation rates are usually the outcome of a stable Philippine Peso. This results in maintained buying power and enhanced financial planning for domestic investors. Less expensive loans may result from lower inflation, which will be advantageous to both firms and people.
Enhanced Confidence: Economic confidence is fostered by currency stability. When domestic investors have confidence in the stability of their currency and the state of the general economy, they are more likely to invest in their own nation. This may increase domestic investment in a number of industries, including agriculture, technology, and infrastructure.
Opportunities for Global Portfolio Diversification: A stable peso may persuade domestic investors to think about broadening their portfolios internationally. Investors may be more likely to look into international investment opportunities when the native currency is stable, dispersing risk and maybe increasing returns.
Consequences for International Investors
Attractive Investment Location: The Philippines is now a more alluring location for foreign investors thanks to the stabilization of the Philippine Peso. Foreign investors are more likely to deploy capital to Philippine assets, such as stocks, bonds, and real estate, when currency risk is reduced. Increased foreign direct investment (FDI) and portfolio investment may result as result in the nation.
Predictable Returns: When investing in nations with erratic currencies, foreign investors frequently suffer exchange rate risk. This risk is reduced by a stable peso, which gives foreign investors a more predictable investment environment and more precise expectations for their investment returns.
Economic Growth Prospects: A strong economic foundation is frequently reflected by a stable currency. A stable peso may be seen by foreign investors as an indication of a strong Philippine economy with great room for expansion. Increased foreign investment may follow in a number of industries, including manufacturing, tourism, and services.
Bangko Sentral ng Pilipinas on Much More Stable Peso
According to Manila Bulletin (2023), The peso is “much more stable” now than it was at this time last year, according to Francisco G. Dakila Jr., deputy governor of the Bangko Sentral ng Pilipinas (BSP), trading around mid-P56 to the US dollar.
Dakila asserted that the aggressive nine consecutive rate increases by the BSP, which raised the benchmark rate to 6.25 percent as of March this year, were sufficient to stabilize the exchange rate.
Dakila noted that the BSP intervened in the market (in late 2022) to stabilize the foreign exchange market and that changes to the policy interest rate also suggested that the peso has become significantly more stable.
The BSP official gave investors and market participants the reassurance that the central bank will continue to let market sentiments affect the peso and that its hawkish posture is beneficial to the peso. He continued by saying that they remain dedicated to the market determination of the peso.
The BSP “has only participated in the foreign exchange markets when the peso became erratic and post risks to inflation,” he further emphasized. This was the case when the Fed (US Federal Reserve) started to aggressively adjust the Fed policy rate in the third quarter of last year.
The BSP has maintained its benchmark rate at 6.25 percent for the last three consecutive Monetary Board policy meetings, although the BSP consistently conveys a hawkish posture. The BSP increased its benchmark rate by a total of 425 basis points between May 2022 and March 2023, mostly in response to the US Fed’s strong policy steps to address its inflation issues.
The currency rate is impacted by changes in policy rates. For instance, a rate drop may result in a weak peso, but a rate increase may have the reverse effect. Due to the rise in the cost of imported goods, a peso depreciation can also have a direct impact on inflation.
The BSP intervenes in the spot market to strengthen the peso by releasing US dollar liquidity in an effort to prevent excessive and significant fluctuations in the exchange rate. To achieve this, it pulls from the nation’s foreign reserves.
The BSP sold $15 billion in 2022 to protect the peso from speculative attacks and stop it from rising over P60. The peso’s record-lowest level in relation to the US dollar is currently P59, which occurred in September and October of last year.
BSP Governor Eli M. Remolona claimed last month that the BSP’s inclination toward tightening is beneficial for the peso-US dollar rate since it supports the local currency despite some volatility.
The BSP views the peso’s movement at the P56 level as steady because it fluctuates in both directions, either strengthening or closing the trading day stronger than the US dollar or weakening or appreciating against it. According to the BSP, business operations are what are driving this day’s currency rate.
The BSP’s currency rate policy is flexible and free-floating, so it continues to be determined by the market. So, neither the BSP targets a peso level in relation to the US dollar nor does it make forecasts. However, as a result of a higher BSP rate, it will aid in relieving pressure on the peso, which in turn will serve to reduce inflationary impulses caused by rising global commodity prices.
What Does It Mean When a Peso Stabilizes?
A stabilizing Philippine Peso refers to a situation where the currency experiences reduced volatility and maintains a relatively steady exchange rate compared to major international currencies like the US Dollar (USD). While it’s important to note that currency markets can never be entirely free from fluctuations, a more stable peso is generally a positive sign for investors for several reasons:
Increased Investor Confidence
A stable currency fosters confidence among both domestic and foreign investors. It reduces the uncertainty associated with sudden currency devaluations, making investment decisions more predictable.
Reduced Currency Risk
When investing in a foreign nation, investors, particularly those from overseas, are subject to currency risk. A stable peso means that there is less risk of a substantial decline in the value of the currency, making investments safer.
Foreign Investment Attraction
The Philippines may be more appealing as a location for investments if the peso is stable. Foreign businesses and investors who may have been wary in the past owing to currency instability are now encouraged to make long-term investments.
Growth in Domestic Investment
A stable currency also benefits domestic investors. It may result in less inflationary pressure and a more stable economic climate, both of which support regional investment.
Effect on Various Asset Classes
The Philippine Peso’s stabilization can have varying effects on different asset classes:
Equities
Investor trust in the Philippine stock market may increase if the peso is more stable. As foreign investors look for higher returns in a more stable environment, it can result in an increase in foreign portfolio investment.
Real estate
For international investors in the Philippine real estate industry, a stable peso might lower currency risk. More international purchasers could be drawn in as a result, which could raise prices in the industry.
Investments with Fixed Income
For investors with fixed income, a stable currency indicates a lower risk of inflation. This may increase the appeal of Philippine bonds and other fixed-income securities.
Foreign Direct Investment (FDI)
A stable peso can promote long-term FDI, especially in sectors like manufacturing and infrastructure construction.
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dbpedia
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2
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https://www.philstar.com/business/2020/07/10/2026832/peso-most-stable-currency-asia
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en
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‘Peso most stable currency in Asia’
|
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[] |
[
"department of finance",
"philippine peso"
] | null |
[
"Mary Grace Padin"
] |
2020-07-10T00:00:00
|
The Philippine peso has emerged as the most stable currency among its Asian counterparts even amid the uncertainties caused by the COVID-19 pandemic, according to the Department of Finance.
|
https://www.philstar.com/images/Home/favicon.ico
|
Philstar.com
|
https://www.philstar.com/business/2020/07/10/2026832/peso-most-stable-currency-asia
|
MANILA, Philippines — The Philippine peso has emerged as the most stable currency among its Asian counterparts even amid the uncertainties caused by the COVID-19 pandemic, according to the Department of Finance (DOF).
In a report, Finance Undersecretary and chief economist Gil Beltran said the peso remained resilient despite the headwinds faced by the global economy due to the health crisis.
“Despite the rising risks in the global economy, heightened by the spread of COVID-19, the collapse of global markets, the extreme volatility in currencies and the downgrading of credit ratings of many economies, the peso remained firm, appreciating from year-end 2019 level,” Beltran said.
As of July 8, the local currency appreciated by 2.21 percent to 49.53 compared to the 50.66 to $1 level recorded by the end of 2019.
Beltran said the peso ranked first among the Asian currencies that maintained their value against the dollar this year.
It was followed by the Hong Kong dollar, Taiwan dollar and the Japanese yen which appreciated by 2.07 percent, 1.68 percent and 0.87 percent from their end-2019 levels, respectively.
“The peso-dollar exchange rate also remains stable in 2020, its coefficient of variation at 0.73 percent, ranking third among 12 regional currencies and lower than the 1.86 percent Asian average,” Beltran said.
Beltran attributed the peso’s strength and stability to the country’s strong balance of payments (BOP) position and rising gross international reserves.
According to the latest data from the Bangko Sentral ng Pilipinas (BSP), the country’s BOP surplus hit a 16-month high of $2.43 billion in May, which is about 2.6 times higher than the $928 million recorded in the same month last year.
From January to May, the BOP surplus amounted to $4.03 billion, 22.3 percent smaller than the $5.19 billion surplus recorded in the same period last year.
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https://corporatefinanceinstitute.com/resources/foreign-exchange/philippine-peso-php/
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en
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Philippine Peso (PHP)
|
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[
""
] | null |
[
"CFI Team"
] |
2023-10-13T13:45:26+00:00
|
The Philippine Peso refers to the Philippines’s official currency and is represented by ISO code PHP. The Bangko Sentral ng Pilipinas (BSP),
|
en
|
//cdn.corporatefinanceinstitute.com/assets/cfi-favicon-3-150x150.png
|
Corporate Finance Institute
|
https://corporatefinanceinstitute.com/resources/foreign-exchange/philippine-peso-php/
|
What is the Philippine Peso (PHP)?
The Philippine Peso refers to the Philippines’s official currency and is represented by ISO code PHP. The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, mints and prints the banknotes and the coins at its complex in Quezon City.
PHP is also called piso, a Filipino name. Since the country was a previous United States colony, it used the English language on its notes and coins. Hence, until 1967, the term “peso” appeared on the currency. With the introduction of the Filipino language on the notes and coins, the word “piso” came into use.
History of the Philippine Peso
In 1898, the country saw a transformation when its capital was used to issue coins and paper money of its currency. However, the change was short-lived as the circulation of the currency ended in 1901. The US took possession of the Philippines and introduced a currency indexed to the gold standard, which was about half the value of the United States Dollar (USD) then. The 2 pesos per USD peg continued until the country became independent in 1946.
The Central Bank of the Philippines was set up in 1949, and in the 1950s, it sought to keep the US dollar at 2:1. It became unlikely when the black market for pesos began beyond the fixed system, where it was regularly exchanged at 3:1.
In 1967, the Filipino language was adopted in the currency by the bank, and a series of notes in denominations of 1 peso, 5 pesos, 10 pesos, 20 pesos, 50 pesos, and 100 pesos was launched in 1969. The Ang Bagong Lipunan (ABL) Series of banknotes was released in 1973. It included 2 pesos as the lowest denomination and 100 pesos as the highest denomination. The ABL series was followed by the release of the New Design Series.
A drastic transformation occurred when the central bank published the New Design Series. The new 500 PHP notes were launched in 1987, the first 1,000 PHP notes were released in 1991, and 200 PHP notes were released in 2002. The name “New Design Series” referred to the Philippine notes issued between 1985 and 1993. It was then retitled as the BSP series, owing to the restoration of the BSP in 1993. It was replaced by the New Generation Currency Series, which was released in December 2010.
Banknotes from the latest currency series were printed until 2013 and existed as a legal tender until December 31, 2015. The original demonetization date for the bills was January 1, 2017, but the time frame for exchanging old notes was extended twice, first until June 30, 2017, and then until December 29, 2017.
Current Philippine Peso
In 2009, the BSP announced a complete redesign of the current notes and coins to boost security features and increase longevity. Popular Filipinos and iconic natural wonders grace the latest banknote designs. In December 2010, the BSP began issuing the first batch of new notes.
In February 2016, the country’s central bank began to distribute new 100-peso bills, which came with a better purple or purple hue. It was suggested by the public to differentiate between the 100-peso banknote and the 1000-peso banknote. The 100 PHP bills of the New Generation Currency are still in circulation; hence, they can still be used by the public.
On December 11, 2019, the BSP declared that it would convert the 20 PHP note into a coin. It announced the transition of banknotes to coins, which will be finished by 2021 end or the start of 2022. The BSP also declared a redesign of the 5-peso coin of the New Generation Currency. The new concept requires the inclusion of bumps on both sides of the coin.
Currently, coins of 1, 5, 10, and 25 cents and 1, 5, 10, and 20 pesos are in use. Banknotes of denominations of 20, 50, 100, 200, 500, and 1,000 pesos are also in circulation.
More Resources
Thank you for reading CFI’s guide on the Philippine Peso (PHP). To keep learning and developing your knowledge base, please explore the additional relevant resources below:
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https://www.investopedia.com/terms/f/fiatmoney.asp
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Fiat Money: What It Is, How It Works, Example, Pros & Cons
|
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[] |
[
""
] | null |
[
"James Chen"
] |
2003-11-20T12:00:00-05:00
|
Fiat money is a government-issued currency that's not backed by a physical commodity such as gold or silver. Read more about dollars, euros, and other fiat money.
|
en
|
/favicon.ico
|
Investopedia
|
https://www.investopedia.com/terms/f/fiatmoney.asp
|
What Is Fiat Money?
Fiat money is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government rather than the worth of a commodity backing it.
Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies.
Understanding Fiat Money
The term "fiat" is a Latin word that's often translated as "it shall be" or "let it be done." Fiat currencies only have value because the government maintains that value. There's no utility to fiat money in itself.
Governments would mint coins out of a valuable physical commodity such as gold or silver before fiat currency came about. They might have printed paper money that could be redeemed for a set amount of a physical commodity. Fiat is inconvertible, however. It can't be redeemed because there's no underlying commodity backing it.
Fiat money isn't linked to physical reserves such as a national stockpile of gold or silver so it risks losing value due to inflation. It might even become worthless in the event of hyperinflation. The rate of inflation can double in a single day in some of the worst cases of hyperinflation, such as in Hungary immediately after WWII.
The money will no longer hold value if people lose faith in a nation's currency unlike a currency backed by gold. This type of currency has intrinsic value because of the demand for gold in jewelry and decoration as well as in the manufacturing of electronic devices, computers, and aerospace vehicles.
History of Fiat Money in the U.S.
The U.S. dollar is considered to be both fiat money and legal tender. It's accepted for private and public debts. Legal tender is any currency that a government declares to be legal. Many governments issue a fiat currency and then make it legal tender by setting it as the standard for debt repayment.
The country's currency was backed by gold and in some cases silver earlier in U.S. history. The federal government stopped allowing citizens to exchange currency for government gold with the passage of the Emergency Banking Act of 1933. The gold standard backed U.S. currency with federal gold but it ended completely in 1971 when the U.S. also stopped issuing gold to foreign governments in exchange for U.S. currency.
U.S. dollars have been backed by the "full faith and credit" of the U.S. government since that time. They're "legal tender for all debts, public and private" but not "redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank," as the printing on U.S. dollar bills used to claim. U.S. dollars are "legal tender" rather than "lawful money" in this sense, which can be exchanged for gold, silver, or any other commodity.
Advantages and Disadvantages of Fiat Money
Advantages Explained
Fiat currencies gained prominence in the 20th century in part because governments and central banks sought to insulate their economies from the worst effects of the natural booms and busts of the business cycle.
Fiat money isn't a scarce or fixed resource like gold so central banks have much greater control over its supply. This gives them the power to manage economic variables such as credit supply, liquidity, interest rates, and money velocity. The U.S. Federal Reserve has the dual mandate to keep unemployment and inflation low and using fiat money can help it meet those goals.
Fiat money serves as a good currency if it can handle the roles that a nation's economy requires of its monetary unit: storing value, providing a numerical account, and facilitating exchange. It also has excellent seigniorage. It's more cost-efficient to produce than a currency that's directly tied to a commodity.
Disadvantages Explained
The mortgage crisis of 2007 and subsequent financial meltdown tempered the belief that central banks could necessarily prevent depressions or serious recessions by regulating the money supply.
A currency tied to gold is generally more stable than fiat money because of the limited supply of gold.
Examples of Fiat Money
The U.S. dollar, the euro, the British pound, the Japanese yen, the Albanian lek, and the Indian rupee are all examples of fiat money. It's a currency that's backed by an issuing government so fiat money usually provides some economic stability, but not always.
The African nation of Zimbabwe provided an example of the worst-case scenario in the early 2000s. The country's central bank began to print money at a staggering pace in response to serious economic problems, resulting in hyperinflation.
Experts suggest that the currency lost 99.9% of its value during this time. Prices rose rapidly and consumers carried bags full of money just to purchase basic staples. The government of Zimbabwe was forced to issue a 100-trillion Zimbabwean dollar note at the height of the crisis. Foreign currencies were eventually used more widely than the Zimbabwean dollar.
The Bottom Line
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USD to PHP: Convert US Dollars to Philippine Pesos
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Use the USD to PHP currency converter at Exchange-Rates.org for accurate and up-to-date exchange rates. Easily convert US Dollars to Philippine Pesos with real-time data.
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https://www.exchange-rates.org/converter/usd-php/1
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Frequently Asked Question about USD to PHP
How much is 1 US Dollar in Philippine Pesos?
1 US Dollar = 56.654 Philippine Pesos as of August 19, 2024 03:30 PM UTC. You can get live exchange rates between US Dollars and Philippine Pesos using exchange-rates.org, which aggregates real-time forex data from the most authoritative sources.
How much is 100 US Dollars in Philippine Pesos?
As of August 19, 2024 03:30 PM UTC, 100 US Dollars is equivalent to 5,665.40 Philippine Pesos. The exchange rate at this time is 56.654 Philippine Pesos per US Dollar.
What was the highest USD to PHP exchange rate in the last 10 years?
In the last 10 years, the highest rate from US Dollars to Philippine Pesos was on September 27, 2022 when each US Dollar was worth 59.230 Philippine Pesos.
When is the best time to convert USD to PHP?
The USD and PHP can be traded 24x5, starting from the time markets open on Monday mornings in Sydney until they close on Fridays at 5 PM in New York. Exchange rates can fluctuate by the minute while markets are open. However, the period between 3-4 PM GMT is often a good time to convert US Dollars to Philippine Pesos because currency market liquidity and trading volume tend to be the highest during this time. Additionally, it's advisable to convert US Dollars to Philippine Pesos early in the week if you need PHP urgently. Executing a trade late in the week might result in a delayed settlement until the following week, as forex markets are closed on weekends.
Which is stronger, the US Dollar or the Philippine Peso?
The US Dollar is currently stronger than the Philippine Peso, as 1 USD is equal to 56.654 PHP. Conversely, 1 PHP is worth 0.01765 USD.
Is the US Dollar up or down against the Philippine Peso?
The US Dollar has increased +2.27% year-to-date against the Philippine Peso. Over the past 10 years, the US Dollar has appreciated +26.70% against the Philippine Peso. Consequently, the US Dollar has gained purchasing power compared to the Philippine Peso over the last decade.
What's the best USD to PHP exchange rate today?
As of August 19, 2024 03:30 PM UTC, the best USD to PHP exchange rate is 56.654 PHP. This means that for every US Dollar you exchange, you will receive 56.654 Philippine Pesos.
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https://www.numismatics.ph/resources/piso-or-peso.html
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Piso or Peso? Official currency name of the Philippines?
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1967-08-19T00:00:00
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Peso is the unit of monetary value in the Philippines, which is represented by the sign P.
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Numismatics Philippines
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https://www.numismatics.ph/resources/piso-or-peso.html
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Are you wondering if what is the official name of the currency of the Philippines? âPisoâ or âPesoâ. According to Section 48 of the Republic Act No. 7653 also known as âThe New Central Bank Actâ, âPesoâ is the unit of monetary value in the Philippines, which is represented by the sign "P." The âPesoâ is divided into one hundred (100) equal parts called "centavos," which are represented by the sign "c."
However, since 1967 for coins, and since 1969 for banknotes, Filipino Language has been used in our currency, including the term âPisoâ which has been translated from âPesoâ. This has been done to uphold and enrich our national language.
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https://stripe.com/in/resources/more/which-countries-use-pesos-a-guide-to-where-this-currency-is-used
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Which countries use pesos?
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2024-05-26T00:00:00-04:00
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Which countries use pesos? Here's a list of where this currency is used.
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https://stripe.com/in/resources/more/which-countries-use-pesos-a-guide-to-where-this-currency-is-used
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The peso is the official currency of several countries, including Mexico, Argentina and Colombia. As a regional standard in Latin America, the peso facilitates substantial trade and investment activities within and across these nations. Each country's peso has distinct characteristics and economic implications which reflect that country's unique monetary policies and economic conditions.
For businesses operating in these economies, daily transactions and financial operations will inevitably involve the peso. The Mexican peso plays a huge role in global finance (particularly in the North American region), and since 2022, it has been the third-most traded currency from emerging markets. The Argentine peso, while experiencing some volatility, is prevalent in South American markets, and the Colombian peso is more stable relative to other regional currencies. These currencies influence local pricing mechanisms and price setting in commodities markets, especially for products such as copper and oil.
For international businesses, operating in pesos can minimise hassle surrounding currency conversion and mitigate some of the risks associated with fluctuations in exchange rates. However, the varying stability of the peso across different nations does require some careful financial planning and risk management. This guide will cover the historical development of the peso, and how the peso functions for cross-border financial transactions and as official domestic currency.
What's in this article?
History of the peso
Importance of the peso in the world economy
Which countries use the peso?
History of the peso
The term "peso" originally referred to the Spanish dollar, also known as the "piece of eight". Introduced by the Spanish monarchs Ferdinand and Isabella, who reformed Spain's coinage system in 1497, the peso was a silver coin that became a standard of trade across the Americas and Asia due to its uniform size and quality – making it one of the first global currencies.
As Spain established colonies across the world, the peso became a common currency in many parts of Latin America and the Philippines and was used for trade both within the empire and internationally. In the early 19th century, many Latin American countries gained their independence from Spanish rule and newly formed nations, such as Mexico, Argentina and Colombia, adopted the peso as their official currency. Each country minted its own version of the peso, leading to a variety of currencies with the same name but different values and designs.
Throughout the 20th century, many countries that used the peso experienced economic challenges, including hyperinflation, devaluation and redenomination, which affected the value of their respective currencies.
Today, the peso remains the official currency of several countries. The most widely recognised is the Mexican peso, a highly traded currency and a major player in the North American economy. Other countries such as Argentina and Chile use pesos that are distinct in their economic context and monetary value. Despite facing numerous economic crises, the peso continues to be an integral part of the financial systems in several countries and embodies a long tradition of commerce and cultural exchange.
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Different currency symbols and signs of the world
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2022-05-13T00:00:00
|
Find correct currency symbols, signs and codes for currencies around the world. Learn how to type them on Mac or Windows.
|
en
|
Wise
|
https://wise.com/gb/blog/world-currency-symbols
|
Every world currency has an assigned code, used on currency exchange markets, and a currency code symbol which is typically used when pricing goods in a store, or dishes in a restaurant for example. Some of them might be familiar - some less so. If you’re wondering which currency symbol you need, we have you covered.
Wherever you’re off to, here’s all you need to know about some of the different currency symbols of the world.
📝 Table of contents
List of currency symbols: Europe
List of currency symbols: the Americas
List of currency symbols: Middle East
List of currency symbols: Africa
List of currency symbols: Asia & The Pacific region
List of currency symbols: Cryptocurrencies
List of currency symbol shortcuts on keyboard
How to insert currency symbols in MS Word and Excel
How to insert currency signs in Google Docs and Sheets
Need to manage money in multiple currencies or countries? Wise could help
Banks may often charge hefty fees for foreign and multi-currency accounts. And if you’ve already tried managing multiple accounts in multiple countries, you know it’s rarely simple.
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Learn more about the Wise multi-currency account
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Different currency symbols and signs of the world
Currency symbols are a quick and easy way to show specific currency names in a written form. It’s a convenient shorthand, replacing the words with a graphic symbol for ease - for example $40 instead of the full version - 40 US dollars. It’s worth noting that currency symbols are fairly standardised, but do have small variations. For example, the symbol for USD could be written with 2 vertical lines instead of 1, without any change to the meaning.
When travelling somewhere new, it’s helpful to recognise the currency symbol as you’re likely to see it on restaurant menus, or in stores. You might also need to know how to type currency symbols - as only a small number are displayed on the average computer keyboard.
Do I write the currency symbol before or after the sum?
This depends on the currency and the local custom. Some currencies are fairly consistently written before the amount - especially in English-speaking countries and South America. So in the US, for example, you’d see an amount written as $100.
However, in some European countries it is common to use the symbol at the end of the amount - so you might see 50€ written in France or Germany.
In other places, you’ll find the currency symbol in the place you might expect a decimal separator, so 20$00, for example.
List of currency symbols: Europe
Currency symbolCurrencyCountryCurrency code €EuroEuro area countriesEUR LAlbanian lekAlbaniaALL BrBelarusian rubleBelarusBYN KMBosnia and Herzegovina convertible markBosnia and HerzegovinaBAM лвBulgarian levBulgariaBGN knCroatian kunaCroatiaHRK KčCzech korunaCzechiaCZK krDanish kroneDenmarkDKK knCroatian KunaCroatiaHRK ₾Georgian lariGeorgiaGEL krDanish kroneGreenlandDKK ftHungarian forintHungaryHUF kr, ÍkrIcelandic krónaIcelandISK CHFSwiss francLiechtensteinCHF LMoldovan leuMoldovaMDL денSecond Macedonian denarNorth MacedoniaMKD krNorwegian kroneNorwayNOK złPolish zlotyPolandPLN leiRomanian leuRomaniaRON ₽Russian rubleRussiaRUB RSDSerbian dinarSerbiaRSD krSwedish kronaSwedenSEK CHFSwiss francSwitzerlandCHF ₺Turkish liraTurkeyTRY ₴Ukrainian hryvnaUkraineUAH £Pounds sterlingUnited KingdomGBP
List of currency symbols: the Americas
Currency symbolCurrencyCountryCurrency code $United States DollarUS Dollar countriesUSD $East Caribbean dollarOECS countriesXCD ƒAruban florinArubaAWG $Argentine pesoArgentinaARS B$Bahamian dollarThe BahamasBSD $Barbadian dollarBarbadosBBD $Bermudian dollarBermudaBMD BZ$Belize dollarBelizeBZD BsBolivian bolivianoBoliviaBOB R$Brazilian realBrazilBRL CA$Canadian dollarCanadaCAD CI$Cayman Islands dollarCayman IslandsKYD $Chilean pesoChileCLP $Colombian pesoColombiaCOP ₡Costa Rican colónCosta RicaCRC CUC$Cuban pesoCubaCUP ƒNetherlands Antillean guilderCuraçaoANG RD$Dominican pesoDominican RepublicDOP FK£Falkland Islands poundFalkland IslandsFKP QGuatemalan quetzalGuatemalaGTQ G$Guyanese dollarGuyanaGYD GHaitian gourdeHaitiHTG LHonduran lempiraHondurasHNL J$Jamaican dollarJamaicaJMD $Mexican pesoMexicoMXN C$Nicaraguan córdobaNicaraguaNIO B/.Panamanian balboaPanamaPAB ₲Paraguayan guaraníParaguayPYG S/.Peruvian solPeruPEN ƒNetherlands Antillean guilderSint MaartenANG Sr$Surinamese dollarSurinameSRD TT$Trinidad and Tobago dollarTrinidad and TobagoTTD $UUruguayan pesoUruguayUYU Bs.Venezuelan bolívarVenezuelaVED
List of currency symbols: Middle East
Currency symbolCurrencyCountryCurrency code ؋Afghan afghaniAfghanistanAFN ֏, դրArmenian dramArmeniaAMD ₼Azerbaijani manatAzerbaijanAZN .د.بBahraini dinarBahrainBHD €EuroCyprusEUR ლარიLariGeorgiaGEL ع.دIraqi dinarIraqIQD ﷼Iranian rialIranIRR ₪Israeli new shekelIsraelILS ينارJordanian dinarJordanJOD كKuwaiti dinarKuwaitKWD ل.لLebanese poundLebanonLBP ₪Israeli shekelPalestineILS £SSyrian poundSyriaSYP AEDEmirati dirhamUnited Arab Emirates (UAE)AED ₪Israeli shekelIsraelILS ر.عOmani rialOmanOMR ر.قQatari riyalQatarQAR SRSaudi riyalSaudi ArabiaSAR ﷼Yemeni rialYemenYER
List of currency symbols: Africa
Currency symbolCurrencyCountryCurrency code FCFACFA francWest AfricaXAF CFACFA francCentral AfricaXOF دجAlgerian dinarAlgeriaDZD KzAngolan kwanzaAngolaAOA PBotswana pulaBotswanaBWP FBuBurundian francBurundiBIF CVECape Verdean escudoCabo VerdeCVE CFComorian francComorosKMF FCCongolese francDemocratic Republic of the CongoCDF FdjDjiboutian francDjiboutiDJF E£Egyptian poundEgyptEGP NkfEritrean nakfaEritreaERN BrEthiopian birrEthiopiaETB LLilangeniEswatiniSZL DDalasiGambiaGMD GH₵Ghanaian cediGhanaGHS FGGuinean francGuineaGNF KShKenyan shillingKenyaKES LLesotho lotiLesothoLSL LD$Liberian dollarLiberiaLRD LDLibyan dinarLibyaLYD ArMalagasy ariaryMadagascarMGA KMalawian kwachaMalawiMWK ₨Mauritian rupeeMauritiusMUR UMOuguiyaMauritaniaMRU DHMoroccan dirhamMoroccoMAD MTMozambican meticalMozambiqueMZN N$Namibian dollarNamibiaNAD ₦Nigerian nairaNigeriaNGN R₣Rwandan francRwandaRWF DbSão Tomé and Príncipe dobraSao Tome and PrincipeSTN SRSeychellois rupeeSeychellesSCR LeSierra Leonean leoneSierra LeoneSLL Sh.So.Somali shillingSomaliaSOS RSouth african randSouth AfricaZAR SS£South Sudanese poundSouth SudanSSP SDGSudanese poundSudanSDG TShTanzanian shillingTanzaniaTZS د.تTunisian dinarTunisiaTND UShUgandan shillingUgandaUGX $United States DollarZimbabweUSD
List of currency symbols: Asia & The Pacific region
Currency symbolCurrencyCountryCurrency code A$Australian dollarAustraliaAUD ৳Bangladeshi takaBangladeshBDT NuBhutanese ngultrumBhutanBTN B$Brunei dollarBruneiBND ៛Cambodian rielCambodiaKHR ¥ /元Chinese yuanChinaCNY $ / HK$ / “元”Hong Kong dollarHong KongHKD RpIndonesian rupiahIndonesiaIDR ₹Indian rupeeIndiaINR ¥Japanese yenJapanJPY ₸Kazakhstani tengeKazakhstanKZT somKyrgyzstani somKyrgyzstanKGS ₭Lao kipLaosLAK MOP$Macanese patacaMacauMOP RMMalaysian ringgitMalaysiaMYR MRfMaldivian rufiyaaMaldivesMVR ₮Mongolian tögrögMongoliaMNT KKyatMyanmarMMK RsNepalese rupeeNepalNPR $New Zealand dollarNew ZealandNZD ₩North Korean wonNorth KoreaKPW RsPakistani rupeePakistanPKR ₱Philippine pesoPhilippinesPHP S$Singapore dollarSingaporeSGD ₩South Korean wonSouth KoreaKRW RsSri Lankan rupeeSri LankaLKR NT$New Taiwan dollarTaiwanTWD TJSSomoniTajikistanTJS US$US DollarTimor-LesteUSD ฿Thai bahtThailandTHB mTurkmen new manatTurkmenistanTMT somUzbekistan somUzbekistanUZS ₫Vietnamese đồngVietnamVND
List of currency symbols: Cryptocurrencies
Most cryptocurrencies like Monero, Litecoin and Ethereum use existing characters to mark their currency.
Currency symbolCurrencyCurrency code ₿BitcoinBTC or XBT ΞEthereumETH ŁLitecoinLTC ɱMoneroXMR XRPRipplesXRP ₮TetherUSDT
List of currency symbol shortcuts on keyboard
Currency symbolCurrency symbol on Mac keyboardCurrency symbol on Windows keyboardCurrencyCurrency code €Shift+Option+2Alt+EEuroEUR £Option+3Alt+LPounds sterlingGBP $Shift+4Shift+4US dollarUSD ¥Option+YJapanese yenJPY
Check out some popular currencies Wise supports for payment, holding, or sending across borders.
How to insert currency symbols in MS Word and Excel
If you need to enter an unfamiliar currency symbol into a Word document, it can be done pretty simply with just a few steps.
Here’s how to insert a currency symbol:
Open a document
Click Insert, and then choose Symbol or Advanced Symbol on iOS
Select a common symbol or click on More Symbols
Choose Currency Symbols from the drop down box
Click on the symbol you wish to enter
If you’re using an Excel document, you have 2 options; you can either follow the steps above, or you can format the cell.
Here’s how to format the cell to show currency symbols:
Open a document
Select the cell you want to format
Right click and choose Format Cells
Choose Currency from the drop down list
Find the symbol you need
Click OK
If you format your cell, you can type in a number, and hit return. You’ll see it’s turned into a currency format, with the symbol you selected. So for example, if you chose the £ sign, and typed in 54, the cell would show £54.00. Smart, huh?
If you struggle to find a currency symbol, it could be because the font you’re using isn’t set up to handle that particular symbol. Try switching to a different font and follow the steps again.
How to insert currency signs in Google Docs and Sheets
Adding currency symbols in Google Docs and Sheets is quite straightforward. However, there’s a slightly different route you need to take for both. So, let’s take a look.
Here’s a step-by-step guide for Google Docs:
Open a document
Click Insert and choose Special characters
Pick Currency from the second drop down menu
Click on the symbol to insert it
It’s a bit different in Google Sheets. Instead of using the Insert function, you need to format the cell instead.
Here’s how to add currency symbols in Google Sheets:
Open a document
Choose a cell or cells you want to format
Click Format, navigate to Number and choose Custom currency
Choose the correct currency and click Apply
For more information on HTML and Unicode characters, check out these resources:
Toptal's HTML characters
Compart's Unicode characters
Whether you're travelling abroad and curious about the local currency or just were looking for how to add a currency symbol to your document - hopefully you’ve found it.
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9083
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dbpedia
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0
| 57
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https://www.interchangefinancial.com/buy/currency/philippine-peso-php/
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en
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Convert Canadian Dollar Currency Order Online
|
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2014-06-18T16:45:33+00:00
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Buy Philippine Peso online or convert it to Canadian dollars. Interchange Financial offers the lowest exchange rates. Order online, Canada wide delivery.
|
en
|
Interchange Currency Exchange
|
https://www.interchangefinancial.com/buy/currency/philippine-peso-php/
|
Choose delivery method
Get your foreign currency delivered securely to your door anywhere in Canada with Canada Post in 3-4 business days or choose to pick it up from one of our locations instantly.
Why use us
Using the Interchange Financial online order system, you can order foreign cash at better exchange rates than banks and credit cards, with delivery in two business days to any address in Canada.
Better exchange rates
We offer substantially better exchange rates than any other service provider in Canada including banks and credit cards. As a result, you can save significantly on your next trip by using our service. See our Best Exchange Rate Guarantee™ for details.
No Fee
We do not have any foreign exchange fees or service charges. Credit card companies charge you 2.5% to 7% for international transactions.
Convenience
You order online from the convenience of your home and we ship immediately from one of the largest inventories of foreign exchange in Canada directly to you. There are also no hassles, or "ordering in advance" as with the banks. There is also no need to go to the bank to pick up your foreign exchange.
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“This is a great service, I have only used it twice with currency request online. It is easy quick and very secure all from the convenience of your computer.”
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“Just bought 1600 Euros from Interchange Financial Company. Called them originally for a quote but I ended up ordering online from their website and had it shipped to my office.”
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9083
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dbpedia
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2
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https://fastercapital.com/content/Peso--Investigating-the-Peso-s-Role-within-the-Asian-Currency-Unit.html
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en
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Peso: Investigating the Peso's Role within the Asian Currency Unit
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The Asian Currency Unit (ACU) is a proposed common currency for the Asian region that has been discussed since the 1990s. The ACU is intended to promote regional integration, increase trade, and reduce exchange rate volatility between Asian countries. The idea behind the ACU is to create a basket...
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https://fastercapital.com/images/favicon.ico
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FasterCapital
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https://fastercapital.com/content/Peso--Investigating-the-Peso-s-Role-within-the-Asian-Currency-Unit.html
|
1. Understanding the Asian Currency Unit
The asian Currency unit (ACU) is a proposed common currency for the Asian region that has been discussed since the 1990s. The ACU is intended to promote regional integration, increase trade, and reduce exchange rate volatility between Asian countries. The idea behind the ACU is to create a basket of currencies from the region that would be used as a reference for trade and investment transactions. The ACU would not replace the individual currencies of the countries in the region but would be used alongside them.
1. The Benefits of a Common Currency in Asia
One of the main benefits of a common currency in Asia is that it would reduce transaction costs for businesses operating in the region. Currently, companies that trade between Asian countries need to convert their currencies, which can be expensive and time-consuming. With a common currency, these costs would be eliminated, making trade more efficient and profitable.
Another benefit of a common currency is that it would reduce exchange rate volatility between Asian countries. This would make it easier for businesses to plan and invest, as they would have a more stable currency to work with. It would also make it easier for central banks to coordinate monetary policy, which could help to stabilize the region's economies.
2. Challenges in Implementing a Common Currency
One of the main challenges in implementing a common currency in Asia is the diversity of the region. Asia includes countries with vastly different economic systems, political structures, and levels of development. This makes it difficult to create a currency that would be acceptable to all countries in the region.
Another challenge is the issue of sovereignty. Giving up control of a country's currency is a significant step, and some countries may be reluctant to do so. There are also concerns about the loss of flexibility that comes with a common currency. Countries would no longer be able to devalue their currencies to boost exports, for example.
3. Alternatives to a Common Currency
There are several alternatives to a common currency that have been proposed for the Asian region. One option is to create a currency board system, where each country would peg its currency to a common currency, such as the US dollar or the euro. This would provide some of the benefits of a common currency, such as reduced exchange rate volatility, without the need to give up control of a country's currency.
Another option is to create a regional exchange rate mechanism, similar to the european Exchange Rate mechanism (ERM). This would involve setting up a system of fixed exchange rates between Asian currencies, which would be managed by a central bank. This would provide some of the benefits of a common currency, while still allowing countries to retain control of their currencies.
4. Conclusion
While the idea of a common currency in Asia is an attractive one, the challenges of implementation are significant. However, there are alternatives to a common currency that could still provide some of the benefits, such as reduced transaction costs and exchange rate volatility. Ultimately, the best option for the region will depend on a range of factors, including the economic and political situation in each country.
Understanding the Asian Currency Unit - Peso: Investigating the Peso's Role within the Asian Currency Unit
2. The History of the Peso and its Importance in the Asian Economy
The Peso, which is the official currency of several countries in Asia, has a long and fascinating history that reflects the region's complex economic and political developments. This section of the blog will explore the history of the Peso and its importance in the Asian economy.
1. The origins of the Peso: The Peso has its roots in the Spanish colonial era, when the Spanish introduced the currency to the Philippines in the late 16th century. The Peso was initially a silver coin that was used to facilitate trade between the Spanish and the local population. Over time, the Peso became the official currency of the Philippines and was also adopted by other countries in the region, such as Mexico, which used the Peso until 1992.
2. The role of the Peso in the Asian economy: Today, the Peso is an important currency in the Asian economy, and is used by several countries in the region, including the Philippines, Indonesia, and Myanmar. The Peso is also a key component of the Asian Currency Unit (ACU), which is a proposed regional currency basket that would include several Asian currencies. The ACU is designed to promote regional economic integration and reduce the region's dependence on the US dollar.
3. The challenges facing the Peso: Despite its importance in the Asian economy, the Peso faces several challenges that could impact its future value and stability. One of the main challenges is the country's high inflation rate, which has been driven by rising food and energy prices. This has led to concerns about the Peso's purchasing power and its ability to maintain its value over time.
4. The future of the Peso: Despite these challenges, the Peso has a bright future in the Asian economy, as it continues to play a key role in regional trade and investment. One option for strengthening the Peso is to increase its use in international trade, which would help to boost demand for the currency and increase its value. Another option is to promote regional economic integration, which would reduce the region's dependence on the US dollar and other foreign currencies.
5. Conclusion: Overall, the Peso has a rich history and an important role in the Asian economy. While it faces several challenges, there are also opportunities for strengthening the currency and promoting regional economic integration. By working together, countries in the region can help to ensure the long-term stability and success of the Peso and the Asian economy as a whole.
The History of the Peso and its Importance in the Asian Economy - Peso: Investigating the Peso's Role within the Asian Currency Unit
3. The Pesos Performance in Comparison to Other Asian Currencies
One of the most important aspects of understanding the role of the Peso in the Asian Currency Unit is to analyze its performance in comparison to other Asian currencies. This analysis can provide valuable insights into the strengths and weaknesses of the Peso and help identify potential areas for improvement. In this section, we will explore the performance of the Peso in comparison to other Asian currencies and provide an in-depth analysis of its performance.
1. Peso vs. Japanese Yen
The Japanese Yen is one of the most important currencies in Asia and is often used as a benchmark for other currencies in the region. In general, the Peso has performed relatively well against the Yen in recent years. For example, in 2020, the Peso appreciated by around 5% against the Yen. However, there have been periods when the Peso has struggled against the Yen. For instance, in 2018, the Peso depreciated by around 10% against the Yen. One of the key factors that impact the performance of the Peso against the Yen is the interest rate differential between the two countries.
2. Peso vs. Chinese Yuan
The Chinese Yuan is another important currency in Asia and is the second-largest currency in terms of trade volume. In general, the Peso has not performed as well against the Yuan as it has against the Yen. For example, in 2020, the Peso depreciated by around 2% against the Yuan. One of the key factors that impact the performance of the Peso against the Yuan is the trade relationship between the Philippines and China. As China is one of the largest trading partners of the Philippines, any changes in the trade relationship can have a significant impact on the performance of the Peso against the Yuan.
3. Peso vs. South Korean Won
The South Korean Won is another important currency in Asia and is often used as a benchmark for other currencies in the region. In general, the Peso has performed relatively well against the Won in recent years. For example, in 2020, the Peso appreciated by around 6% against the Won. One of the key factors that impact the performance of the Peso against the Won is the economic relationship between the Philippines and South Korea. As South Korea is one of the largest investors in the Philippines, any changes in the economic relationship between the two countries can have a significant impact on the performance of the Peso against the Won.
4. Peso vs. Singapore Dollar
The Singapore Dollar is another important currency in Asia and is often used as a benchmark for other currencies in the region. In general, the Peso has not performed as well against the Singapore Dollar as it has against the Yen or the Won. For example, in 2020, the Peso depreciated by around 5% against the Singapore Dollar. One of the key factors that impact the performance of the Peso against the Singapore Dollar is the interest rate differential between the two countries.
While the Peso has performed relatively well against some Asian currencies, it has struggled against others. The factors that impact the performance of the Peso against other currencies are complex and multifaceted, including economic relationships, interest rate differentials, and trade relationships. Understanding these factors is crucial for policymakers and investors who want to make informed decisions about the role of the Peso within the Asian Currency Unit.
The Pesos Performance in Comparison to Other Asian Currencies - Peso: Investigating the Peso's Role within the Asian Currency Unit
4. Factors Affecting the Pesos Value in the ACU
The value of a currency in the Asian Currency Unit (ACU) is affected by a variety of factors. The Peso, being a part of the ACU, is also affected by these factors. Some of these factors are internal to the country, while others are external. In this section, we will discuss the various factors that affect the Peso's value in the ACU.
1. economic growth: Economic growth is one of the most important factors affecting a currency's value. A country with a strong and growing economy is likely to have a strong currency. On the other hand, a country with a weak economy is likely to have a weak currency. The Peso's value is affected by the economic growth of the Philippines. If the Philippines has a strong economy with high GDP growth, the Peso is likely to appreciate in value. Conversely, if the economy is weak, the Peso is likely to depreciate in value.
2. interest rates: Interest rates also play a significant role in determining a currency's value. higher interest rates attract foreign investment, which increases the demand for the currency. This, in turn, leads to an appreciation in the currency's value. Conversely, lower interest rates lead to a decrease in demand for the currency, which leads to a depreciation in the currency's value. The Philippines' Central Bank, Bangko Sentral ng Pilipinas (BSP), has been known to increase interest rates to attract foreign investment and stabilize the Peso's value.
3. political stability: Political stability is another important factor affecting a currency's value. A country with political stability is likely to have a strong currency, as investors are more likely to invest in a stable country. Conversely, a country with political instability will have a weak currency, as investors are less likely to invest in a volatile country. The Philippines has been politically stable in recent years, which has helped stabilize the Peso's value.
4. trade balance: The trade balance of a country also affects its currency's value. A country with a trade surplus (exports are greater than imports) is likely to have a strong currency, as there is a high demand for its exports. Conversely, a country with a trade deficit (imports are greater than exports) is likely to have a weak currency, as there is a low demand for its exports. The Philippines has been running a trade deficit in recent years, which has put pressure on the Peso's value.
5. Inflation: Inflation is another factor affecting a currency's value. High inflation leads to a decrease in the currency's value, as the purchasing power of the currency decreases. Conversely, low inflation leads to an increase in the currency's value. The Philippines has been experiencing high inflation in recent years, which has put pressure on the Peso's value.
The value of the Peso in the ACU is affected by a variety of factors, both internal and external. Economic growth, interest rates, political stability, trade balance, and inflation are some of the major factors affecting the Peso's value. To maintain a stable Peso, the Philippines' Central Bank, BSP, has been known to increase interest rates to attract foreign investment and stabilize the Peso's value.
Factors Affecting the Pesos Value in the ACU - Peso: Investigating the Peso's Role within the Asian Currency Unit
5. The Role of the Philippine Government in Managing the Pesos Exchange Rate
The Philippine peso, like other currencies, is subject to fluctuations in its exchange rate. The government plays a crucial role in managing the peso's exchange rate, as it affects the country's economy and its citizens' purchasing power. In this section, we will explore the different ways the Philippine government manages the peso's exchange rate, the challenges it faces, and the options available to it.
1. Intervention in the foreign exchange market
One of the ways the Philippine government manages the peso's exchange rate is by intervening in the foreign exchange market. The central bank, Bangko Sentral ng Pilipinas (BSP), buys or sells pesos to influence the supply and demand for the currency. For example, if the peso is appreciating too quickly, the BSP can sell pesos to increase the supply and lower its value. On the other hand, if the peso is depreciating too rapidly, the BSP can buy pesos to decrease the supply and raise its value.
2. Capital controls
Another tool the Philippine government can use to manage the peso's exchange rate is capital controls. Capital controls are measures that restrict the flow of capital in and out of the country. For instance, the government can limit the amount of foreign currency that individuals or businesses can purchase or require approval for large transactions. Capital controls can help stabilize the exchange rate by reducing the volatility caused by short-term capital flows.
3. Fiscal policy
Fiscal policy can also affect the peso's exchange rate. The government can adjust its spending and taxation to influence the economy's overall performance. For example, if the government increases spending, it can boost economic growth, which can lead to an increase in demand for pesos and an appreciation of the currency. However, if the government spends too much, it can lead to inflation, which can decrease the value of the peso.
4. Economic reforms
The Philippine government can also implement economic reforms to manage the peso's exchange rate. These reforms can include improving infrastructure, promoting exports, and attracting foreign investment. By enhancing the country's economic competitiveness, it can increase demand for pesos and stabilize the exchange rate.
5. Challenges
Despite the different tools available to the Philippine government, managing the peso's exchange rate is not without challenges. One of the significant challenges is the country's dependence on remittances from overseas workers, which can cause the peso to appreciate when there is a surge in remittances. Additionally, the country's trade deficit and external debt can also put pressure on the peso's exchange rate.
6. Best option
The Philippine government has several options available to manage the peso's exchange rate, including intervention in the foreign exchange market, capital controls, fiscal policy, and economic reforms. Each option has advantages and disadvantages, and the best option depends on the country's economic conditions and goals. However, a combination of these tools and a long-term strategy focused on improving the economy's competitiveness can lead to a stable and sustainable exchange rate.
The Role of the Philippine Government in Managing the Pesos Exchange Rate - Peso: Investigating the Peso's Role within the Asian Currency Unit
6. Challenges and Opportunities for the Peso within the ACU
The Asian Currency Unit (ACU) is a currency basket that aims to promote regional economic integration and facilitate trade among its member countries. The ACU currently includes 13 currencies, including the Philippine Peso. While the inclusion of the Peso in the ACU has its advantages, it also presents several challenges that need to be addressed. In this section, we will discuss the challenges and opportunities for the Peso within the ACU.
1. Volatility of the Peso
One of the main challenges for the Peso within the ACU is its volatility. The Peso has been known to be volatile, which can affect the stability of the ACU. A sudden depreciation of the Peso can cause a ripple effect on the other currencies in the basket, leading to instability. To address this challenge, the Philippine government must implement sound economic policies, such as maintaining fiscal discipline, promoting export diversification, and attracting foreign investments. These policies can help stabilize the Peso and reduce its volatility.
2. Integration with the ACU
Another challenge for the Peso within the ACU is its integration with the other currencies. The Peso is not yet fully integrated with the other currencies in the basket, which can hinder its competitiveness. To address this challenge, the Philippine government must work closely with the other member countries to harmonize their economic policies, reduce trade barriers, and promote cross-border investments. This can help integrate the Peso with the other currencies in the ACU and increase its competitiveness.
3. Opportunities for the Peso
Despite the challenges, there are also opportunities for the Peso within the ACU. One of the main opportunities is the potential for increased trade and investment. The ACU can provide a platform for Philippine businesses to expand their reach in the region and tap into new markets. This can help boost economic growth and create more job opportunities in the country. Moreover, the Peso can benefit from the stability provided by the ACU, which can attract more foreign investments and boost investor confidence.
4. Options for the Peso
To maximize the opportunities and address the challenges for the Peso within the ACU, there are several options that the Philippine government can consider. One option is to strengthen the country's economic fundamentals by implementing sound economic policies, such as tax reforms, infrastructure development, and institutional reforms. Another option is to promote regional economic integration by reducing trade barriers, harmonizing economic policies, and creating a conducive environment for cross-border investments. Finally, the Philippine government can also explore the possibility of pegging the Peso to the ACU basket to reduce its volatility and increase its stability.
The Peso faces both challenges and opportunities within the ACU. To maximize the benefits and address the challenges, the Philippine government must implement sound economic policies, promote regional economic integration, and explore different options to enhance the competitiveness and stability of the Peso within the ACU.
Challenges and Opportunities for the Peso within the ACU - Peso: Investigating the Peso's Role within the Asian Currency Unit
7. The Impact of the Pesos Value on Philippine Businesses and the Economy
The value of the Philippine peso has always been a topic of concern for businesses and the economy. The fluctuation in the value of the peso has a significant impact on the economy, affecting the purchasing power of consumers, the competitiveness of businesses, and the country's overall economic stability. In this section, we will explore the impact of the peso's value on Philippine businesses and the economy.
1. Export industry
The export industry is one of the sectors that are heavily affected by the peso's value. A weaker peso makes Philippine exports cheaper and more competitive in the global market. On the other hand, a stronger peso makes Philippine exports more expensive, making it less competitive. For instance, in 2018, the peso appreciated, making Philippine products more expensive, and this resulted in a decrease in the country's export revenue. However, when the peso depreciated in 2019, the export industry recorded a growth of 3.5%.
2. Import industry
The value of the peso also affects the import industry. A weaker peso makes imported products more expensive, while a stronger peso makes imported products cheaper. This affects the purchasing power of consumers and the profitability of businesses that rely on imported products. For instance, when the peso depreciated in 2018, the price of imported fuel, food, and other goods increased, leading to inflation. In contrast, when the peso appreciated in 2019, the cost of imported goods decreased, resulting in lower inflation.
3. Foreign investments
The value of the peso also affects foreign investments in the country. A weaker peso makes investments in the country more attractive to foreign investors as they get more pesos for their currency. On the other hand, a stronger peso makes investments in the country less attractive to foreign investors as they get fewer pesos for their currency. For instance, when the peso depreciated in 2018, foreign investments increased, helping boost the country's economy. However, when the peso appreciated in 2019, foreign investments decreased.
4. Remittances
Remittances from overseas Filipino workers (OFWs) are a significant source of foreign exchange for the country. The value of the peso affects the purchasing power of OFWs and their families in the country. A weaker peso means that OFWs get more pesos for their foreign currency, while a stronger peso means that OFWs get fewer pesos for their foreign currency. For instance, when the peso depreciated in 2018, OFWs sent more money to their families, helping boost the country's economy. However, when the peso appreciated in 2019, OFWs sent less money to their families.
The value of the peso has a significant impact on Philippine businesses and the economy. While a weaker peso may benefit some sectors, it may negatively affect others. On the other hand, a stronger peso may benefit some sectors, but it may negatively affect others. The best option would be to maintain a stable peso value that benefits all sectors of the economy.
The Impact of the Pesos Value on Philippine Businesses and the Economy - Peso: Investigating the Peso's Role within the Asian Currency Unit
8. Strategies for Investors to Maximize Opportunities with the Peso
Investing in the Peso can be a profitable venture for investors who are looking to diversify their portfolio. However, it is important to have a solid strategy in place in order to maximize opportunities and minimize risks. In this section, we will explore some strategies that investors can use to make the most of their investments in the Peso.
1. Keep an eye on the macroeconomic environment
The first step towards developing a successful investment strategy is to keep an eye on the macroeconomic environment. This includes monitoring factors such as inflation, interest rates, and political stability. Investors should also pay attention to any changes in government policies that could impact the economy. By staying informed about these factors, investors can make informed decisions about when to buy or sell Peso-denominated assets.
2. Diversify your portfolio
diversification is a key strategy for any investor, and this is especially true when it comes to investing in the Peso. Investors should consider investing in a range of Peso-denominated assets, such as stocks, bonds, and mutual funds. This can help to spread out risk and reduce the impact of any single asset on the overall portfolio.
3. Consider investing in Peso-denominated bonds
Investing in Peso-denominated bonds can be a good way to earn a steady stream of income while also diversifying your portfolio. These bonds are issued by the Philippine government and are considered to be relatively safe investments. They also offer higher yields than many other government bonds, making them an attractive option for income investors.
4. Look for undervalued stocks
Investors who are willing to take on more risk may want to consider investing in undervalued stocks. These are stocks that are trading at a lower price than their intrinsic value, and can offer significant potential for capital gains. However, it is important to do your research and make sure that the company is fundamentally sound before investing.
5. Use a professional financial advisor
Investing in the Peso can be complex, and it can be difficult for individual investors to navigate the market on their own. Working with a professional financial advisor can help to ensure that you are making informed decisions and taking advantage of all available opportunities. A financial advisor can also help you to develop a personalized investment strategy that is tailored to your individual needs and goals.
There are many strategies that investors can use to maximize opportunities with the Peso. By staying informed about the macroeconomic environment, diversifying your portfolio, investing in Peso-denominated bonds, looking for undervalued stocks, and working with a professional financial advisor, you can increase your chances of success in the market. However, it is important to remember that investing always involves some degree of risk, and you should never invest more than you can afford to lose.
Strategies for Investors to Maximize Opportunities with the Peso - Peso: Investigating the Peso's Role within the Asian Currency Unit
9. The Future of the Peso in the Asian Currency Unit
The future of the Peso in the Asian Currency Unit is a topic of great interest for many investors and economists. The Peso has been a part of the ACU since its inception in 1977, and it has played an important role in the region's economy. However, recent economic developments have raised questions about the Peso's future in the ACU. In this section, we will discuss the different options for the Peso's future in the ACU and provide insights from different perspectives.
1. Maintain the Status Quo: One option is to maintain the current arrangement, where the Peso is a part of the ACU. This option has the advantage of stability, as it would not require any significant changes to the current system. However, the downside is that the Peso's value would be tied to the other currencies in the ACU, which could limit its growth potential.
2. Leave the ACU: Another option is for the Philippines to leave the ACU and manage its currency independently. This option would give the Philippines greater control over its currency and would allow it to pursue its own monetary policy. However, leaving the ACU could also result in increased volatility for the Peso, which could make it more difficult for the Philippines to attract foreign investment.
3. Join a Different Currency Union: The Philippines could also consider joining a different currency union, such as the Association of Southeast Asian Nations (ASEAN) Economic Community. This option would give the Philippines access to a larger market and could help to diversify its economy. However, joining a different currency union could also require significant changes to the country's monetary policy, which could be difficult to implement.
4. Create a New Currency Union: Finally, the Philippines could consider creating a new currency union with other countries in the region. This option would give the Philippines greater control over its currency and would allow it to tailor its monetary policy to the needs of the region. However, creating a new currency union would also require significant political and economic cooperation among the member countries, which could be difficult to achieve.
There are several options for the Peso's future in the ACU, each with its own advantages and disadvantages. Ultimately, the best option will depend on a variety of factors, including the Philippines' economic goals, its relationship with other countries in the region, and its ability to implement changes to its monetary policy.
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Philippine Currency (Philippine Peso History + Facts)
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The Philippine peso has a rich history that dates back to the Spanish colonial period. It was first introduced in 1852 as a Spanish colonial peso and was
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WhiteboardCrypto
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https://whiteboardcrypto.com/philippine-currency/
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The Philippine peso has a rich history that dates back to the Spanish colonial period. It was first introduced in 1852 as a Spanish colonial peso and was used as the country’s official currency until the Philippine-American War in 1898. The US dollar was then introduced as the country’s official currency, but the Philippine peso was reintroduced in 1946 after the country gained independence.
Today, the peso is one of the most traded currencies in Southeast Asia and is widely accepted in the country for all transactions. In this article, we’ll explore the long and fascinating history of the Philippine peso that dates back centuries. With a basic understanding of the Philippine peso and its history, you’ll be better equipped to navigate the country’s financial landscape during your travels.
Historical Journey of Philippine Currency
The history of Philippine money goes back to the pre-Hispanic era when gold Piloncitos and other items were used as currency. However, it was only during the Spanish colonial period that the official currency, the Philippine peso, was introduced.
Over the years, the peso has seen changes in design and value. The first peso, introduced in 1861, was equivalent to eight reales during the Spanish colonial period. In 1903, it was revalued to be equivalent to two and a half pesos of the old value.
During World War II, Japanese forces replaced the Philippine peso with their own currency. After the war, the peso was reintroduced but underwent devaluations until the mid-1960s when it was pegged to the US dollar.
History of Coins
The Bangko Sentral ng Pilipinas issues Philippine peso coins for circulation in the country. These coins are currently available in seven denominations. The use of the Philippine peso dates back to Spanish rule, and its history involves influences from the Spanish dollar and other currencies.
During the pre-Hispanic era, gold served as a vital medium of exchange, represented by stamped gold beads known as piloncitos and gold barter rings. The original silver currency unit was the rupee or rupiah, introduced through trade with India and Indonesia.
Under Spanish administration, the Spanish silver peso, equivalent to eight reales, was introduced in 1521 by the Magellan expedition and brought in large quantities by the Manila galleons after the 1565 conquest. The local salapi continued as a half-peso coin. Gold onzas or eight-escudo coins were also introduced.
Before the establishment of the Manila Mint in 1857, the Philippines relied on coins brought by Spain, China, and neighboring countries. The mint produced gold and silver coins in various denominations.
During the United States administration (1903-1945), coins were struck for use in the Philippines, ranging from 1⁄2 centavo to one peso. The designs depicted Filipino and American themes, symbolizing the collaborative efforts in nation-building.
The Culion leper colony, established in 1906, issued its own currency due to concerns about leprosy transmission through regular money. The coins were struck in aluminum and later copper-nickel alloy.
After gaining independence in 1946, the Philippines introduced various coin series, including the English Series, Pilipino Series, Ang Bagong Lipunan Series, and Flora and Fauna Series. These series featured different designs, reflecting changes in leadership, language, and national symbols.
In 1995, the Bangko Sentral ng Pilipinas introduced the BSP Series, which included 1, 5, 10, and 25-sentimo, 1-piso, and 5-piso coins. The New Generation Currency Coin Series, launched in 2018, features native Philippine flora on the obverse and portraits of national heroes on the reverse. The series aims to replace the older coin designs.
Commemorative coins have been issued to mark significant events and honor historical figures. These coins hold legal tender status and contribute to numismatic interest among collectors.
As of 2022, the latest addition is the New Generation Currency Coin Series, which includes various denominations featuring native flora and portraits of national heroes. The series was introduced in 2018 and aims to replace older coin designs. Additionally, commemorative coins continue to be issued to mark important events and honor historical figures, contributing to numismatic interest among collectors.
History of Bills
The banknotes of the Philippine peso, issued by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), hold a significant role in the country’s economic landscape. These notes, ranging from ₱20 to ₱1000, showcase a blend of historical figures, events, landmarks, and fauna, contributing to a rich narrative of the Philippines’ cultural and political evolution.
The dimensions of Philippine peso banknotes have remained consistent at 16 x 6.6 cm since the US-Philippine administration, a standardization introduced during William Howard Taft’s governor-general tenure. This size, initiated in 1928, aligns with that of the United States Federal Reserve Notes, highlighting the historical connection between the two nations.
The issuance of banknotes in the Philippines traces back to 1852 when El Banco Español Filipino de Isabel II released denominations like 10, 25, 50, and 200 pesos fuertes. Over the years, various banks, such as the Bank of the Philippine Islands (BPI) and the Philippine National Bank (PNB), played roles in issuing different notes. The Silver Certificates in 1918 replaced the earlier certificates, backed by bonds from the United States Government.
The English Series, circulating from 1949 to 1969, was succeeded by the Pilipino Series (1969–1974) and the Ang Bagong Lipunan Series (1973–1996). The latter, undergoing Filipinization, was eventually demonetized in 1993 due to concerns about its potential use in influencing elections.
The New Design/BSP Series (1985–2018) featured security upgrades and a shift in presidential signatures. In 2010, the New Generation Currency (NGC) Series was introduced, emphasizing enhanced security and durability. Presidents Gloria Macapagal Arroyo and Benigno Aquino III approved this series, making it the only one endorsed by two presidents.
In 2017, the NGC series underwent design updates, including changes to font size, italicized scientific names, and alterations to specific images on selected denominations. Subsequently, the Enhanced NGC series in 2020 introduced tactile markings for the visually impaired, improved security threads, and other features to enhance accessibility.
Despite the NGC series’ advancements, certain errors have been identified, such as the exclusion of Batanes from the Philippine map and the mislocations of natural landmarks. Design Systemat, the company responsible for the bills, explained practical printing constraints affecting color reproduction.
The signatures of the President of the Philippines and the Governor of the Bangko Sentral ng Pilipinas are notable features on the banknotes. Over the years, different pairs have appeared on the notes, reflecting leadership changes.
The evolution of Philippine peso banknotes reflects not only economic transitions but also the nation’s history, culture, and political shifts. The meticulous design, security features, and the continuous pursuit of improvement demonstrate the commitment to preserving the integrity of the currency and its representation of Filipino identity.
Inflation and Buying Power of the Philippine Peso
Over the years, the value of the Philippine Peso has fluctuated due to various economic and political factors. Inflation has been a major issue in the country, with the value of the peso decreasing over time. In 1946, the exchange rate was 2 Philippine pesos to 1 US dollar. By 2023, the exchange rate had increased to around 55 Philippine pesos to 1 US dollar.
In recent years, the Philippines has experienced significant challenges related to inflation and the buying power of the Philippine peso. This has had far-reaching implications for the economy and the daily lives of Filipino citizens.
According to a report by IBON, the Philippines has the highest inflation rate in Southeast Asia. In November 2023, the inflation rate in the Philippines hit a 14-year high of 8%, as reported by Scholastic Inc. This surge in inflation has significantly impacted the cost of living for many Filipinos. The Philippine Statistics Authority (PSA) reported a headline inflation rate of 8.0% in November 2023, indicating a significant increase in the overall price level compared to the base year.
The purchasing power of the Philippine peso has been affected by inflation. As prices rise, the real value of the peso diminishes, impacting the ability of individuals and families to afford goods and services.
According to Worlddata.info, the purchasing power of the peso has been eroded over time. For example, a purchasing power of 1,000 pesos in 1960 corresponds to only 3.00 pesos at the beginning of 2023 due to inflation.
The impact of inflation on the buying power of the peso has far-reaching implications for the economy. As reported by the Bangko Sentral ng Pilipinas, the trimmed mean represents the average inflation of the weighted middle 70 percent, highlighting the broad impact of rising prices on the population.
Moreover, the International Monetary Fund (IMF) data shows that the purchasing power parity for the Philippines was 18.8 LCU per international dollar in 2022, indicating the challenges faced by the Filipino population in maintaining their purchasing power.
The Bangko Sentral ng Pilipinas (BSP) plays a crucial role in implementing monetary policies to stabilize prices and support economic growth. Through mechanisms such as interest rate adjustments and liquidity management, the BSP aims to manage inflation.
Addressing the challenges related to inflation and the purchasing power of the peso is crucial for ensuring the well-being of the Filipino population and the stability of the economy. Policy measures aimed at controlling inflation and strengthening the purchasing power of the peso will be essential for mitigating the impact of rising prices.
The Philippine Peso
The Philippine Peso (PHP) serves as the official currency of the Philippines. Represented by the symbol “₱,” the peso can be denoted as “₱100” or “100 PHP.” Additionally, when expressing amounts in words, the format “One hundred Philippine Pesos” is commonly used.
To navigate financial transactions effectively in the Philippines, it is crucial to identify various denominations of Philippine currency, which comes in both coins and bills. Philippine bills, made of polymer for durability and counterfeit resistance, come in denominations of 20, 50, 100, 200, 500, and 1000 pesos. Each bill boasts a unique design, with the 100 peso bill, featuring Apolinario Mabini, a Filipino revolutionary leader, predominantly blue in color.
The Philippine Peso is a vital aspect of the country’s financial landscape. Understanding its symbol, denominations, and security features is essential for smooth financial transactions. Whether using “₱” or “PHP,” this knowledge is instrumental in navigating the Philippine monetary system with confidence.
PHP 20
The ₱20 Philippine banknote is the smallest in circulation, featuring President Manuel L. Quezon on the front and the Banaue Rice Terraces and Asian palm civet on the reverse. Its design has evolved through various series, capturing different historical periods. From the pre-independence era with the Mayon Volcano on Silver Certificates (1905–1917) to Quezon’s introduction in the Pilipino series notes (1967), each series reflects unique aspects. The English series (1951–1971) highlighted Katipunan leaders, and the Pilipino series (1969–1973) changed colors and depicted the Malacañan Palace. The Ang Bagong Lipunan series (1973–1985) added text in 1973, and the New Design series (1986–2012) emphasized Quezon’s achievements and the national language. The ongoing New Generation series (2010–present) introduced updates in 2010 and 2017.
PHP 50
The ₱50 Philippine banknote features former President Sergio Osmeña with the First Philippine Assembly, Leyte Landing on the front, and Taal Lake with a Giant Trevally on the reverse. Its history spans diverse design series, starting with Banco Español Filipino De Isabel II in 1852. Osmeña’s presence began in the Pilipino series notes (1967), with subsequent series highlighting figures like Antonio Luna and landmarks like the Old Legislative Building. The Ang Bagong Lipunan (1973–1985) and New Design (1987–2013) series emphasized Osmeña’s achievements, while the ongoing New Generation series (2010–present) saw updates and enhancements in 2010, 2017, and 2020. Commemorative overprints mark events like Osmeña’s 100th Birth Anniversary (1978) and Central Banking milestones (1997, 2009, and 2013), underscoring the cultural and historical significance of the ₱50 Philippine banknote.
PHP 100
The ₱100 Philippine banknote features former president Manuel A. Roxas on the front and the Mayon Volcano and a whale shark on the reverse. Its history dates back to Banco Español Filipino De Isabel II in 1852 and includes various series, like the Philippine Islands Silver Certificates depicting Ferdinand Magellan. Roxas first appeared in the Pilipino series notes in 1967, followed by the Ang Bagong Lipunan (1973–1985) and New Design (1987–2013) series, reflecting design changes and historical events. Commemorative overprints mark events like the Philippine Centennial and UP Centennial. The ₱100 bill serves as a canvas for commemorating cultural, educational, and historical occasions in the Philippines.
PHP 200
The ₱200 Philippine banknote features President Diosdado Macapagal on the front and Chocolate Bohol Hills with a tarsier on the reverse. Its historical roots date back to Banco Español Filipino de Isabel II issuing 200 pesos fuertes notes in 1852. After withdrawal in 1959, the denomination was reintroduced in the 2002 New Design series, highlighting Diosdado P. Macapagal and the Aguinaldo Shrine. An “enhanced” version in 2020 introduced security features, and the 2022 version adopted the redesigned BSP logo. As the rarest in circulation, the ₱200 bill serves as a commemorative canvas for events like the UST Quadricentennial and 60 Years of Central Banking.
PHP 500
The ₱500 Philippine banknote features Senator Benigno Aquino Jr. and President Corazon Aquino on the front, with the Puerto Princesa Subterranean River National Park and the blue-naped parrot on the reverse. Set to release a polymer version in 2023, following the 1000-Piso polymer banknote in April 2022, the bill has a diverse history, originating from 1905 Philippine Islands Silver Certificates. Beyond its monetary value, the ₱500 bill serves as a canvas for commemorating significant events, underlining its cultural and historical importance in the Philippines.
PHP 1,000
The ₱1000 Philippine banknote is notable as the largest denomination in general circulation and stands out as the only peso note with a polymer version, launched in April 2022. The cotton-abaca version highlights significant figures like José Abad Santos, Vicente Lim, and Josefa Llanes Escoda on the front, with the reverse featuring the Tubbataha Reefs Natural Park and the South Sea pearl. The controversial 2021 redesign of the polymer version replaces portraits with that of the Philippine eagle. Its historical journey dates back to World War II, with the New Design series (1991–2012) depicting heroes and iconic landscapes. The 2022 polymer version is currently in limited trial circulation, showcasing the Philippine eagle and natural elements.
Currency Usage in the Philippines
Understanding the currency usage and value in the Philippines is important for a smooth and hassle-free trip. Here are some important things to know about using currency in the Philippines.
Is USD accepted in the Philippines?
Yes, USD is accepted in the Philippines, but it is not as widely accepted as the Philippine peso. You may encounter some establishments that only accept PHP, especially in smaller towns and rural areas. It is also important to note that paying in USD may result in a lower exchange rate and additional fees.
According to AboutPhilippines.org, USD and other major currencies are not widely accepted in the Philippines, except in tourist establishments, airports, or hotels. It is a good idea to bring some USD with you as emergency cash, but you should be prepared to exchange it for PHP at a bank or currency exchange.
Using PHP instead of USD can be advantageous because exchange rates are typically better. Additionally, some establishments may offer discounts or better prices if you pay in PHP.
If you do decide to use USD, it is important to know the current exchange rate. According to TripSavvy, if you are quoted a price in USD instead of PHP, you should check the current exchange rate to ensure that you are getting a fair deal.
Exchanging Currency in the Philippines
If you are planning to visit the Philippines, you will need to exchange your currency to Philippine Peso (PHP) to pay for goods and services. Here are some things you should know about exchanging currency in the Philippines.
When traveling to the Philippines, it is important to understand the currency exchange and value. The official currency of the Philippines is the Philippine peso (PHP), which is divided into 100 centavos. The Philippine peso comes in denominations of 20, 50, 100, 200, 500, and 1000 pesos.
Where can I exchange Philippine Peso?
There are many places where you can exchange your currency to Philippine Peso. The most common places are banks, hotels, and currency exchange offices. You can also exchange your currency at the airport when you arrive in the Philippines. However, keep in mind that the exchange rate at the airport is usually not as favorable as the exchange rate at other places.
Understanding the currency exchange and value in the Philippines is important for a smooth and hassle-free trip. Make sure to bring a mix of cash and credit cards, exchange your USD to PHP for better rates, and compare rates and fees before exchanging your currency.
What to know before exchanging currency in Philippine Peso
When traveling to the Philippines, exchanging your currency to Philippine Peso (PHP) is necessary for transactions. Here are important considerations before exchanging your money:
Firstly, check the daily fluctuating exchange rate between your currency and PHP to maximize your financial value. Verify the current rate online or at local banks or money changers.
Secondly, be aware of potential exchange fees imposed by banks or money changers. Knowing these fees in advance prevents surprises. Some institutions may offer favorable exchange rates but higher fees, while others provide lower rates with lower fees.
Selecting a reliable money changer is crucial to avoid scams and counterfeit currency. Opt for authorized changers with a positive reputation, steering clear of street exchanges. Although credit and debit cards are widely accepted in urban and tourist hubs, cash remains the preferred payment method in many places. Carrying some cash is advisable for smaller purchases and to address any potential card acceptance issues.
Given the prevalence of counterfeit currency in the Philippines, exercise caution. Check security features like watermarks and security threads to verify the authenticity of the bills you receive. By following these guidelines, you can ensure an optimal currency exchange experience in Philippine Peso.
Choosing Between USD and Philippine Peso
When traveling to the Philippines, you may be wondering whether you should use US dollars or Philippine Peso for your transactions. Both currencies are widely accepted in the country, but there are some factors to consider when choosing which one to use.
Exchange Rate
Before exchanging your currency, it is important to know the current exchange rate. You can check the exchange rate online or at a currency exchange office. It is also important to know that some places may charge a commission or a fee for exchanging currency. Make sure to ask about any fees or commissions before exchanging your currency.
While the USD is a dominant currency in the global market, the Philippine Peso can be subject to fluctuating exchange rates. It’s important to keep an eye on exchange rates to make the most out of your currency.
Convenience
When exchanging your currency, consider the convenience of the location. Banks and hotels may offer a more convenient location but charge higher fees or offer a less favorable exchange rate. Currency exchange offices may offer a better exchange rate, but they may be located in less convenient areas.
USD is widely accepted in many countries, making it a convenient currency for travelers and businesses. However, the Philippine Peso may be more accessible in the Philippines, where it’s the official currency. If you’re doing business or traveling in the Philippines, use the local currency to avoid exchange fees and get a better value for your money.
Fees
When exchanging your currency, make sure to ask about any fees or commissions. Some places may charge a commission or a fee for exchanging currency. It is important to know the fees before exchanging your currency to avoid any surprises.
While USD transactions may have lower fees due to their widespread use, it’s important to compare fees for both currencies to determine which one is more cost-effective.
Tips
Be sure to check the current exchange rate before proceeding with the currency exchange. Additionally, inquire about any associated fees or commissions to avoid unexpected charges. The convenience of the exchange location is another factor to consider, as well as the potential drawbacks of exchanging currency at the airport, if possible.
Furthermore, explore the option of using a debit card that does not impose foreign transaction fees for added convenience. By adhering to these guidelines, you can ensure a fair exchange rate and minimize unnecessary fees during your currency exchange in the Philippines.
Overall, the decision to choose between USD and Philippine Peso depends on your individual needs and circumstances. By considering the factors mentioned above, you can make an informed decision and choose the currency that’s right for you.
Cost of Living in the Philippines
If you are planning to move to the Philippines, you might wonder about the cost of living in the country. According to Expatistan, the cost of living in the Philippines is cheaper than in 69% of countries in Asia and 83% of countries in the world.
To give you an idea of the cost of living in the Philippines, a single person’s estimated monthly costs are around $1,591 or Php88,358. This includes accommodation, food, transportation, and other basic necessities.
However, if you want to live more reasonably, expect to pay at least Php25,000 or around $450 for a studio-type apartment. A bigger 2-bedroom apartment for the entire family will set you back at least Php50,000 or around $900.
When it comes to food, the Philippines offers a wide variety of affordable and delicious options. You can eat at a local restaurant for as low as Php50 or $1. A meal at a mid-range restaurant can cost around Php300 or $6. If you prefer to cook your own meals, the cost of groceries is also quite affordable. You can shop at several supermarkets or malls such as Robinsons.
Transportation in the Philippines is also relatively cheap. A one-way ticket for local transportation can cost as low as Php12 or $0.25. If you prefer to use ride-sharing services such as Grab or Angkas, expect to pay around Php200 or $4 for a 10-kilometer ride.
Overall, the cost of living in the Philippines is relatively affordable compared to other countries in the world. However, the cost of living can vary depending on your lifestyle and location. It is important to do your research and budget accordingly.
Don’t Get Scammed Tips
When handling Philippine currency, it’s important to be aware of the potential for scams. Here are some tips to help you avoid getting scammed:
1. Familiarize Yourself with the Security Features
The Bangko Sentral ng Pilipinas, the central bank of the Philippines, regularly updates the security features of Philippine currency to prevent counterfeiting. Familiarize yourself with these features so you can easily spot fake bills. Some of the security features include:
Watermark: Hold the bill up to the light to see the watermark.
Security Thread: Look for the security thread embedded in the bill.
Color-shifting Ink: Tilt the bill to see the color of the ink shift.
See-through Mark: Hold the bill up to the light to see the see-through mark.
2. Only Exchange Currency at Authorized Locations
When exchanging currency, make sure you only do so at authorized locations such as banks or authorized money changers. Be wary of exchanging currency with street vendors or individuals who approach you on the street.
3. Check the Exchange Rate
Before exchanging currency, check the current exchange rate to ensure you’re getting a fair deal. You can check the exchange rate online or at a bank.
4. Avoid Giving Out Personal Information
Scammers may attempt to obtain your personal information, such as your passport number or bank account information, under the guise of exchanging currency. Be wary of anyone who asks for this information and only provide it to authorized individuals or institutions.
5. Use Caution When Receiving Change
When receiving change, double-check the bills you receive to ensure they are not counterfeit. If you have any doubts, ask for different bills or ask for the assistance of an authorized individual.
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https://taxsummaries.pwc.com/glossary/currency-codes
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https://www.smallworldfs.com/en/blog/what-is-the-currency-of-the-philippines
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The Philippine peso: the currency of the Philippines
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How do you send money to The Philippines? What is the currency in The Philippines? Learn everything you need to know about the Philippine peso.
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en
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Small World Money Transfer
|
https://www.smallworldfs.com/en/blog/what-is-the-currency-of-the-philippines
|
The Philippines is a country of around 7,640 islands scattered across the western Pacific Ocean. If you have family and friends living in the Philippines, or you’re thinking about travelling there, you may want to know a bit more about the country. Learning about the currency of the Philippines is a great place to start.
In this blog we’ll be exploring everything you need to know about the currency of the Philippines.
Below you’ll learn about:
The Filipino local currency, the Philippine peso
How is the Philippine peso recognised?
The history of the Philippine peso
The Philippine peso today
Exchange rates
How can I send money to The Philippines from the United States?
What currency does the Philippines use?
The currency of the Philippines is the Philippine peso. The currency is also commonly referred to by its Filipino name: piso. The currency of the Philippines was for a long time tied up with currencies of Spanish and American colonists. But now the Philippine peso is controlled and issued by the central bank, Bangko Sentral ng Pilipinas (BSP).
The Philippine peso is printed and minted at The Security Plant Complex. The colourful peso notes are very distinctive and feature several notable figures from Filipino history.
How is the Philippine peso recognised?
The Philippine peso is recognised by the sign: ₱ and the currency is internationally recognised by the code PHP. Alternative symbols are also used including: “PhP”, “Php” or “P”.
The subunit for the Philippine peso is called the Sentimo or Centavo, which subdivides into 1 peso one hundred times. However, the smaller denominations are not in widespread circulation and it’s rare to find any 1¢, 5¢, 10¢, 25¢ or ₱20. The frequently used denominations include the ₱20, ₱50, ₱100, ₱500, and the ₱1000.
The history of the Philippine peso
The currency of the Philippines has had a long and difficult history. Before the Philippine peso, there was the Spanish-Filipino Peso and shortly after that the currency was pegged to half of the US Dollar.
It wasn’t until the Central Bank of the Philippines was established in 1949 that the formal Filipino currency was reintroduced to the country. Then in 1967 the English language was removed from the notes and coins of the Philippine peso and the Filipino language was used on all the denominations. As a result the word “piso'' came into common use within the country instead of peso.
During the latter half of the twentieth century the Philippines experienced positive economic and political developments which enabled the currency to stabilise and improve. And in 1993 the old Central Bank was replaced with a new Central bank: Bangko Sentral ng Pilipinas whose responsibility was to maintain price stability and help the Philippine peso grow.
Although the Philippines endured plenty of overseas interference which saw their currency experience many changes over the years, they now have a more stable currency that is tied to the culture and history of the Philippines.
The Philippine peso today
The current series of the Philippine peso in circulation is called the New Generation Currency. In 2009, Bangko Sentral ng Pilipinas (BSP) decided it was time for some change and they launched a large-scale redesign of the currency.
The new banknotes were an attempt to improve security features and ensure that the currency was more durable. The notes also featured enlarged font size, italicised names, new text and new images. The vibrant and distinct coloring for many of the notes still remains.
For example, the bright orange ₱20 note features the famous Filipino statesmen Manuel L. Quezon and the Malacanang Palace on the obverse side, and the famous Banaue Rice Terraces on the reverse side. Similarly, the red ₱50 note depicts the fourth President of the Philippines Sergio Osemña on the obverse side and images of the Taal Lake and the maliputo (giant trevally) on the reverse side.
In the last decade some further changes to the peso circulation occurred. In 2016 Bangko Sentral ng Pilipinas (BSP) started to distribute new 100-peso notes that supposedly made it easier to differentiate the colours of the 100-peso and 100-peso banknote. In 2019, Bangko Sentral ng Pilipinas (BSP) also announced that it would convert the ₱20 note into a coin.
So we know what the Philippine peso looks like today, but what about it’s worth? To truly understand the state of the Philippine peso today we have to take a look at some exchange rates.
Exchange rates
It’s useful to compare the Philippine peso to other major currencies around the world. With that knowledge we can work out the general state of the Filipino economy and we can decide when is the best time to send money to the Philippines.
In the opening months of 2021 the average exchange rate of the US dollar to the Philippine peso was 1 USD to 48.7 PHP, with a low of 47.5 PHP and a high of 50.9 PHP. In addition, during a similar period in 2021 the average exchange rate of the Euro to the Philippine peso was around 1 EUR to 58.3 PHP. This is useful information to consider when thinking about sending money to the Philippines from the United States.
How can I send money to The Philippines from the United States?
You can send money to The Philippines with Small World’s simple and effective money transfer service. Now that you have some knowledge of the Philippine peso it will be easier to know where your money is going and how much it is worth in the Philippines.
You may still have more questions like, “Where should you buy currency in the Philippines?”, or “How do you send paper currency to the Philippines?”. Thankfully, we’ve got you covered. There are several ways to send money to the Philippines with Small World, including: Bank deposit, Cash Pickup, Cash Card Reload, Airtime Top-up and Home delivery.
Small World has facilitated millions of money transfers all around the world. Our money transfer services are available in many major states including California, Texas, New York, New Jersey and Florida. So if you need to support your loved ones in the Philippines, rely on Small World.
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https://www.britannica.com/place/Philippines
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Philippines | History, Map, Flag, Population, Capital, & Facts
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1999-07-26T00:00:00+00:00
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The Philippines is an island country of Southeast Asia in the western Pacific Ocean. It is an archipelago consisting of more than 7,000 islands and islets lying about 500 miles (800 km) off the coast of Vietnam. Manila is the capital, but nearby Quezon City is the country’s most-populous city.
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en
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/favicon.png
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Encyclopedia Britannica
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https://www.britannica.com/place/Philippines
|
Philippines, island country of Southeast Asia in the western Pacific Ocean. It is an archipelago consisting of more than 7,000 islands and islets lying about 500 miles (800 km) off the coast of Vietnam. Manila is the capital, but nearby Quezon City is the country’s most-populous city. Both are part of the National Capital Region (Metro Manila), located on Luzon, the largest island. The second largest island of the Philippines is Mindanao, in the southeast.
Audio File: National anthem of the Philippines
Head Of State And Government:
President: Ferdinand (“Bongbong”) Marcos, Jr.
Population:
(2024 est.) 116,628,000
Currency Exchange Rate:
1 USD equals 57.806 Philippine peso
Form Of Government:
unitary republic with two legislative houses (Senate [24]; House of Representatives [291])
The Philippines takes its name from Philip II, who was king of Spain during the Spanish colonization of the islands in the 16th century. Because it was under Spanish rule for 333 years and under U.S. tutelage for a further 48 years, the Philippines has many cultural affinities with the West. It is, for example, the second most-populous Asian country (following India) with English as an official language and one of only two predominantly Roman Catholic countries in Asia (the other being East Timor). Despite the prominence of such Anglo-European cultural characteristics, the peoples of the Philippines are Asian in consciousness and aspiration.
The country was wracked by political turmoil in the last quarter of the 20th century. After enduring more than a decade of authoritarian rule under Pres. Ferdinand Marcos, the broadly popular People Power movement in 1986 led a bloodless uprising against the regime. The confrontation resulted not only in the ouster and exile of Marcos but also in the restoration of democratic government to the Philippines
Contemporary Filipinos continue to grapple with a society that is replete with paradoxes, perhaps the most obvious being the presence of extreme wealth alongside tremendous poverty. Rich in resources, the Philippines has the potential to build a strong industrial economy, but the country remains largely agricultural. Especially toward the end of the 20th century, rapid industrial expansion was spurred by a high degree of domestic and foreign investment. That growth, however, simultaneously contributed to severe degradation of the environment. The Philippines also emerged as a regional leader in education during the late 20th century, with a well-established public school and university system, and by the early 21st century the country had one of the highest literacy rates in Asia.
Land
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The Philippine archipelago is bounded by the Philippine Sea to the east, the Celebes Sea to the south, the Sulu Sea to the southwest, and the South China Sea to the west and north. The islands spread out in the shape of a triangle, with those south of Palawan, the Sulu Archipelago, and the island of Mindanao outlining (from west to east, respectively) its southern base and the Batan Islands to the north of Luzon forming its apex. Historically, the total number of islands in the archipelago was held to be 7,107, but in 2016 the National Mapping and Resource Information Authority of the Philippines announced the discovery of more than 500 previously uncharted islands. The archipelago stretches about 1,150 miles (1,850 km) from north to south, and its widest east-west extent, at its southern base, is some 700 miles (1,130 km). The island of Taiwan lies north of the Batan group, the Malaysian portion of the island of Borneo is to the south of Palawan, and the eastern islands of Indonesia lie to the south and southeast of Mindanao. Only about two-fifths of the islands and islets have names, and only some 350 have areas of 1 square mile (2.6 square km) or more. The large islands fall into three groups: (1) the Luzon group in the north and west, consisting of Luzon, Mindoro, and Palawan, (2) the Visayas group in the centre, consisting of Bohol, Cebu, Leyte, Masbate, Negros, Panay, and Samar, and (3) Mindanao in the south.
Relief
Outstanding physical features of the Philippines include the irregular configuration of the archipelago, the coastline of some 22,550 miles (36,290 km), the great extent of mountainous country, the narrow and interrupted coastal plains, the generally northward trend of the river systems, and the spectacular lakes. The islands are composed primarily of volcanic rock and coral, but all principal rock formations are present. The mountain ranges for the most part run in the same general direction as the islands themselves, approximately north to south.
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The Cordillera Central, the central mountain chain of Luzon, running north to the Luzon Strait from the northern boundary of the central plain, is the most prominent range. It consists of two and in places three parallel ranges, each with an average elevation of about 5,900 feet (1,800 metres). The Sierra Madre, extending along the Pacific coast from northern to central Luzon, is the longest mountain range in the country. That range and the Cordillera Central merge in north-central Luzon to form the Caraballo Mountains. To the north of the latter, and between the two ranges, is the fertile Cagayan Valley. The narrow Ilocos, or Malayan, range, lying close along the west coast of northern Luzon, rises in places to elevations above 5,000 feet (1,500 metres) and is seldom below 3,500 feet (1,000 metres); it is largely volcanic. In the southwestern part of northern Luzon are the rugged Zambales Mountains, consisting of more or less isolated old volcanic stocks (rock formed under great heat and pressure deep beneath the Earth’s surface).
Most of the central plain of Luzon, about 150 by 50 miles (240 by 80 km), is only about 100 feet (30 metres) above sea level. The greater part of southern Luzon is occupied by isolated volcanoes and irregular masses of hills and mountains. The highest peak is Mayon Volcano (8,077 feet [2,462 metres)]), near the city of Legaspi (Legazpi) in Albay province on the island’s Bicol Peninsula in the southeast.
The island of Palawan is about 25 miles (40 km) wide and more than 250 miles (400 km) long; through it extends a range with an average elevation of 4,000 to 5,000 feet (1,200 to 1,500 metres). Each of the Visayan Islands except Samar and Bohol is traversed longitudinally by a single range with occasional spurs. Several peaks on Panay and Negros reach a height of 6,000 feet (1,800 metres) or more. Mount Canlaon (Canlaon Volcano), on Negros, rises to 8,086 feet (2,465 metres).
There are several important ranges on Mindanao; the Diuata (Diwata) Mountains along the eastern coast are the most prominent. To the west lies another range that stretches from the centre of the island southward. Farther west the Butig Mountains trend northwestward from the northeastern edge of the Moro Gulf. A range also runs northwest-southeast along the southwestern coast. Near Mindanao’s south-central coast is Mount Apo, which at 9,692 feet (2,954 metres) is the highest peak in the Philippines. A number of volcanic peaks surround Lake Sultan Alonto (Lake Lanao), and a low cordillera extends through the Zamboanga Peninsula in the far west.
Although volcanoes are a conspicuous feature of the landscape, there is relatively little volcanic activity. There are altogether about 50 volcanoes, of which more than 10 are known to be active. Mount Pinatubo on Luzon, once regarded as extinct, was in 1991 the site of one of the world’s largest volcanic eruptions of the 20th century. All gradations of volcanoes can be seen, from the almost perfect cone of Mayon, which has been compared to Mount Fuji in Japan, to old, worn-down volcanic stocks, the present forms of which give little indication of their origin. The several distinct volcanic areas are in south-central and southern Luzon and on the islands of Negros, Mindanao, Jolo, and elsewhere. Tremors and earthquakes are common.
Drainage
The most important rivers of the Philippines are the Cagayan, Agno, Pampanga, Pasig, and Bicol on Luzon and the Mindanao (Río Grande de Mindanao) and Agusan on Mindanao. The northern plain between the Sierra Madre and the Cordillera Central is drained by the Cagayan, while the central plain is drained in the north by the Agno and in the south by the Pampanga. The Pasig, which flows through the city of Manila, was once commercially important as a nexus for interisland trade but is no longer navigable except by small craft; heavy pollution has required significant cleanup efforts. Most of the Bicol Peninsula lies in the Bicol basin. On Mindanao the Agusan drains the fertile lands of the island’s northeastern quadrant, while the Mindanao River drains the Cotabato Valley in the southwest. One of the Philippines’ most unique waterways lies underground, emerging directly into the ocean at Puerto Princesa Subterranean River National Park on the island of Palawan; the park was designated a UNESCO World Heritage site in 1999.
The largest lake in the archipelago, with an area of 356 square miles (922 square km), is Laguna de Bay, on the island of Luzon. Also on Luzon and just to the southwest of Laguna de Bay is Taal Lake, which occupies 94 square miles (244 square km) inside a volcanic crater; a volcanic cone emerges from the lake’s centre. Lake Sultan Alonto on Mindanao is the country’s second largest lake, covering an area of 131 square miles (340 square km).
Soils
The alluvial plains and terraces of Luzon and Mindoro have dark black cracking clays, as well as younger soils that are especially suitable for rice cultivation. Much of the land of the hilly and mountainous regions consists of moist, fertile soils, often with a significant concentration of volcanic ash, that support fruit trees and pineapples. Oil palms, vegetables, and other crops are grown in the peatlike areas, as well as in the younger, sand-based soils of the coastal plains, marshes, and lake regions. The dark, organic, mineral-rich soils of the undulating terrain of the Bicol Peninsula, much of the Visayas, and the northwest tip of Luzon are used to grow coffee, bananas, and other crops. Highly weathered, often red or yellow soils are prominent in the central and southern Philippines and are typically planted with cassava (manioc) and sugarcane; these soils also support forests for timber harvesting. The poor, precipitation-leached soils of Palawan and the eastern mountains of Luzon are largely covered with shrubs, bushes, and other secondary growth that typically emerges in areas that have been cleared of their original forest cover.
Climate
The climate of the Philippines is tropical and strongly monsoonal (i.e., wet-dry). In general, rain-bearing winds blow from the southwest from approximately May to October, and drier winds come from the northeast from November to February. Thus, temperatures remain relatively constant from north to south during the year, and seasons consist of periods of wet and dry. Throughout the country, however, there are considerable variations in the frequency and amount of precipitation. The western shores facing the South China Sea have the most marked dry and wet seasons. The dry season generally begins in December and ends in May, the first three months being cool and the second three hot; the rest of the year constitutes the wet season. The dry season shortens progressively to the east until it ceases to occur. During the wet season, rainfall is heavy in all parts of the archipelago except for an area extending southward through the centre of the Visayan group to central Mindanao and then southwestward through the Sulu Archipelago; rain is heaviest along the eastern shores facing the Pacific Ocean.
From June to December tropical cyclones (typhoons) often strike the Philippines. Most of these storms come from the southeast, their frequency generally increasing from south to north; in some years the number of cyclones reaches 25 or more. Typhoons are heaviest in Samar, Leyte, south-central Luzon, and the Batan Islands, and, when accompanied by floods or high winds, they may cause great loss of life and property. Mindanao is generally free from such storms.
November through February constitutes the most agreeable season; the air is cool and invigorating at night, and the days are pleasant and sunny. During the hot part of the dry season in most places—especially in the cities of Cebu, Davao, and Manila—the temperature sometimes rises as high as 100 °F (38 °C). Overall temperatures decline with elevation, however, and cities and towns located at higher elevations—such as Baguio in northern Luzon, Majayjay and Lucban south of Manila, and Malaybalay in central Mindanao—experience a pleasant climate throughout the year; at times the temperature in those places dips close to 40 °F (4 °C).
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Peso remains among ‘most stable’ currencies in Asia, says DOF
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2022-06-13T04:50:00
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The Department of Finance (DOF) is confident that the Philippine peso remains stable and backed by a firm economy after the local currency depreciated to
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https://business.inquirer.net/350331/peso-remains-among-most-stable-currencies-in-asia-says-dof
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The Department of Finance (DOF) is confident that the Philippine peso remains stable and backed by a firm economy after the local currency depreciated to 53 against the US dollar on Friday, the weakest in about three and a half years.
“Strong macroeconomic fundamentals continue to support the peso, despite external headwinds from tighter monetary policy actions by the US Federal Reserve and inflationary pressures from heightened global fuel prices,” DOF chief economist Gil Beltran said in a statement.
Beltran cited the country’s gross international reserves— the stock of foreign currency —which was pegged at $106.76 billion as of the end of last April. Such an amount is enough to cover 9.4 months’ worth of the Philippines’ import bill for goods and services.
He also cited the Philippines’ exposure to external debt, which is measured in percent to gross domestic product (GDP), being the lowest among major Southeast Asian economies.
As of the end of 2021, the country’s foreign debt-to-GDP ratio stood at 27 percent. In comparison, there was 69 percent for Malaysia, 39 percent for Thailand, and 35 percent for Indonesia. Vietnam has a projected ratio of 39 percent.
Also, Beltran said the peso continued to be in “the middle of the pack of the most stable currencies” in Asia, ranking 8th among 11 Asian currencies in terms of strength.
The peso depreciated by 5.4 percent to 50.77 to the US dollar at the end of 2021 from 48.04:$1 at end-2020. At the same time, three currencies —including the Japanese yen, Thai baht, and South Korean won—depreciated faster.
“In 2022 [so far], the peso was one of the strongest Asian currencies, ranking second only to the Vietnamese dong,” Beltran said. INQ
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Best Currency to Take to the Philippines
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What's the Best Currency to Take to the Philippines: Know Not Only Which Money is Used but How it's Best to Pay as a Traveller Around the Philippines.
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en
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/favicons/favicon-16x16.png
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https://www.monito.com/en/best-currency-to-take-to/philippines
|
Overview of Currency in the Philippines
As we saw earlier, the currency in the Philippines is the Philippine peso.
As the official legal tender in the Philippines, it's the sole currency recognized by the Filipino government, and you can use it to settle all financial obligations in the country, from paying for your hotel stay, to the entrance fee at Fort Santiago, to a bite to eat in Fort Bonifacio .
Best Currency to Take to the Philippines
Because it's the local currency and because you won't have any trouble buying goods with it, the best country to have on hand and spend while visiting the Philippines is, unsurprisingly, the Philippine peso.
However, if you're taking another currency along with you, the US dollar is a safe bet, as it's highly exchangeable at banks and currency exchange offices in the Philippines, even if it's neither official nor used ubiquitously across the country.
You can check out the prevalence of a few of the most popular tourist currencies in the Philippines below:
US dollars in the Philippines
US dollars are widely accepted in the Philippines alongside the peso, even in non-touristy areas. If you're from the USA, we recommend using Chime's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in the Philippines. However, out-of-network ATM withdrawal fees and over-the-counter advance fees may apply.
British pounds in the Philippines
British pounds aren't accepted in the Philippines outside of currency exchange offices, but you can use US dollars or Philippines pesos instead. If you're from the UK, we recommend using Revolut's travel debit card, which has market-low currency exchange charges.
Euros in the Philippines
Euros aren't accepted in the Philippines outside of currency exchange offices, but you can use US dollars or Philippines pesos instead. If you're from the European Union or EEA, we recommend using Revolut's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in the Philippines.
Although Philippine peso is the best currency to use and the US dollar can be helpful at times too, exchanging currencies in the form of cash almost invariably leads to poor exchange rates for tourists (we've seen as high as 20% commissions, although the average is between 5% and 15% of the amount exchanged).
For this reason, it's generally a better idea to use your credit or debit card to pay at local points of sale wherever possible or (if cash is urgently needed) to withdraw some money from a local ATM. This will let your card provider handle the conversion, which is usually, although not always, a better deal than bringing foreign currency into the Philippines and exchanging it there. However, as we'll see below, a conversion-friendly debit card is the best choice of all!
ChangeGroup
ChangeGroup is a viable option If you need physical Philippine peso in cash in hand before your flight abroad to the Philippines. When it comes to popular currency pairs like GBP to EUR, ChangeGroup maintains a low FX markup of approximately 2.2%.
For less common currency pairs like GBP to Turkish lira, however, their rates may be comparable to those offered by traditional services, hovering around 15%. This is why we tend to recommend Revolut and Wise for less common currencies.
FX Margin: 2.2% - 28.7%, varies by currency pair
Home Delivery: For a fee
Cash Pick Up: Free
Guaranteed Buyback: For a fee
Availability: UK, USA, Australia, Germany, France, Austria, Spain, Denmark, Sweden, Finland
How to Pay in the Philippines
When it comes to paying your way in the Philippines, you'll have the following three options broadly speaking:
Method 1: Cash
As we mentioned earlier, cash is an important medium of exchange in Philippines. Pretty much all shops, restaurants, and commercial establishments around the country will accept Philippine peso banknotes, and we recommend having some on hand when you travel. Foreign cash can be purchased before your trip from your bank in your home country, or during your trip at a local Filipino bank or currency exchange office or (most affordably) from an ATM.
Note that in the Philippines, currency exchange offices normally go by the name money changers, so if you want to exchange your home currency for Philippine peso, be on the lookout for signage with this name.
Cash prevalence in the Philippines: Very prevalent
Cost to exchange: 5% - 15% on average
Method 2: Credit Card
Although cash is king in Philippines, credit and debit cards issued by major global providers like VISA and Mastercard are commonly accepted too. If your card is issued by American Express, Diner's Club, or another card company, there's a good chance they'll also be accepted in the Philippines, but we recommend checking with your bank or card provider directly to make sure that Philippine peso currency conversion is indeed supported, and that card machines and ATMs in the Philippines commonly support cards of this type.
Card prevalence in the Philippines: Very prevalent
Cost to exchange: 2% - 5% on average
Method 3: Travel Debit Card
Just like credit cards, prepaid debit cards (which are also normally issued by VISA or Mastercard) provide an excellent way to pay while visiting the Philippines, the main difference being that you normally pay lower fees and exchange rates. Depending on where you live, you'll probably have options from your bank or a third-party provider to use a commission-free debit card or a multi-currency card which can help you dodge high Philippine peso conversion costs, including DCCs.
According to our analysis of dozens of providers, the top two options for travelling to the Philippines, in general, are the following:
Revolut
Revolut is an excellent option for paying in the Philippines. Its all-in-one mobile finance app and debit card offer competitive exchange rates to the Philippine peso and low fees. What's more, you can easily manage everything through your money through Revolut's user-friendly app.
Monthly fee: $0
Card type: Mastercard debit
Card payment cost in Philippine peso: 0.5% - 1.5%
Cash withdrawal fee: 0% - 2%
Philippine peso balance: Yes
Philippine peso bank details: No
Wise Account
The Wise Account is another great option for paying in Philippine peso. It gives you the lowest possible currency exchange rates with complete transparency and no hidden fees. It also allows you to hold and manage over 50 currencies in one account and provides fast and secure cross-border money transfers at a fraction of the cost of traditional banks.
Monthly fee: $0
Card type: VISA debit
Card payment cost in Philippine peso: 0.5% - 1.5%
Cash withdrawal fee: 0% - 2%
Philippine peso balance: Yes
Philippine peso bank details: No
Wise and Revolut are excellent options that are available in many countries around the world. However, depending on where you live, you might have access to better deals still. We go over a few of them below:
United Kingdom
Revolut: Best spending and budgeting app.
Wise: Best for multiple foreign currency balances.
United States
Chime®: Best all around; no fees for non-USD transactions.
Revolut: Best all-around spending app.
Wise: Best for foreign currency spending and holidays.
Canada
KOHO: No foreign transactions fees on Extra or Everything plan.
Wise: Best for foreign currency spending and holidays.
European Union
Revolut: Excellent for spending abroad.
N26: Best full bank account with low fees (even abroad)
bunq: Best credit card (also a fully-licensed bank).
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https://www.worldatlas.com/articles/which-countries-use-the-peso-as-a-unit-of-currency.html
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en
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Which Countries Use The Peso As A Unit Of Currency?
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[
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2018-08-15T16:46:00-04:00
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Spain and several former Spanish colonies use the peso as a unit of currency.
|
en
|
/nwa_assets/img/site/favicon.png
|
WorldAtlas
|
https://www.worldatlas.com/articles/which-countries-use-the-peso-as-a-unit-of-currency.html
|
Meaning “weight” or “pound,” the peso is a form of currency that originated in Spain. The peso has served as a significant currency internationally and is used in numerous former colonies of Spain.
History
The term peso was initially used in Spain and Spanish-speaking parts of the Americas to refer to the real de a ocho (8-royal) silver coin, which was commonly called the thaler in Europe. Initially called the “piece of eight,” the coin was mostly minted during the mid-16th century in Spain, Mexico, and Peru. The coin’s legal weight was 0.9689 ounces and a millesimal fineness value of 930.5. This initial currency became popular and important in trade during the 17th century.
The currency's name eventually changed to the Spanish dollar or the Mexican dollar, depending on where it was used. In response to financial challenges, Spain devalued it currency by approximately 20% in 1686 through the introduction of new coins that were lower in weight and contained less silver. After these changes, the older and heavier pesos were still produced because of their widespread popularity in trade, especially in the Far East and India. The new currency was intended for use only in Spain.
The peso continued to be used until the introduction of the peseta by the French between 1686 and 1868. The peseta, which means "small peso," had a value of two reales. Eventually, the Spanish coin worth two reales also adopted the name. The new coin in Spain, which had been renamed as peseta, eventually took the place of the older peso. Mexico minted the last peso worth eight reales in 1897.
The Philippines also had a peso, the Philippine peso, which was most popular between the 17th and the 18th century. The name has stuck with the national currency of the Philippines even after the Philippine Revolution of 1896 and the declaration of independence in 1898.
Countries That Use the Peso
There are currently eight countries that use the peso, almost all of which are in the Americas: Argentina, Chile, Colombia, Cuba, the Dominican Republic, Mexico, the Philippines, and Uruguay. However, each country has its own peso. For example, Argentina uses the Argentine peso, Cuba uses the Cuban peso, the Dominican Republic uses the Dominican peso, and Mexico uses the Mexican peso.
There are also 14 countries, including Spain, which previously used the peso. Some of the other countries include Equatorial Guinea, Puerto Rico, Costa Rica, and El Salvador. Peru was the first to abandon the peso in 1863, while Spain was the last, abandoning it in 2002 upon adoption of the Euro.
Challenges of the Peso
The future of the peso is uncertain. Most notably, the Argentine peso has quickly decreased in value in recent times. In fact, the peso ranks highest on the list of currencies with the highest drop in value, despite all efforts to save it by the authorities.
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https://www.smoney.com.au/blog/currency-in-philippines/
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en
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What You Need to Know About Currency in the Philippines
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2021-07-23T07:05:50+00:00
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Familiarise yourself with the Philippines currency and preferred methods of payment. This traveller’s guide will help you make stretch your savings.
|
en
|
S Money
|
https://www.smoney.com.au/blog/currency-in-philippines/
|
Currency in the Philippines
A Travel Money Guide to the Philippines
Relax on the pristine beaches of Boracay Islands, swim with gentle whale sharks of Cebu, trek through the mud-walled rice terraces in Banuae or take in the sights of Manilla are all enticing reasons to visit the Philippines. But it isn’t a budget destination and to get the most out of your trip, it’s a good idea to learn everything you can about the local currency and payment options before you go.
Learn more about the Philippine currency and how to get your hands on it for the best value:
What currency is used in the Philippines
How to buy Philippine Peso before you go
AUD to PHP exchange rates
Currency exchange in the Philippines
How much do things cost in the Philippines
Using bank cards in the Philippines
What Currency is Used in the Philippines?
The official currency in the Philippines is the Philippine Peso, which is represented with symbol ₱ and the international code PHP.
The Philippines currency has 6 banknotes have 7 denominations: ₱5, ₱10 ₱20, ₱50, ₱100, ₱200, ₱500 and ₱1000.
Philippine peso can be divided into 100 centavos and has 4 coin denominations: 1¢ 5¢, 10¢ and 25¢.
Using Your Bank Card in the Philippines
Most Filipino businesses are well set up to receive card payments. Some of the best travel money cards include debit, credit and prepaid cards. But before you use your bank card willy-nilly, it’s worth reading up on the fees and charges you might incur.
Debit Cards
You’ll probably want a debit card if you plan to withdraw money from an ATM. While you may also be able to pay with a debit card in some businesses in the major destinations, you might discover some hefty fees on your account summary.
Depending on your bank, you could be hit with fees for foreign ATM withdrawals or currency conversions. But some banks are better than others; we recommend checking out Wise, ING and Revolut, all of which have travel-friendly debit cards that waive these charges.
Credit Cards
Credit cards can come with some enticing perks, including added security, loyalty programs, and even free travel insurance.
But are they worth it?
Major local businesses, including hotels, restaurants, airline offices, and department stores, accept credit cards. But you might have to pay a surcharge.
Mastercard and Visa are widely accepted. You may also be able to use your American Express card, though local ATMs won’t accept them.
Just be aware of additional charges you may incur for foreign transactions. These could include:
International transaction fees
High exchange rate margins
ATM fees
Potential ‘cash advance fees’ if you use an ATM
If you still prefer credit cards over any other payment, consider going with a company that offers cards that waive certain travel fees. Bankwest Platinum and 28 Degrees both have travel-friendly cards.
Prepaid Travel Cards
The biggest advantages of prepaid travel cards are that you can lock in a favourable exchange rate. You also get a handy back-up card.
Just remember that while they are convenient, you could end up paying a long list of hidden fees. Many travel cards still impose:
Currency conversion fees
Uncompetitive exchange rates
International ATM withdrawal fees
Initial load fees
Reload fees
Inactivity fees
How to Buy Philippine Peso Before You Go
There’s a certain reassurance that comes with stepping off the plane (or cruise ship) already cashed up with Philippine Peso.
Buying Philippine Peso before you leave Australian shores isn’t just convenient. It can also save you money. But it all depends on where you get your Philippine currency in Australia. There are three main options:
Buy PHP online and have it delivered or collect it in-store
Swap Philippines pesos for Australian dollars from a money changer
Buy your Philippines currency at your home airport
Try S Money or a similar online currency exchange store to get rates that reflect the comparisons you see on XE or Google.
If you choose online delivery or in-store pickup, check the processing time. Some exchange companies with online options suggest you allow between two and five days to process currency.
Prefer in-store currency exchange? Head to the CBD of your nearest city for the most competitive exchange rates; suburban bureau de change outlets tend to have poorer rates and fees.
Currency exchange counters in Australia’s airports are infamous for their atrocious exchange rates. Avoid them if you can.
AUD to PHP
From
Australian Dollars (AUD)
⇆
To
PHP
So is this a good rate?
38.0778
Low
36.8735 Average
38.2735 High
39.6735
Today's rate is lower than the average rate to buy PHP. This chart compares today's rate to the average rate from the past 90 days.
The Average Cost to Travel Around the Philippines
To get the most out of your time in the Philippines, you’ll want to create a budget and make sure your savings stretch as far as possible.
To give you an idea of a reasonable budget, we’ve listed the average prices of some common items and experiences you’ll have while in the Philippines.
The average daily travel budget in the Philippines is about $160. Some of the expenses you might be looking at include:
$100
A room in a guesthouse
$15
Two-course meal at a nice restaurant
$3
A local beer
$0.50
Car rental
$42
Entertainment
How to Exchange Currency in the Philippines
Places like Manila, and Cebu City receive great numbers of tourists, so there are facilities to cater to money exchanges. Beyond these major destinations, it’s best to get cash before you venture into remote territory.
ATMs
Outside the big cities finding an ATM can be difficult. You need to take cash to the islands as there might only be one internationally networked ATM in popular islands like Palawan or Panglao.
Card skimming is an issue in the Philippines, so cover your hand when entering in your 4 digit pin. Bank of Philippines ad Banco de Oro are normally safe bets for tourists.
Depending on your bank, you may have to pay for overseas ATM withdrawals and currency conversions. To reduce the amount you’ll pay in fees, try to withdraw just the right amount of money you’ll need for the duration of your trip.
Don’t forget: Let your bank know you’re travelling! If they detect a foreign transaction but aren’t aware you’re overseas, they could end up freezing your card.
Currency Exchange in the Philippines
There are money changers in the Philippines and the safest are in major malls like SM (super malls), Robinsons (one of the largest shopping malls in the Philippines), SM Hypermarket and Savemore. However they don’t exchange from peso to dollar, its only dollar to peso.
Other money changers are located in the big cities and not part of a chain ad tend to offer marginally better rates than banks as many banks charge flat fees per transaction. Most of them will have a board showing the exchange rates at the front of the shop.
Travellers Cheques
Not worth the bother! Travellers cheques are so outdated, very few banks even accept them any more.
They can’t be used as direct payment, so the only way to use them once you’re in the country is to swap them for currency at a bank or bureau de change office. Even then, very few banks will accept travellers cheques if you don’t have an account with them. And exchange services apply exorbitant fees and rates to them.
Track the best time to buy Philippine Peso
We match the currency exchange rate with the rate shown on Google or Xe. In real time.
This means you never pay over-inflated rates and can be 100% positive you are getting the most competitive rate for currency exchange.
Check out the daily rates:
Not ready to buy yet?
You can get a free rate tracker!
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https://en.wikipedia.org/wiki/Peso
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Wikipedia
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en
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https://en.wikipedia.org/wiki/Peso
|
Name of several monetary units
For the song, see Peso (song).
The peso is the monetary unit of several Spanish-speaking countries in Latin America, as well as the Philippines. Originating in the Spanish Empire, the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign, "$", was originally used as an abbreviation of "pesos" and later adopted by the dollar. The dollar itself actually originated from the peso or Spanish dollar in the late 18th century. The sign "₱" is used in the Philippines.
The silver peso worth eight reales was also known in English as a Spanish dollar or "piece of eight" and was widely used for international trade from the 16th to the 19th century.
Main articles: Spanish dollar and Spanish real
The name peso was given to the 8-real silver coin introduced in 1497, minted at 83⁄8 pesos to a Castilian mark (230.0465 grams) of silver 134/144 fine (25.56 g fine silver). It was minted in large quantities after the discovery of silver in Mexico, Peru and Bolivia in the 16th century, and immediately became a coin of worldwide importance in international trade between Europe, Asia and North America.
Initially the peso was produced in Spanish Latin America in a rapid and simplified manner by cutting off a lump of silver of proper weight and fineness from the end of a silver bar, which was then flattened out and impressed by a hammer. This resulted in a crude, irregular coin called a cob in English and macuquina in Spanish. The Crown was entitled to a fifth of all gold and silver mined, the quinto real (royal fifth), and cobs were a convenient means of handling and accounting for silver. In most cases these cobs were immediately melted down by the recipient. However, some remained in circulation as currency; they were ideal candidates for clipping and counterfeiting due to their irregular shape and incomplete design.
Spanish laws of 1728 and 1730 ordered the mechanization of the minting of the peso so that they would be perfectly round and have milled edges. There was a simultaneous reduction in weight and fineness to 8.5 pesos to a mark (27.064 g), 0.9167 fine or 24.809 g fine silver. This new peso became even more popular in international trade, with recipients finding it more advantageous to trade it as coined silver of known value rather than melting it into silver bullion.Later it was reduced even more.
This coin was known to English colonists in North America as a piece of eight, then later on as a Spanish dollar, Spanish milled dollar, and finally as a Mexican dollar. In French, it was called a piastre and in Portuguese, a pataca or patacão. The Spanish names at various times and in various places were real de a ocho, patacón, duro, or fuerte.
A final alteration in 1772 further reduced the fineness of the peso from 11/12 fine to 130/144 = 0.9028 (fine silver 24.443 g). A sample of coins at the end of the 18th century, however, confirm a fineness of only 0.896 (hence, fine silver 24.25 g); see Currency of Spanish America#Coinage of 1786. The weight of the United States dollar was defined in 1788 as 371.25 grains of fine silver (or 24.057 g) based on the average silver content of worn peso coins. The full 0.9028 fineness was restored by Mexico after its independence in 1821.
While the relationship of 8 reales = $1 (or peso duro) continued in the Americas until the 19th century, Spain struggled with the issuance of reales de vellon (made of billon alloy with less than ½ silver) of various weights and finenesses starting in 1600 due to its domestic financial and monetary problems.
In 1642, it first recognized a new, reduced real provincial worth only $0.10 or 10 reales/$ for use only in Spain (with the old real worth $0.125 now called real nacional and retained in Latin America). In 1686 Spain minted a coin worth 8 reales provinciales (or only $0.80, known as the peso maria or peso sencillo) which was poorly received by the people.[1]
An edict made in the same year which valued the peso duro at $1 = 15 and 2/34 reales de vellon proved to be ineffective as the various reales in circulation contained even less silver. The situation was only resolved in 1837 with the peso duro fixed at $1 = 20 reales de vellon, with all prior non-standard reales demonetized.
The loss of Spain's territories in the Americas and the ensuing domestic instability in the 19th century cut off the inflow of precious metals into Spain and resulted in French coinage gradually entering domestic circulation. Two subsequent decimal system reforms were attempted in 1850 (at $1 = 20 reales, each of 10 decimos or 100 centimos) and 1864 (at $1 = 2 silver escudos, each of 100 centimos) but were not fully carried out. The peso and the real were only fully retired with the introduction in 1868 of the Spanish peseta, at par with the French franc, and at the rate of $1 = 20 reales = 5 pesetas = 22.5 g of fine silver.
Main article: Mexican peso
The successful revolt of the Spanish colonies in America had cut off the supply of silver coin by 1820. By 1825 "...the Spanish dollar, the universal coin of three centuries, had lost its supremacy, and...its universal dominion was in process of disintegration into rival 'currency areas', chief among which was destined to be the area dominated by British sterling."[2]
The Spanish dollar continued to dominate the Eastern trade, and the peso of eight reales continued to be minted in the New World. The coin was sometimes called a Republican dollar, but eventually any peso of the old Spanish eight-real standard was generally referred to as a Mexican dollar, Mexico being the most prolific producer. Mexico restored the standard of 1772, producing a coin of 27.073 g, 0.9028 fine, containing 24.441 g fine silver (the mark weight of the Mexico City mint was very slightly heavier than the standard mark of Spain).
In 1869–1870, not long after adopting the metric system, Mexican mints began producing the peso of “Un Peso” denomination, popularly known as “balanza” (scales), with the same weight and fineness, but with a uniform diameter of 37 mm (making it slightly thicker than the old peso, which was slightly irregular, with a diameter of 38–40 mm). Chinese merchants rejected the new coin, discounting it by 4%–5% in favor of the old eight-real peso. Faced with this threat to her silver exports, Mexico returned to the old eight-real peso by decree of May 29, 1873, but international trade was already shifting from silver to gold, and after 1873 there was a steady decline in the international price of silver.
Until 1873 the Mexican dollar would have been to all intents and purposes equal in value to the silver dollar coins of the United States north of the border, but at that time in history, the Mexican coin would have had a much greater international presence than the U.S. dollar. The great silver devaluation of 1873 caused the Mexican dollar to drop in value against the U.S. dollar, but until the beginning of the 20th century the Mexican dollar would still have been a more widely accepted coin in the Far East than the U.S. dollar. Between the 16th and 19th centuries Mexico produced well over three billion of these coins. Mexico minted the last eight-real peso in 1897, and at the beginning of the twentieth century these Mexican dollar coins were worth only 50 U.S. cents.
Main article: Philippine peso
The Philippine peso (Filipino: piso) is derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the entire America and Southeast Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the United States and Canada.
Prior to 1852 the Philippines had no currency of its own (with the exception of local copper cuartos) since pesos received from Spain and Spanish Latin America were accepted in circulation. Locally issued pesos only came about with
The issuance of Philippine peso fuerte banknotes in 1852 by the Banco Español-Filipino de Isabel II (now the Bank of the Philippine Islands)
The founding of the Casa de Moneda de Manila mint in 1857 and the minting of gold 1, 2 and 4 peso coins starting 1861, and
The minting of 50, 20 and 10 centimo silver coins starting 1864.
As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated. Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar. The name of the currency remained unchanged despite the 1896 Philippine Revolution and the subsequent declaration of independence in 1898.
Country Currency ISO 4217 code Argentina Argentine peso ARS Chile Chilean peso CLP Colombia Colombian peso COP Cuba Cuban peso CUP Dominican Republic Dominican peso DOP Mexico Mexican peso MXN Philippines Philippine peso (piso) PHP Uruguay Uruguayan peso UYU
Several countries formerly used different currencies also named peso not listed here, with different value, over time. See Argentine peso#History.
Country Former currency Final Year Current currency Bolivia Bolivian peso 1986 Bolivian boliviano Costa Rica Costa Rican peso 1896 Costa Rican colón Cuba Cuban convertible peso 2020 — Ecuador Ecuadorian peso 1884 United States dollar El Salvador Salvadoran peso 1919 United States dollar Bitcoin Equatorial Guinea Equatorial Guinean peso 1975 Central African CFA franc Guatemala Guatemalan peso 1925 Guatemalan quetzal Guinea-Bissau Guinea-Bissau peso 1997 West African CFA franc Honduras Honduran peso 1931 Honduran lempira Nicaragua Nicaraguan peso 1912 Nicaraguan córdoba Paraguay Paraguayan peso 1943 Paraguayan guaraní Peru Peruvian peso 1863 Peruvian sol Puerto Rico Puerto Rican peso 1900 United States dollar Spain Spanish peso 1869 Euro Venezuela Venezuelan peso 1874 Venezuelan bolívar
Money portal
Numismatics portal
Currency of Spanish America
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Currency in Philippines - Philippine Peso - PHP
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See the current exchange rate for Philippine Peso PHP. Use the currency converter for SEK to PHP and exchange the currency PHP - Philippine Peso at FOREX.
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https://www.forex.se/en/currency/php/
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PHP – the currency in Philippines
Are you traveling to Philippines and need Philippine Peso (PHP)? At FOREX, you can easily buy PHP for your trip. We offer both online purchases and personal service in our stores.
When you buy PHP online, you can choose to have your currency delivered to the nearest postal agent or pick it up at any of our stores. Our goal is to make your Phillipine Peso order simple and hassle-free.
With the currency converter, you can calculate PHP to SEK and stay fully informed about the current exchange rate. The currency graph shows the historical development of Phillipine Peso against SEK over time. You can choose a timeframe from 2012 up to today.
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https://www.westernunion.com/us/en/currency-converter/usd-to-php-rate.html
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Convert US Dollar to Philippine Peso
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Check today's US Dollar to Philippine Peso exchange rate with Western Union's currency converter. Send USD and your receiver will get PHP in minutes.
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/content/dam/wu/logo/favicon-48x48.ico
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Western Union Money Transfer
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https://www.westernunion.com/us/en/currency-converter/usd-to-php-rate.html
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1Fee reductions apply only to the Western Union® transfer fee for a single Western Union Money Transfer® or Quick Collect® transaction. Excludes all other services, including without limitation, online bill payments, and money transfers via social/chat applications. Points used will not be reversible and if amount of transfer fee is less than redeemed discount, no cash, credit or refund will be provided.
2If youâre using a credit card, a card-issuer cash advance fee and associated interest charges may apply. To avoid these fees or for reduced fees, use a debit card or check other payment methods.
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https://themoneyconverter.com/USD/PHP
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Convert United States Dollar to Philippine Peso
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2024-08-19T15:20:18+00:00
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Currency converter to convert from United States Dollar (USD) to Philippine Peso (PHP) including the latest exchange rates, a chart showing the exchange rate history for the last 120-days and information about the currencies.
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https://themoneyconverter.com/USD/PHP
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https://coingeek.com/philippines-first-retail-peso-backed-stablecoin-to-be-available-in-june/
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Philippines’ first retail peso-backed stablecoin to be available in June
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Wei Zhou, CEO of Coins.ph, expressed the transformative potential of the PHPC, stating that it "will empower Filipinos to transact seamlessly and securely in the digital economy."
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CoinGeek
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https://coingeek.com/philippines-first-retail-peso-backed-stablecoin-to-be-available-in-june/
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Getting your Trinity Audio player ready...
Coins.ph, a digital asset exchange in the Philippines, has obtained approval from the country’s central bank, Bangko Sentral ng Pilipinas (BSP), to introduce PHPC, a Philippine peso-pegged stablecoin. This milestone marks a significant development in the digital asset landscape, offering Filipinos a secure and stable digital currency for various financial transactions.
Empowering digital transactions with PHPC
PHPC, the first Philippine stablecoin designed for retail customers, aims to revolutionize digital transactions in the country. In a media roundtable on Wednesday, Wei Zhou, CEO of Coins.ph, expressed the transformative potential of PHPC, stating, “PHPC will empower Filipinos to transact seamlessly and securely in the digital economy while also providing a stable store of value as they participate in the rapidly evolving digital asset landscape.”
Speaking to CoinGeek, Zhou remarked that stablecoins will be the future of money.
“I think all currencies are going to have some type of stablecoin going forward, not just the [U.S.] dollars. Mainly because crypto rails is something that is available 24/7 and not only is it transparent, it is also fast and also cost-efficient,” Zhou said.
Stablecoin is a digital asset tied to another asset class, such as the U.S. dollar, euro, or gold. Coins.ph’ PHPC is backed 1:1 by the Philippine Peso and supported by cash and equivalents. The digital asset exchange said the PHPC offers stability and security for users, facilitating seamless peer-to-peer and business-to-business transactions.
“Our daily expenses are mostly in our home currency,” Zhou added. “So, I believe convenience plays a significant role. Initially, the target users for this stablecoin are Filipinos or companies abroad catering to the Filipino market. There might be potential business use cases as well. We perceive ourselves as an infrastructure platform, facilitating liquidity and investment opportunities in crypto, and now introducing stablecoin services.”
PHPC’s potential impact on remittance and trading
Zhou elaborated on the transformative impact PHPC could have on remittance and trading activities in the Philippines. He emphasized its potential to reduce costs, improve efficiency, and accelerate remittance turnaround times.
“For local businesses seeking efficient payments, they too will have the convenience of conducting transactions in real-time and at any hour of the day, no longer constrained by banking hours or the availability and costs of traditional payment rails,” Zhou said.
Additionally, Coins.ph also announced plans to list PHPC on various exchanges and integrate it with multiple wallets to enhance accessibility and liquidity.
“For trading, not only will PHPC be available on Coins, [but] we intend to list this on other exchanges and work with various wallets to enable support for PHPC as well. PHPC will be open, accessible, and liquid,” Zhou elaborated.
“For local businesses seeking efficient payments, they too will have the convenience of conducting transactions in real-time and at any hour of the day, no longer constrained by banking hours or the availability and costs of traditional payment rails.”
The approval of PHPC holds promising prospects for the remittance industry, addressing the challenges faced by Overseas Filipino Workers (OFWs) and their families. According to BSP data, remittances from OFWs totaled $37.2 billion in 2023, comprising a significant portion of the country’s gross domestic product (GDP) and gross national income (GNI).
Watch: Philippines sees huge growth in blockchain tech interest
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Format numbers as currency
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Display numbers as currency in your worksheet, and then read about differences between the Currency and Accounting formats.
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https://support.microsoft.com/en-us/office/format-numbers-as-currency-0a03bb38-1a07-458d-9e30-2b54366bc7a4
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If you want to display numbers as monetary values, you must format those numbers as currency. To do this, you apply either the Currency or Accounting number format to the cells that you want to format. The number formatting options are available on the Home tab, in the Number group.
Format numbers as currency
You can display a number with the default currency symbol by selecting the cell or range of cells, and then clicking Accounting Number Format in the Number group on the Home tab. (If you want to apply the Currency format instead, select the cells, and press Ctrl+Shift+$.)
If you want more control over either format, or you want to change other aspects of formatting for your selection, you can follow these steps.
Select the cells you want to format
On the Home tab, click the Dialog Box Launcher next to Number.
Tip: You can also press Ctrl+1 to open the Format Cells dialog box.
In the Format Cells dialog box, in the Category list, click Currency or Accounting.
In the Symbol box, click the currency symbol that you want.
Note: If you want to display a monetary value without a currency symbol, you can click None.
In the Decimal places box, enter the number of decimal places that you want for the number. For example, to display $138,691 instead of $138,690.63 in the cell, enter 0 in the Decimal places box.
As you make changes, watch the number in the Sample box. It shows you how changing the decimal places will affect the display of a number.
In the Negative numbers box, select the display style you want to use for negative numbers. If you don't want the existing options for displaying negative numbers, you can create your own number format. For more information about creating custom formats, see Create or delete a custom number format.
Note: The Negative numbers box is not available for the Accounting number format. That's because it is standard accounting practice to show negative numbers in parentheses.
To close the Format Cells dialog box, click OK.
If Excel displays ##### in a cell after you apply currency formatting to your data, the cell probably isn't wide enough to display the data. To expand the column width, double-click the right boundary of the column that contains the cells with the ##### error. This automatically resizes the column to fit the number. You can also drag the right boundary until the columns are the size that you want.
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Create a workbook template with specific currency formatting settings
If you often use currency formatting in your workbooks, you can save time by creating a workbook that includes specific currency formatting settings, and then saving that workbook as a template. You can then use this template to create other workbooks.
Create a workbook.
Select the worksheet or worksheets for which you want to change the default number formatting.
How to select worksheets
To select
Do this
Tip When multiple worksheets are selected, [Group] appears in the title bar at the top of the worksheet. To cancel a selection of multiple worksheets in a workbook, click any unselected worksheet. If no unselected sheet is visible, right-click the tab of a selected sheet, and then click Ungroup Sheets.
Select the specific cells or columns you want to format, and then apply currency formatting to them.
Make any other customizations that you like to the workbook, and then do the following to save it as a template:
Save the workbook as a template
If you’re saving a workbook to a template for the first time, start by setting the default personal templates location:
Click File, and then click Options.
Click Save, and then under Save workbooks, enter the path to the personal templates location in the Default personal templates location box.
This path is typically: C:\Users\Public Documents\My Templates.
Click OK.
Once this option is set, all custom templates you save to the My Templates folder automatically appear under Personal on the New page (File > New).
Click File, and then click Export.
Under Export, click Change File Type.
In the Workbook File Types box, double-click Template.
In the File name box, type the name you want to use for the template.
Click Save, and then close the template.
Create a workbook based on the template
Click File, and then click New.
Click Personal.
Double-click the template you just created.
Excel creates a new workbook that is based on your template.
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The USDPHP decreased 0.4320 or 0.76% to 56.6595 on Monday August 19 from 57.0915 in the previous trading session. Philippine Peso - values, historical data, forecasts and news - updated on August of 2024.
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The USDPHP decreased 0.4320 or 0.76% to 56.6595 on Monday August 19 from 57.0915 in the previous trading session. Philippine Peso - values, historical data, forecasts and news - updated on August of 2024.
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https://tradingeconomics.com/philippines/currency
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PHP - Philippine Peso rates, news, and tools
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Get Philippine Peso rates, news, and facts. Also available are services like cheap money transfers, a currency data API, and more.
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https://www.xe.com/currency/php-philippine-peso/
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PHP - Philippine Peso
The Philippine Peso is the currency of Philippines. Our currency rankings show that the most popular Philippine Peso exchange rate is the PHP to USD rate. The currency code for Pesos is PHP , and the currency symbol is ₱. Below, you'll find Philippine Peso rates and a currency converter.
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https://en.wikipedia.org/wiki/Peso
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Wikipedia
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https://en.wikipedia.org/wiki/Peso
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Name of several monetary units
For the song, see Peso (song).
The peso is the monetary unit of several Spanish-speaking countries in Latin America, as well as the Philippines. Originating in the Spanish Empire, the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign, "$", was originally used as an abbreviation of "pesos" and later adopted by the dollar. The dollar itself actually originated from the peso or Spanish dollar in the late 18th century. The sign "₱" is used in the Philippines.
The silver peso worth eight reales was also known in English as a Spanish dollar or "piece of eight" and was widely used for international trade from the 16th to the 19th century.
Main articles: Spanish dollar and Spanish real
The name peso was given to the 8-real silver coin introduced in 1497, minted at 83⁄8 pesos to a Castilian mark (230.0465 grams) of silver 134/144 fine (25.56 g fine silver). It was minted in large quantities after the discovery of silver in Mexico, Peru and Bolivia in the 16th century, and immediately became a coin of worldwide importance in international trade between Europe, Asia and North America.
Initially the peso was produced in Spanish Latin America in a rapid and simplified manner by cutting off a lump of silver of proper weight and fineness from the end of a silver bar, which was then flattened out and impressed by a hammer. This resulted in a crude, irregular coin called a cob in English and macuquina in Spanish. The Crown was entitled to a fifth of all gold and silver mined, the quinto real (royal fifth), and cobs were a convenient means of handling and accounting for silver. In most cases these cobs were immediately melted down by the recipient. However, some remained in circulation as currency; they were ideal candidates for clipping and counterfeiting due to their irregular shape and incomplete design.
Spanish laws of 1728 and 1730 ordered the mechanization of the minting of the peso so that they would be perfectly round and have milled edges. There was a simultaneous reduction in weight and fineness to 8.5 pesos to a mark (27.064 g), 0.9167 fine or 24.809 g fine silver. This new peso became even more popular in international trade, with recipients finding it more advantageous to trade it as coined silver of known value rather than melting it into silver bullion.Later it was reduced even more.
This coin was known to English colonists in North America as a piece of eight, then later on as a Spanish dollar, Spanish milled dollar, and finally as a Mexican dollar. In French, it was called a piastre and in Portuguese, a pataca or patacão. The Spanish names at various times and in various places were real de a ocho, patacón, duro, or fuerte.
A final alteration in 1772 further reduced the fineness of the peso from 11/12 fine to 130/144 = 0.9028 (fine silver 24.443 g). A sample of coins at the end of the 18th century, however, confirm a fineness of only 0.896 (hence, fine silver 24.25 g); see Currency of Spanish America#Coinage of 1786. The weight of the United States dollar was defined in 1788 as 371.25 grains of fine silver (or 24.057 g) based on the average silver content of worn peso coins. The full 0.9028 fineness was restored by Mexico after its independence in 1821.
While the relationship of 8 reales = $1 (or peso duro) continued in the Americas until the 19th century, Spain struggled with the issuance of reales de vellon (made of billon alloy with less than ½ silver) of various weights and finenesses starting in 1600 due to its domestic financial and monetary problems.
In 1642, it first recognized a new, reduced real provincial worth only $0.10 or 10 reales/$ for use only in Spain (with the old real worth $0.125 now called real nacional and retained in Latin America). In 1686 Spain minted a coin worth 8 reales provinciales (or only $0.80, known as the peso maria or peso sencillo) which was poorly received by the people.[1]
An edict made in the same year which valued the peso duro at $1 = 15 and 2/34 reales de vellon proved to be ineffective as the various reales in circulation contained even less silver. The situation was only resolved in 1837 with the peso duro fixed at $1 = 20 reales de vellon, with all prior non-standard reales demonetized.
The loss of Spain's territories in the Americas and the ensuing domestic instability in the 19th century cut off the inflow of precious metals into Spain and resulted in French coinage gradually entering domestic circulation. Two subsequent decimal system reforms were attempted in 1850 (at $1 = 20 reales, each of 10 decimos or 100 centimos) and 1864 (at $1 = 2 silver escudos, each of 100 centimos) but were not fully carried out. The peso and the real were only fully retired with the introduction in 1868 of the Spanish peseta, at par with the French franc, and at the rate of $1 = 20 reales = 5 pesetas = 22.5 g of fine silver.
Main article: Mexican peso
The successful revolt of the Spanish colonies in America had cut off the supply of silver coin by 1820. By 1825 "...the Spanish dollar, the universal coin of three centuries, had lost its supremacy, and...its universal dominion was in process of disintegration into rival 'currency areas', chief among which was destined to be the area dominated by British sterling."[2]
The Spanish dollar continued to dominate the Eastern trade, and the peso of eight reales continued to be minted in the New World. The coin was sometimes called a Republican dollar, but eventually any peso of the old Spanish eight-real standard was generally referred to as a Mexican dollar, Mexico being the most prolific producer. Mexico restored the standard of 1772, producing a coin of 27.073 g, 0.9028 fine, containing 24.441 g fine silver (the mark weight of the Mexico City mint was very slightly heavier than the standard mark of Spain).
In 1869–1870, not long after adopting the metric system, Mexican mints began producing the peso of “Un Peso” denomination, popularly known as “balanza” (scales), with the same weight and fineness, but with a uniform diameter of 37 mm (making it slightly thicker than the old peso, which was slightly irregular, with a diameter of 38–40 mm). Chinese merchants rejected the new coin, discounting it by 4%–5% in favor of the old eight-real peso. Faced with this threat to her silver exports, Mexico returned to the old eight-real peso by decree of May 29, 1873, but international trade was already shifting from silver to gold, and after 1873 there was a steady decline in the international price of silver.
Until 1873 the Mexican dollar would have been to all intents and purposes equal in value to the silver dollar coins of the United States north of the border, but at that time in history, the Mexican coin would have had a much greater international presence than the U.S. dollar. The great silver devaluation of 1873 caused the Mexican dollar to drop in value against the U.S. dollar, but until the beginning of the 20th century the Mexican dollar would still have been a more widely accepted coin in the Far East than the U.S. dollar. Between the 16th and 19th centuries Mexico produced well over three billion of these coins. Mexico minted the last eight-real peso in 1897, and at the beginning of the twentieth century these Mexican dollar coins were worth only 50 U.S. cents.
Main article: Philippine peso
The Philippine peso (Filipino: piso) is derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the entire America and Southeast Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the United States and Canada.
Prior to 1852 the Philippines had no currency of its own (with the exception of local copper cuartos) since pesos received from Spain and Spanish Latin America were accepted in circulation. Locally issued pesos only came about with
The issuance of Philippine peso fuerte banknotes in 1852 by the Banco Español-Filipino de Isabel II (now the Bank of the Philippine Islands)
The founding of the Casa de Moneda de Manila mint in 1857 and the minting of gold 1, 2 and 4 peso coins starting 1861, and
The minting of 50, 20 and 10 centimo silver coins starting 1864.
As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated. Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar. The name of the currency remained unchanged despite the 1896 Philippine Revolution and the subsequent declaration of independence in 1898.
Country Currency ISO 4217 code Argentina Argentine peso ARS Chile Chilean peso CLP Colombia Colombian peso COP Cuba Cuban peso CUP Dominican Republic Dominican peso DOP Mexico Mexican peso MXN Philippines Philippine peso (piso) PHP Uruguay Uruguayan peso UYU
Several countries formerly used different currencies also named peso not listed here, with different value, over time. See Argentine peso#History.
Country Former currency Final Year Current currency Bolivia Bolivian peso 1986 Bolivian boliviano Costa Rica Costa Rican peso 1896 Costa Rican colón Cuba Cuban convertible peso 2020 — Ecuador Ecuadorian peso 1884 United States dollar El Salvador Salvadoran peso 1919 United States dollar Bitcoin Equatorial Guinea Equatorial Guinean peso 1975 Central African CFA franc Guatemala Guatemalan peso 1925 Guatemalan quetzal Guinea-Bissau Guinea-Bissau peso 1997 West African CFA franc Honduras Honduran peso 1931 Honduran lempira Nicaragua Nicaraguan peso 1912 Nicaraguan córdoba Paraguay Paraguayan peso 1943 Paraguayan guaraní Peru Peruvian peso 1863 Peruvian sol Puerto Rico Puerto Rican peso 1900 United States dollar Spain Spanish peso 1869 Euro Venezuela Venezuelan peso 1874 Venezuelan bolívar
Money portal
Numismatics portal
Currency of Spanish America
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9 Words for Transnational Currencies
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Dollar isn't just the American name for a base unit of currency; the word is shared by 27 other countries. Similarly, rupee, pound, franc and more are all names for money that cross borders.
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https://www.merriam-webster.com/wordplay/9-words-for-transnational-currencies-dollar-rupee
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Today the dinar is the main currency in eight countries formerly belonging to the Ottoman Empire: (from west to east) Algeria, Tunisia, Libya, Serbia, Jordan, Iraq, Kuwait, and Bahrain. The first dinars were issued in A.D. 696 by the great Caliph Abd al-Malik ibn Marwan, who enforced its use as the lone currency of exchange throughout the Muslim world, just as he decreed Arabic to be the official language. The name was taken from the Roman denarius, a coin that had been in use for many centuries, whose name, with its “ten” root, originally referred to the value of ten donkeys.
“Seeing this, the fisherman rejoiced and said, ‘If I sell it in the brass-bazaar, 'tis worth ten golden dinars.’”
— Anon., trans. by Richard Burton, Arabian Nights, 1885
Eight former Spanish colonies—Argentina, Chile, Colombia, Cuba, Dominican Republic, Mexico, Philippines, and Uruguay—today use the peso as their national currency. For a thousand years, up to the present, peso has meant “weight” in Spanish—here referring to the weight, and thus the value, of a coin of gold or silver. (Cf. the British pound, below.)
“’Fer a plugged peso I’d strew yu all over th’ scenery!’ shouted Billy, feigning anger and rubbing his head.”
– Clarence Edward Mulford, “The Advent of McAllister,” 1906
The franc is today the basic monetary unit of Switzerland, Liechtenstein, and twenty African nations, all of them once part of the French colonial empire. But originally it was the currency of France itself. Francs were first minted in 1360 for the ransoming of the captured King John II from the English, showing the king astride his charger brandishing a sword, with the words Francorum Rex (“King of the Franks”) forming part of the border. It is often claimed that franc comes from franc à cheval, or “free on horse,” apparently an early name of the coin. (Another coin, showing the king standing, was known as the franc à pied, or “free on foot.”) Alternatively, some believe franc was a shortening of Francorum. But the simpler explanation is that, in those years, franc merely meant “French.”
“He is still worth at least 50-000 pds—being what is called here a ‘Millionaire’ that is in Francs & such Lilliputian coinage.” – George Gordon, Lord Byron, letter, 23 June 1816
The rupee is today the basic monetary unit of India and Pakistan, two of the world’s most populous countries, as well as the much smaller Nepal, Sri Lanka, Seychelles, Mauritius, and Bhutan. (Indonesia’s currency is sometimes spelled rupee but more often rupiah.) The ancient Sanskrit word it comes from means “coined silver.” The first coin called the rupee was minted in northern India around 1540.
“Fast-forward 20 years, and Pondy . . . has set up shop as a strongman for hire, his prices set out in garish DayGlo on the walls of his underpopulated office: 10,000 rupees for leg-breaking, 15,000 for an arm.”
- The Guardian, 2 Nov. 2015
Many European monarchies historically chose to use a crown, representing their monarch, as an emblem on their principal coins. Though several “crown” currencies have been supplanted by the euro, the basic monetary units in five European countries still derive their names from the Latin corona: in Denmark and Norway, the krone; in Sweden and Iceland, the krona; and in the Czech Republic, the koruna. No matter that these last two are no longer monarchies.
“Just look at that old stingy-beans, that old miser, sitting there with his five hundred kroner all counted out ahead of time!”
– Knut Hamsun, August, trans. Eugene Gay-Tifft, 1931
In Iran, Oman, and Yemen, the basic currency unit is the rial; in Qatar and Saudi Arabia, it is the riyal. Westerners may find it slightly surprising that Latin was the source for both words, as it was for dinar. In the Muslim world both riyal and rial are far younger words than dinar, riyal not being recorded in use in the Middle East until 1856 and rial not until 1930. But coins named rial had been minted in France and Britain as long ago as the 15th century, and its basic meaning in those European countries—like that of the slightly later Spanish real, these words' most immediate ancestor—was “royal.”
“I paid for two deck passages eighteen Riyals, my companions seven each, whilst Saad secretly entered himself as an able seaman.
- Richard Francis Burton, Personal Narrative of a Pilgrimage to El Medinah and Meccah, 1857
Pound is the name of the basic currencies not only of the United Kingdom but also of Egypt, Sudan, South Sudan, Lebanon, and Syria. Like peso, pound originally referred to weight, as it still does today. The Latin libra pondo meant “a pound by weight,” and libra survives today both in the £ symbol for the British pound and in the abbreviation lb. meaning “pound” in the weight sense. (Lira, the name of both the old Italian currency and the current Turkish currency, likewise derives from libra.)
“She would write her memoirs and include in them faithful records of her association with every noble lord who failed to pay hush money to the tune of two hundred pounds.”
– The Economist, 9 Nov. 1957
Today, shilling is the name of the basic currency of four former British colonies in Africa: Kenya, Somalia, Tanzania, and Uganda. (It was also once the basic monetary unit of Ireland, Austria, Australia, and New Zealand.) Nevertheless, Americans are most likely to know it as the old British denomination worth one-twentieth of a pound, or twelve pence. Its name traces back to a gold coin known in Old High German as the skilling.
“Indeed, civil servants and others in positions to do so seem quite content extracting a pocketful of shillings (Kenya currency) here and there from expatriates, Asian businessmen, white Kenyans, whom they view as no more than walking money to be taken, and even fellow black Africans, who can ill afford to pay chai (tea), as bribes are euphemistically called here.”
– Chicago Tribune, 11 Jan. 1987
Finally, the currency name adopted most widely in the world, even more widely than the modern euro: the dollar. Eight countries use the U.S. dollar itself as their currency, while 27 others use dollars of their own. The word’s unlikely source is the old Bohemian silver-mining town of Sankt Joachimstal (“St. Joachim’s Valley”), now Jáchymov, where the silver was turned into coins called Thalers or Talers. Taler and its variant daler were already being used for various coins circulating in the American colonies when the latter achieved their independence from Britain, and the national government soon chose the name for its new currency.
“Steadily they played at a dime ante, and a dollar better, till the funds of the deacon were all exhausted, and he was forced to ante up tools.”
- Pensacola Gazette, 12 Oct. 1850
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Philippine Peso
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https://www.global-exchange.com.au/documents/20151/31618/favicon.png/54a53a66-bc81-dbec-5206-5cee30bb0cd9?t=1667562804900
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https://www.global-exchange.com.au/en/currencies-of-the-world/philippine-peso
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The currency of the Philippines (officially, Republic of the Philippines) is called the Philippine Peso. Its ISO 4217 code is PHP and it has PhP or $ as symbol. The issuer of the Philippine Peso is the Central Bank of the Philippines (CBF).
The Peso is known in Filipino and Tagalog as "piso" and is divided into 100 cents ("sentimo" in the previous languages).
These currencies are issued by the Central Bank of the Philippines. This Central Bank was created by the Republic Act No. 265 on January 3rd, 1949. It is the BCF that manages the banking operations and the country's credit system. In addition, this Act gives the CBF all the powers to print and mint Filipino money since then.
Banknotes and coins of the Philippine peso in use
The Peso coins are minted in the Security Plant Complex of the Philippines. At present, coins of 1, 5, 10 and 25 cents are in use and those of 1, 2, 5 and 10 pesos are in use.
As for the peso notes, they are printed at the Security Plant Complex or at the National Printing Office. At present time, notes of 20, 50, 100, 200, 500 and 1,000 pesos circulate.
Did you know?
The Philippines has a population of about 102 million inhabitants, being the 12th most populated country in the world. In addition, 11 million Filipinos are currently living abroad.
The word "Philippines" derives from the name of King Felipe II of Spain (deformation of "Felipinas"). In addition, the official name of the Philippines has changed several times in the course of its history.
Before 1967, the language used in the notes and coins of the Philippines was English. Then it was known as "Peso". But a short time later the name was used in Filipino, changing its name to the "Piso" currency.
The Philippine peso has its origins in the Spanish Real of 8 and in the Mexican peso, which circulated widely throughout the Americas and Southeast Asia during the seventeenth and eighteenth centuries.
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The Philippine Peso: A Currency Steeped in History, Economic Significance, and Cultural Identity
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Embark on a journey through the rich history of the Philippine peso, exploring its economic significance, cultural symbolism, and enduring impact.
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In the heart of Southeast Asia, amidst the vibrant archipelago of the Philippines, lies a currency that embodies the nation's rich heritage, economic resilience, and unwavering spirit of progress – the Philippine peso, denoted by the symbols ₱ or PHP. Its journey through the tides of history, economics, and culture mirrors the country's remarkable evolution, a testament to its ability to adapt, thrive, and transcend challenges.
Delving into the Peso's Origins: A Numismatic Legacy
The Philippine peso's roots can be traced back to the 16th century, an era when Spanish galleons traversed the Manila-Acapulco trade route, bringing an influx of Spanish pesos, also known as Spanish dollars, to the Philippines. These coins, bearing the image of Spanish monarchs, quickly gained prominence, becoming the predominant form of currency in the archipelago.
The Spanish peso's widespread adoption marked a significant turning point in the Philippines' monetary landscape, replacing a barter-based system with a standardized currency that facilitated trade and economic activity.
The Gold Standard Era: A Period of Monetary Stability and Transformation
In 1903, under American rule, the Philippines embraced the Gold Standard, a monetary system that linked the peso's value to the price of gold. This period ushered in a degree of stability to the currency, fostering economic growth and facilitating trade.
During this era, the first peso banknotes were introduced, signaling a shift from a purely coin-based currency system to a more modern and efficient one. The incorporation of banknotes not only enhanced the convenience of transactions but also expanded the currency's reach to a wider population.
Navigating Post-Independence Monetary Landscapes: The Birth of the Central Bank of the Philippines
Following the Philippines' independence from the United States in 1946, the Central Bank of the Philippines (BSP) was established, tasked with overseeing the nation's monetary policy. The BSP faced the daunting challenge of stabilizing the peso and guiding the country's monetary system through the complexities of the post-war economic environment.
Under the BSP's stewardship, the peso underwent a series of reforms and adjustments, adapting to the changing economic landscape and demonstrating the institution's commitment to maintaining monetary stability and promoting economic growth.
Embracing a Floating Exchange Rate: Adapting to Global Dynamics
In 1970, a pivotal moment arrived when the Philippines transitioned to a floating exchange rate system, allowing the peso's value to fluctuate freely against other currencies. This move aimed to enhance the peso's flexibility in response to market forces and promote economic growth.
The adoption of a floating exchange rate system marked a departure from the Gold Standard's rigid pegging mechanism and signaled the Philippines' willingness to embrace a more dynamic monetary policy approach.
The Peso's Journey in the Modern Era: Resilience Amidst Fluctuations
Over the decades, the Philippine peso has experienced periods of stability and fluctuations, reflecting the country's economic performance and its integration with the global economy. Its resilience has been tested during times of financial crises and economic downturns, yet it has consistently demonstrated its ability to adapt and weather these challenges.
The peso's journey through the modern era exemplifies its adaptability and its role as a barometer of the country's economic health. Its fluctuations have provided valuable insights into the Philippines' economic performance and its ability to navigate the complexities of the global financial landscape.
A-Pillar of Domestic Trade: Facilitating Economic Activity
Today, the Philippine peso stands as the cornerstone of the country's domestic economy, serving as the primary medium of exchange for goods and services. Its stability and widespread acceptance contribute to fostering a conducive environment for trade and economic activity.
Businesses rely on the peso to conduct transactions, pay wages, and facilitate the flow of goods and services across the archipelago. The peso's purchasing power plays a crucial role in determining consumer spending patterns and shaping overall economic growth.
The peso's significance extends beyond its role in facilitating domestic trade. It also serves as a benchmark for investment decisions and plays a vital role in the country's international economic relations.
Also Read:
The Panamanian Balboa: A Currency Rooted in History and Driving Economic Growth
The Rise of Alternatives: Profiting from a Depreciating U.S. Dollar
How to Invest in Chinese Yuan
Cultural Symbolism and Everyday Usage: A Currency Embedded in the Filipino Identity
The Philippine peso transcends its economic function, holding deep cultural resonance for Filipinos. It represents the nation's financial identity and serves as a tangible reminder of its economic progress.
The peso's presence is deeply embedded in the country's social fabric, from the bustling marketplaces to the everyday transactions of ordinary citizens. Filipinos use the peso to purchase goods and services, conduct financial transactions, and save for their future.
The peso's cultural significance extends beyond its everyday usage. It has inspired artwork, literature, and music, becoming an integral part of the Filipino cultural landscape.
Conclusion: A Currency that Embodies Filipino Resilience and Progress
The Philippine peso, with its rich history, economic significance, and cultural symbolism, stands as a testament to the Filipino nation's resilience, adaptability, and unwavering spirit of progress. It has weathered the storms of history, weathered the waves of economic turmoil, and emerged stronger, more resilient, and more deeply embedded in the Filipino identity.
As the Philippines embarks on a new chapter in its journey, the peso will continue to play a pivotal role in driving economic growth, facilitating trade, and empowering Filipinos to achieve their aspirations. Its stability, adaptability, and enduring cultural significance will anchor the country's economic progress and shape its remarkable future.
The Philippine peso is more than just a currency; it is an embodiment of the Filipino nation's spirit, a symbol of its resilience, and a driving force behind its economic success. As Filipinos navigate the complexities of the 21st century, the peso will continue to stand as a beacon of hope, a symbol of their unwavering commitment to progress, and an instrument for shaping their shared prosperity.
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https://www.bloomberg.com/news/articles/2024-04-17/philippine-peso-weakens-past-key-57-per-dollar-level-lv345342
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en
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Philippine Peso (PHP USD) Weakens Past Key 57
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2024-04-17T00:00:00
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The Philippine peso weakened past the closely watched 57-per-dollar level for the first time since late 2022, putting pressure on the central bank to join emerging-market peers in supporting their beleaguered currencies.
|
en
|
Bloomberg.com
|
https://www.bloomberg.com/news/articles/2024-04-17/philippine-peso-weakens-past-key-57-per-dollar-level-lv345342
|
Philippine Peso’s Drop Past 57 Puts Pressure on Central Bank
Peso falls to lowest since November 2022 as Fed to delay cuts
Remolona said central bank has hardly been intervening
The Philippine peso weakened past the closely watched 57-per-dollar level for the first time since late 2022, putting pressure on the central bank to join emerging-market peers in supporting their beleaguered currencies.
The peso dropped as much as 0.5% to 57.29 per dollar on Wednesday, the lowest since November 2022. Governor Eli Remolona on the same day said the central bank tends to allow currency adjustments to happenBloomberg Terminal unless the movements are very sharp. On Monday, he said he’s comfortable with the peso’s current level and that the central bank has hardly been intervening in the foreign-currency market.
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https://corporatefinanceinstitute.com/resources/foreign-exchange/philippine-peso-php/
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en
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Philippine Peso (PHP)
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The Philippine Peso refers to the Philippines’s official currency and is represented by ISO code PHP. The Bangko Sentral ng Pilipinas (BSP),
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Corporate Finance Institute
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https://corporatefinanceinstitute.com/resources/foreign-exchange/philippine-peso-php/
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What is the Philippine Peso (PHP)?
The Philippine Peso refers to the Philippines’s official currency and is represented by ISO code PHP. The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, mints and prints the banknotes and the coins at its complex in Quezon City.
PHP is also called piso, a Filipino name. Since the country was a previous United States colony, it used the English language on its notes and coins. Hence, until 1967, the term “peso” appeared on the currency. With the introduction of the Filipino language on the notes and coins, the word “piso” came into use.
History of the Philippine Peso
In 1898, the country saw a transformation when its capital was used to issue coins and paper money of its currency. However, the change was short-lived as the circulation of the currency ended in 1901. The US took possession of the Philippines and introduced a currency indexed to the gold standard, which was about half the value of the United States Dollar (USD) then. The 2 pesos per USD peg continued until the country became independent in 1946.
The Central Bank of the Philippines was set up in 1949, and in the 1950s, it sought to keep the US dollar at 2:1. It became unlikely when the black market for pesos began beyond the fixed system, where it was regularly exchanged at 3:1.
In 1967, the Filipino language was adopted in the currency by the bank, and a series of notes in denominations of 1 peso, 5 pesos, 10 pesos, 20 pesos, 50 pesos, and 100 pesos was launched in 1969. The Ang Bagong Lipunan (ABL) Series of banknotes was released in 1973. It included 2 pesos as the lowest denomination and 100 pesos as the highest denomination. The ABL series was followed by the release of the New Design Series.
A drastic transformation occurred when the central bank published the New Design Series. The new 500 PHP notes were launched in 1987, the first 1,000 PHP notes were released in 1991, and 200 PHP notes were released in 2002. The name “New Design Series” referred to the Philippine notes issued between 1985 and 1993. It was then retitled as the BSP series, owing to the restoration of the BSP in 1993. It was replaced by the New Generation Currency Series, which was released in December 2010.
Banknotes from the latest currency series were printed until 2013 and existed as a legal tender until December 31, 2015. The original demonetization date for the bills was January 1, 2017, but the time frame for exchanging old notes was extended twice, first until June 30, 2017, and then until December 29, 2017.
Current Philippine Peso
In 2009, the BSP announced a complete redesign of the current notes and coins to boost security features and increase longevity. Popular Filipinos and iconic natural wonders grace the latest banknote designs. In December 2010, the BSP began issuing the first batch of new notes.
In February 2016, the country’s central bank began to distribute new 100-peso bills, which came with a better purple or purple hue. It was suggested by the public to differentiate between the 100-peso banknote and the 1000-peso banknote. The 100 PHP bills of the New Generation Currency are still in circulation; hence, they can still be used by the public.
On December 11, 2019, the BSP declared that it would convert the 20 PHP note into a coin. It announced the transition of banknotes to coins, which will be finished by 2021 end or the start of 2022. The BSP also declared a redesign of the 5-peso coin of the New Generation Currency. The new concept requires the inclusion of bumps on both sides of the coin.
Currently, coins of 1, 5, 10, and 25 cents and 1, 5, 10, and 20 pesos are in use. Banknotes of denominations of 20, 50, 100, 200, 500, and 1,000 pesos are also in circulation.
More Resources
Thank you for reading CFI’s guide on the Philippine Peso (PHP). To keep learning and developing your knowledge base, please explore the additional relevant resources below:
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List of Currency Codes by Country (ISO 4217)
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Updated list of currency names. 3 character alphabetic and 3 digit numeric ISO 4217 codes for each country.
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Country Currency Codes
International money transfers can be expensive. Banks could charge you up to 5% in hidden fees for transferring money abroad, which makes your transfer significantly more than you’d think. We recommend using Transferwise, which is 5x cheaper because they charge a low, upfront fee.
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View today's currency exchange rates and use currency converter to calculate value of one currency to another.
Updated: January 12, 2022
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Philippine peso, Malaysian ringgit sink on China's economic woes
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[
"Staff"
] |
2024-01-24T18:08:47+00:00
|
TOKYO -- Currencies across the Asia-Pacific region have slipped to their weakest levels against the dollar in months, as the slowdown in China casts a
|
en
|
/apple-touch-icon-144x144.png?ez
|
Nikkei Asia
|
https://asia.nikkei.com/Business/Markets/Currencies/Philippine-peso-Malaysian-ringgit-sink-on-China-s-economic-woes
|
TOKYO -- Currencies across the Asia-Pacific region have slipped to their weakest levels against the dollar in months, as the slowdown in China casts a shadow over countries holding strong economic and trade ties with Beijing.
The Philippine peso, Indonesian rupiah and Malaysian ringgit were among those that reached a three-month low against the dollar on Wednesday. The Thai baht and Australian dollar are trading around their weakest in one to two months.
|
||||
9083
|
dbpedia
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1
| 16
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https://asia.nikkei.com/Business/Markets/Currencies/Philippine-peso-falls-to-18-month-low-against-dollar
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en
|
Philippine peso falls to 18-month low against dollar
|
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[
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[
"MASAYUKI YUDA"
] |
2024-05-21T03:58:13+00:00
|
TOKYO -- The Philippine peso fell to its lowest point versus the dollar since November 2022, as the country's central bank shifts away from a hawkish
|
en
|
/apple-touch-icon-144x144.png?ez
|
Nikkei Asia
|
https://asia.nikkei.com/Business/Markets/Currencies/Philippine-peso-falls-to-18-month-low-against-dollar
|
TOKYO -- The Philippine peso fell to its lowest point versus the dollar since November 2022, as the country's central bank shifts away from a hawkish monetary policy.
The peso slipped to 58.13 per dollar on Tuesday, falling past the 57.95 mark it hit April 25.
|
||||
9083
|
dbpedia
|
2
| 14
|
https://www.linkedin.com/pulse/philippine-peso-history-value-moneywize500-wewkc
|
en
|
Philippine Peso: History and Value
|
https://static.licdn.com/aero-v1/sc/h/en3f1pk3qk4cxtj2j4fff0gtr
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https://static.licdn.com/aero-v1/sc/h/en3f1pk3qk4cxtj2j4fff0gtr
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[] |
[] |
[] |
[
""
] | null |
[
"Money Wize PH"
] |
2024-04-24T04:36:48+00:00
|
The Philippine peso (PHP) is the official currency of the Philippines, representing the country's monetary unit. Its history is rich and intertwined with the country's economic and political development.
|
en
|
https://static.licdn.com/aero-v1/sc/h/al2o9zrvru7aqj8e1x2rzsrca
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https://www.linkedin.com/pulse/philippine-peso-history-value-moneywize500-wewkc
|
LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. Learn more in our Cookie Policy.
Select Accept to consent or Reject to decline non-essential cookies for this use. You can update your choices at any time in your settings.
The Philippine peso (PHP) is the official currency of the Philippines, representing the country's monetary unit. Its history is rich and intertwined with the country's economic and political development. This detailed exploration will delve into the history, value, and significance of the Philippine peso.
1. Historical Background:
The history of the Philippine peso dates back to Spanish colonization in the 16th century when the Spanish introduced silver coins called "peso de ocho" or pieces of eight. These coins circulated in the Philippines and other Spanish colonies, serving as a medium of exchange in trade and commerce.
Over the centuries, various currencies were used in the Philippines, including the Mexican peso, the Spanish-Filipino peso, and the United States dollar during the American colonial period. In 1903, the Philippine Commission passed the Coinage Act, establishing the Philippine peso as the official currency of the Philippines, with the first minting of Philippine coins and banknotes occurring in 1904.
2. Currency Evolution:
Throughout its history, the Philippine peso has undergone several changes in its denominations, designs, and materials. The evolution of the peso includes transitions from Spanish-era silver coins to modern banknotes and coins featuring prominent Filipino figures, landmarks, and symbols.
Notable milestones in the evolution of the Philippine peso include the demonetization of old banknotes and coins, the introduction of new currency series, and the adoption of security features to prevent counterfeiting and ensure the integrity of the currency.
3. Value and Exchange Rate:
The value of the Philippine peso fluctuates against other currencies in the foreign exchange market, influenced by various factors such as economic indicators, government policies, and global events. The exchange rate of the Philippine peso is determined by supply and demand dynamics in the foreign exchange market, with the Bangko Sentral ng Pilipinas (BSP) playing a role in managing currency stability and liquidity.
Historically, the Philippine peso has experienced periods of depreciation and appreciation against major currencies such as the US dollar, euro, and Japanese yen. Factors such as trade imbalances, inflation rates, interest rates, and geopolitical developments can impact the value of the peso relative to other currencies.
4. Significance and Usage:
The Philippine peso plays a vital role in the country's economy as the primary medium of exchange for goods and services, as well as a unit of account and store of value. It is widely accepted for transactions in the Philippines, including retail purchases, utility payments, and financial transactions.
Additionally, the Philippine peso serves as a measure of economic performance and stability, with fluctuations in its value reflecting broader economic trends and developments. Central banks, financial institutions, businesses, and individuals monitor the exchange rate and value of the peso to assess economic conditions and make informed decisions.
5. Future Outlook:
Looking ahead, the Philippine peso is expected to continue evolving in response to changes in the global economy, advancements in technology, and shifts in consumer behavior. The BSP will continue to implement monetary policies and measures to maintain currency stability, manage inflation, and support economic growth.
As the Philippines strives for economic development and international competitiveness, the Philippine peso will remain a symbol of the country's sovereignty, resilience, and progress on the global stage.
In conclusion, the Philippine peso embodies the economic, cultural, and historical identity of the Philippines. Its journey from colonial-era coins to modern banknotes reflects the country's resilience, growth, and evolution over time. Understanding the history and value of the Philippine peso provides valuable insights into the Philippines' economic landscape and its role in the global economy.
#financialliteracy #financialliteracymatters #financialliteracyforkids#philippines #manila #savings #savingsgoals #budgeting #debtfree #retirementplanning #retirementsavings #RetirementGoals#financialfreedom#Philippines2023#manilaphilippines#Manila #BIR #IT #IncomeTaxPhilippines #IncometaxManila #Tax #Taxincentives
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9083
|
dbpedia
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3
| 58
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https://www.xoom.com/philippines/send-money
|
en
|
Send Money to Philippines - Transfer money online safely and securely
|
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Send money online to Philippines with Xoom, a PayPal service. We offer direct deposit to any bank in Philippines, Cash Pick Up and Door to Door Delivery.
|
en
|
https://www.paypalobjects.com/xoom/siteContent/26.7.0/img/ocb/favicon.ico
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Send money to the top cash pickup locations and banks throughout the Philippines, such as Cebuana Lhuillier and M. Lhuillier. Make bank deposits to all banks, including Banco de Oro (BDO), Bank of the Philippine Islands (BPI) and Philippines National Bank. Transfer money directly to mobile wallets, including Coins, U-mobile, GCash, PayMaya and GrabPay. You can even go for door to door delivery service right to your recipient's front door with Signed and Delivered (S&D).
Deposit directly to a bank account in the Philippines by quickly entering your recipient’s debit card number. The money will be deposited into your recipient’s bank account – like a bank deposit. Funds are typically deposited in minutes. Available only to US senders who are sending to eligible debit cards. Fees, limits and other holds may apply.
Xoom is a PayPal service. We're part of something bigger, something that empowers over 250 million customers around the world to make secure online transactions every day. That’s a strength in numbers you can trust. And the best part is, if you have an account with PayPal you can start sending money to the Philippines right now with your PayPal payment options right at your fingertips.
Choose cash pickup and your money is typically available in minutes at convenient locations throughout the Philippines. Select bank deposit and your money will typically arrive in minutes to BDO, Metrobank and PNB and typically in hours to all other banks in the Philippines. Transfers to mobile wallets are typically completed in minutes. Door to door delivery will typically reach your recipient in 6 hours or less to Metro Manila if sent before 3 p.m., and 1 to 2 days to most provinces.
Xoom makes it quick and easy to start sending money today. Step 1: You can log in with your PayPal credentials or easily create a Xoom account, starting with your name and email address. Step 2: Simply enter how much money to send, who it’s going to, and where they’ll receive it in the Philippines. Step 3: Conveniently pay with with PayPal, bank account, credit card, or debit card and you're done! Sign up now to get started
Step 1: Just tell us how much to deposit. Step 2: Choose almost any bank in the Philippines, including Banco de Oro (BDO), Bank of the Philippine Islands (BPI) and Philippines National Bank. Step 3: Enter your recipient's account information on our secure page. Step 4: Conveniently pay with PayPal, bank account, credit card, or debit card. View all banks
Step 1: Enter how much money to deliver. Step 2: Provide your recipient's name and home address. Step 3: Pick a trusted cash delivery service in the Philippines, including Signed and Delivered (S&D). Step 4: Simply pay with PayPal, bank account, credit card, or debit card. View all home delivery services
Get human support when you really need it from people who care. We have customer service centers on multiple continents with support in multiple languages. Simply contact us or visit our Help Center for assistance and information. Last but not least, we guarantee your money will be received or we’ll refund your payment in full.
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9083
|
dbpedia
|
1
| 41
|
https://www.rcbc.com/how-much-is-the-exchange-rate-of-peso-to-dollar
|
en
|
A Historical Look at the Exchange Rate between the USD and PHP
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Learn about the intricacies of the USD-PHP exchange rate. Understand the implications of fluctuations and trends from past to present.
|
en
|
/assets/public/images/favicon.png
|
https://www.rcbc.com/how-much-is-the-exchange-rate-of-peso-to-dollar
|
The exchange rate between the United States Dollar (USD) and the Philippine Peso (PHP) is not just a mere numerical figure. It holds a deeper significance, serving as a window into the intertwined economic histories of both nations. Exploring this exchange rate unveils a treasure trove of insights into the economic interplay between these two countries, revealing the factors that have shaped their financial dynamics over the years.
Join us as well delve into this fascinating world of fluctuations and trends, analyze what the exchange rate between dollar to peso is, and unlock a comprehensive understanding of the economic landscape of the Philippines.
Understanding the Exchange Rate
Before we begin, it is essential to first understand what an exchange rate is. In simple terms, an exchange rate refers to the value of one currency in relation to another. It determines how much of one currency you can buy with a certain amount of another currency. For example, if the current USD to PHP exchange rate is 1 USD to 50 PHP, it means that you can buy 50 PHP with one US dollar.
The exchange rate is influenced by various factors such as interest rates, inflation, trading activities, political stability, and economic policies. These factors contribute to the fluctuations of the exchange rate over time.
A Brief History of the USD to PHP Exchange Rate
To grasp the current exchange rate, it's essential to delve into the roots of currency exchange. Post-World War II, in 1945, the USD to PHP exchange rate was relatively stable. The Philippines had just gained independence from American colonial rule, and its economic framework was in its infancy. The Bretton Woods Agreement, established in 1944, pegged various currencies, including the USD, to gold, creating a sense of stability in the international monetary system.
However, this stability was short-lived. By the 1960s, economic tides were changing globally, and the USD started floating freely against other currencies. The Philippines, like many other nations, found itself adapting to this new paradigm. The exchange rate dynamics began to reflect not just local economic conditions but also the shifting global economic landscape.
The Impact of Economic Policies
The USD to PHP exchange rate has also been significantly influenced by the economic policies implemented by both countries. During the Marcos regime in the 1970s and 1980s, the Philippines adopted a pegged exchange rate system, where the peso was fixed at a specific value against the USD. However, this system proved unsustainable and led to economic struggles, resulting in a debt crisis and devaluation of the peso.
In contrast, the United States has historically pursued policies that have strengthened its currency. The dollar's role as the world's reserve currency gives the US significant influence over global exchange rates. For instance, decisions made by the Federal Reserve, such as interest rate adjustments, have a ripple effect on the USD to PHP exchange rate.
Predicting Future Trends
Over the years, the exchange rate between USD and PHP has displayed remarkable resilience, enduring economic and political challenges. Nevertheless, accurately predicting future trends is always a difficult task due to the influence of diverse factors and the potential impact of unforeseen events, such as natural disasters or political crises.
That being said, understanding past trends and current economic conditions can still provide valuable insights for predicting future exchange rate movements. As the Philippines continues to grow and strengthen its economy, likely, that the peso will also increase in value against the USD.
How Much is 1 Dollar in Peso and Why Exchange Rates Matter
Understanding the historical journey of the USD to PHP exchange rate is a captivating endeavor that requires grasping the significance of these rates.
Over the past few years, the exchange rate has remained relatively stable. For instance, the RCBC exchange rate has fluctuated between 55-57 pesos to a US dollar. These rates serve as the lifeblood of international trade, investments, and economic policies, forming the foundation for global financial transactions. With immense power, they influence the cost of imports and exports, shape inflation rates, and mold a nation's economic policies.
Exchange rates have a remarkable impact on our daily lives. They shape our travel experiences, determining the affordability of trips abroad and the purchasing power of foreign currencies. Moreover, they significantly influence the cost of imported goods, which ultimately affects the prices of products in local markets.
For those who rely on remittances from family members working overseas, the USD to PHP exchange rate is of utmost importance. In a country like the Philippines, where a significant portion of the population depends on remittances, fluctuations in the exchange rate can profoundly impact the day-to-day lives of many.
Delving into the intricate world of exchange rates unveils valuable insights into the global financial landscape. It sheds light on the profound impact this essential element holds, influencing not only macroeconomic policies but also individual financial decisions. By truly grasping the significance and dynamics of the USD to PHP exchange rate, one gains the power to navigate the complexities of international trade and finance with finesse. This knowledge empowers us to make informed choices that can pave the way for favorable outcomes.
The Bigger Picture: USD-PHP Exchange Rate and the Philippine Economy
The exchange rate between USD and PHP holds immense significance, acting as a window into the vibrant economic landscape of the Philippines. It goes beyond mere numbers, providing valuable insights into the country's economic well-being and stability.
When the exchange rate strengthens, indicating a rise in the value of the peso against the dollar, it signals a robust and flourishing economy. This can be attributed to a myriad of factors, including increased foreign investments, favorable trade conditions, and a thriving domestic market. Moreover, a stronger peso acts as a magnet, attracting more foreign investors and propelling further economic growth and development.
On the other side, a weaker peso can signal economic hurdles like inflation and trade deficits. It may point to factors such as rising import expenses, diminished export competitiveness, or unfavorable economic policies. In such instances, the government and policymakers must proactively devise strategies to tackle these challenges and cultivate a more stable economic landscape.
Over the past few decades, the Philippines has experienced a remarkable economic boom, paving the way for a stronger peso against the mighty dollar. This growth can be credited to a myriad of factors, with one shining star being the invaluable contributions of Overseas Filipino Workers (OFWs) through their hard-earned remittances. These remittances not only fuel local consumption and investment but also serve as the backbone of overall economic stability.
Moreover, the booming business process outsourcing (BPO) industry has played a vital role in the country's economic triumph. The Philippines has emerged as a top choice for multinational corporations in search of affordable yet highly skilled labor to fuel their business ventures. This not only creates job opportunities but also attracts foreign exchange inflows, fortifying the peso's resilience.
In addition to these crucial factors, the government's prudent economic policies have played a pivotal role in shaping the current exchange rate. These meticulously crafted and executed policies not only aim to maintain a stable and competitive currency that attracts foreign investors but also create a favorable investment climate. Through this unwavering commitment to sound economic management, the government fosters sustainable economic growth, leading to long-term prosperity for the country.
This strategic approach has been instrumental in ensuring a robust and resilient exchange rate, benefiting both the domestic economy and international trade. It's an extraordinary demonstration of economic prowess and a testament to the government's dedication to fostering a thriving financial landscape.
In essence, the exchange rate between USD and PHP serves as a significant gauge of the economic performance of the Philippines. It vividly reflects the country's journey—encompassing both progress and challenges—while also hinting at the immense potential for future growth.
Should I Constantly Check How Much the Exchange Rate from Dollar to Peso Is?
While the exchange rate between USD and PHP holds immense significance, it's not necessary to constantly check its fluctuations. The exchange rate is continuously changing, influenced by global economic factors and market conditions. Trying to keep up with these changes can be a daunting task and may even lead to unnecessary stress.
However, it's essential to have a general understanding of the current exchange rate and its impact on the economy, especially for those who rely on remittances or frequently engage in international trade. Keeping yourself informed and up-to-date can help make better financial decisions and prepare for any potential changes that may affect personal finances.
Taking Control: What You Can Do
With a wealth of historical knowledge and a profound grasp of the USD to PHP exchange rate, you can wield your power to effectively analyze and manage the impact on their personal finances.
If you engage in international trade, for instance, you need to have a keen awareness of dynamic exchange rate trends. This enables you to transform the business landscape into a strategic chess match. In this intricate game, well-informed and strategic decisions become paramount, positioning themselves at the forefront of business operations. The adept anticipation and skillful navigation of currency fluctuations not only serve to mitigate risks but also unveil opportunities for optimizing profitability.
Furthermore, as an everyday consumer, you also need to be mindful of the ever-changing exchange rate dynamics. This awareness is key for effective planning and budgeting. Fluctuations in the exchange rate can directly impact the prices of imported goods, travel expenses, and even remittances from abroad. By staying tuned to these shifts, you can adapt your spending habits accordingly and make informed financial choices.
In our modern interconnected world, financial literacy holds the key to empowerment. It presents you with a remarkable opportunity to safeguard your finances against the volatile fluctuations of exchange rates. By diversifying investments through opening a foreign currency deposit account, staying informed about economic trends, and seeking expert advice, you can navigate the intricate landscape of international finance with confidence and prudence.
The USD to PHP exchange rate remains a critical element in navigating the ever-evolving global financial landscape. It serves as a powerful tool for understanding and analyzing the economic conditions of the Philippines while also holding immense potential for shaping individual financial outcomes. By staying informed, taking proactive measures, and leveraging their knowledge, you can benefit from this dynamic exchange rate and pave the way toward a brighter financial future.
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https://www.instarem.com/en-us/currency-conversion/usd-to-php/
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USD to PHP Exchange Rate – Convert US Dollar to Philippine Peso
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2023-07-06T15:42:04+08:00
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Convert US Dollar to Philippine Peso with the latest USD to PHP exchange rate, fees, and trend analysis with Instarem US.
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en
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Instarem
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https://www.instarem.com/en-us/currency-conversion/usd-to-php/
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9083
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dbpedia
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https://coinmill.com/PHP_USD.html
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Convert Philippine Pesos (PHP) and United States Dollars (USD): Currency Exchange Rate Conversion Calculator
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[
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Calculator to convert money in Philippine Peso (PHP) to and from United States Dollar (USD) using up to date exchange rates.
|
en
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https://coinmill.com/PHP_USD.html
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In welchen Ländern wird der Peso verwendet?
|
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2024-05-26T00:00:00-04:00
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In welchen Ländern wird der Peso verwendet? Im Folgenden finden Sie eine Liste der Länder und Gebiete, in denen diese Währung gilt.
|
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https://assets.ctfassets.net/fzn2n1nzq965/01hMKr6nEEGVfOuhsaMIXQ/c424849423b5f036a8892afa09ac38c7/favicon.ico
|
https://stripe.com/de/resources/more/which-countries-use-pesos-a-guide-to-where-this-currency-is-used
|
Der Peso ist in mehreren Ländern die offizielle Währung, u. a. in Mexiko, Argentinien und Kolumbien. Als regionale Standardwährung in Lateinamerika ermöglicht der Peso umfangreiche Handels- und Investitionsaktivitäten in und zwischen diesen Ländern. Der Peso hat in jedem Land, in dem er gilt, unterschiedliche Merkmale und wirtschaftliche Auswirkungen. Diese spiegeln die Geldpolitik und die ökonomischen Verhältnisse des jeweiligen Landes wider.
Für Unternehmen, die in diesen Volkswirtschaften Geschäfte tätigen, sind die täglichen Transaktionen und Finanzgeschäfte unweigerlich mit dem Peso verknüpft. Der mexikanische Peso spielt eine wesentliche Rolle im globalen Finanzwesen (insbesondere in Nordamerika) und ist nach Stand 2022 die am drittmeisten gehandelte Währung der Schwellenmärkte. Der argentinische Peso unterliegt zwar gewissen Schwankungen, ist jedoch in südamerikanischen Märkten weit verbreitet. Der kolumbianische Peso ist im Vergleich zu anderen Währungen der Region stabiler. Diese Währungen beeinflussen die lokalen Preisbildungsmechanismen und die Preisgestaltung auf den Rohstoffmärkten, insbesondere bei Produkten wie Kupfer und Öl.
Für internationale Unternehmen haben Geschäfte in Peso den Vorteil, dass die Währungsumrechnung weniger aufwendig ist und bestimmte Wechselkursrisiken reduziert werden. Die von Land zu Land unterschiedliche Stabilität des Peso erfordert aber eine sorgfältige Finanzplanung sowie ein geeignetes Risikomanagement. In diesem Leitfaden wird auf die historische Entwicklung des Peso sowie auf dessen Funktion bei grenzüberschreitenden Finanztransaktionen und als offizielle Landeswährung eingegangen.
Worum geht es in diesem Artikel?
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Convert Philippine Pesos (PHP) and United States Dollars (USD): Currency Exchange Rate Conversion Calculator
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Calculator to convert money in Philippine Peso (PHP) to and from United States Dollar (USD) using up to date exchange rates.
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Countries that Use Pesos 2024
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https://worldpopulationreview.com/favicon.ico
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[
"https://worldpopulationreview.com/_next/image?url=%2F_next%2Fstatic%2Fmedia%2Flogo2x.b874b885.png&w=32&q=75 1x, /_next/image?url=%2F_next%2Fstatic%2Fmedia%2Flogo2x.b874b885.png&w=64&q=75 2x",
"https://worldpopulationreview.com/_next/image?url=%2Fsvg_placeholder.png&w=1080&q=75 1x, /_next/image?url=%2Fsvg_placeholder.png&w=2048&q=75 2x"
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/favicon.ico
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What is a peso?
A peso is a unit of currency, similar to the dollar, pound, franc, and euro, which is common throughout North America and South America. The word peso translates to "weight" in Spanish. In many countries, both pesos and US dollars are accepted as a medium of exchange for goods and services. Although the dollar and the peso are two separate currencies with vastly different values, both use the $ sign and the words peso and dollar may be used interchangeably in some regions, which can be confusing to travelers.
What Countries Use the Peso?
Pesos are the primary form of currency in several Spanish-speaking countries in the Americas, as well as the Philippines. Each country mints its own version of the peso. Argentine pesos, for example, have a different appearance and value than Mexican, Cuban, or Chilean pesos.
Countries that Currently Use Pesos:
CountryCurrencyISO 4217 code$1 USD (15 Nov 2022) =ArgentinaArgentine pesoARS162.12 ARSChileChilean pesoCLP885.60 CLPColombiaColombian pesoCOP4,805.98 COPCubaCuban pesoCUP24.01 CUPDominican RepublicDominican pesoDOP54.25 DOPMexicoMexican pesoMXN19.38 MXNPhilippinesPhilippine pesoPHP57.25 PHPUruguayUruguayan pesoUYU40.02 UYU
Where did the peso come from?
The original pesos were silver coins minted in Spain in 1497, with a weight roughly equivalent to 25.56g of fine silver. Spanish explorers brought the peso to Latin America, where a simplified manufacturing process was adopted: Silver was formed into a bar, which was then sliced into small pieces that were then hammered into rough, irregular coins. The peso manufacturing process was standardized and mechanized by Spanish laws in 1728 and 1730, which slightly reduced the amount of silver in a peso to 24.809g and created a perfectly round, officially minted coin. This updated peso was known in North American colonies by names including a piece of eight, Spanish dollar, and Mexican dollar.
Although it was the world's most popular coin for international trade in the 1700s, the peso gradually fell out of use in Europe in the 1800s, and was eventually replaced in Spain by the peseta in 1868. The coin retained its popularity in the Americas, however, from which it had spread across the Pacific to the Philippines. In fact, the "Spanish dollar" was accepted as legal currency in the United States until 1857.
Countries that previously used the peso
Multiple countries used the peso at some time in their history, but have since switched over to another form of currency. As previously mentioned, Spain invented the peso, but eventually replaced it with the peseta in 1868, which itself gave way to the euro in 2002. Additional countries that previously used the peso include Panama, Costa Rica, and Nicaragua.
CountryPeso TypeYear ReplacedCurrent CurrencyISO 4217 codeBoliviaBolivian peso1986Bolivian bolivianoBOBCosta RicaCosta Rican peso1896Costa Rican colónCRCEcuadorEcuadorian peso1884US dollarUSDEl SalvadorSalvadoran peso1919US dollar/BitcoinUSD/BTCEquatorial GuineaEquatorial Guinean peso1975Central African CFA francXAFGuatemalaGuatemalan peso1925Guatemalan quetzalGTQGuinea-BissauGuinea-Bissau peso1997West African CFA francXOFHondurasHonduran peso1931Honduran lempiraHNLNicaraguaNicaraguan peso1912Nicaraguan córdobaNIOParaguayParaguayan peso1943Paraguayan guaraniPYGPeruPeruvian peso1863Peruvian solPENPuerto RicoPuerto Rican peso1900US dollarUSDSpainSpanish peso1869EU euroEURVenezuelaVenezuelan peso1874Venezuelan bolívarVEF
Is the Peso Worth a Lot of Money?
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What's the Currency in the Philippines?
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Planning a trip to Philippines? Learn what is the currency in Philippines: All about the Philippine Peso in 2024 with tips and methods for saving while spending money on your trip.
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/favicons/favicon-16x16.png
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https://www.monito.com/en/what-is-the-currency-in/philippines
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Travelling to the Philippines
With its different currency, banking system, and money customs, figuring out the best way to pay in the Philippines if you travel there can be tricky. Fortunately, many forms of payments have become ubiquitous around the globe, including:
Credit cards: Cards from VISA and Mastercard are accepted in the Philippines, especially in touristy establishments.
Debit cards: Debit cards linked to your bank account let you make purchases at point-of-sale terminals and withdraw cash.
Cash: Having some Philippine peso banknotes could help for small purchases, tipping, and emergencies. You can typically exchange currency at a bank or exchange bureau before or upon arrival.
Mobile payments: Mobile payment services like Apple Pay, Google Pay, or Alipay are an increasingly popular way to pay, but you'll need to check beforehand how available these methods are in the Philippines.
Prepaid travel cards: A reloadable debit card with a Philippine peso balance can give you good value, security, and convenience.
Of these methods, using a prepaid travel card is almost always the best way to pay in the Philippines because they generally incur lower fees on Philippine peso currency exchange than credit cards or bank debit cards do. Moreover, many prepaid travel cards let you hold multi-currency balances, allowing you to dodge DCCs and other sneaky fees while travelling — all while providing the same level of security and convenience as you're used to from your credit or debit card!
Depending on where you're from, you may be able to find a prepaid travel card from your bank. Still, we recommend using a global provider like Revolut because it offers excellent exchange rates, multi-currency balances, and a travel debit card that allows you to spend on your holiday like a local and enjoy peace of mind after each tap, swipe, or cash withdrawal.
Revolut is only available in the United States, the United Kingdom, the EU/EEA, Australia, Japan, Singapore, Azerbaijan, Sri Lanka, Brazil, and Chile. If you live in Canada or New Zealand, the Wise Account is another excellent option to consider. If you're from any other country, we recommend checking out what multi-currency cards are available in your country or whether your bank offers any similar products.
Sending Money to the Philippines
Every year, many people send money to the Philippines for all kinds of reasons. These include supporting friends or family, paying for someone's tuition, settling business transactions, purchasing or upgrading property, and many others. If you want to send an international money transfer to a Philippine peso bank account in the Philippines, then you should be aware of the high fees and exchange rates that go along with global money transfers with your international bank (these fees often constitute more than 10% of your transfer amount — you can read all about this in our dedicated explainer here).
Fortunately, international money transfers are a competitive market with many trustworthy alternative providers jostling to offer you the best exchange rates (rates which almost always far outdo those you'll find at the bank!). However, because the cheapest provider to send money abroad differs depending on factors such as where you're sending from, the amount you're sending, the payment method and others, we recommend skipping the hassle and finding the cheapest provider in real time with Monito's live comparison tool below 👇
Find the best deal when sending money to the Philippines:
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Philippine Peso Exchange Rates
The Philippine peso is one of around 180 currencies worldwide. This means that the Philippine peso trades against all other official currencies around the globe, giving us exchange rates: a measure of how much of one currency we can exchange for another.
Exchange rates can fluctuate over time due to various economic, political, and market factors. A higher exchange rate means that the value of one currency has increased compared to another, while a lower exchange rate means the opposite. Exchange rates are essential when travelling to, buying goods and services from, or sending money to the Philippines.
With Monito's currency pages, you can follow the live exchange rate to the Philippine peso, see which providers offer the best deals, and set up smart email alerts to follow fluctuations:
You can also use the above tool to enter your currency to see its exchange rate with the Philippine peso or set up email alerts to be notified when the exchange rate passes a certain value.
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https://www.lseg.com/en/insights/ftse-russell/why-did-brazilian-real-and-mexican-peso-outperform-super-strong-us-dollar-year
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en
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Why did the Brazilian Real and Mexican Peso outperform USD?
|
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2022-10-28T00:00:00
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Brazil's currency has benefitted from its strong exports earlier this year.
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https://www.lseg.com/en/insights/ftse-russell/why-did-brazilian-real-and-mexican-peso-outperform-super-strong-us-dollar-year
|
In addition to their higher interest rates, Brazil and Mexico benefitted from being relatively safe markets to invest in during the uncertain global environment since the war in Ukraine and the resulting energy crisis in Europe and attracted capital flows that moved out of Russia. According to data from Factset, USD 15.7 billion of capital moved into Brazil during the period from January 31st to March 8th, and Brazil’s weight in the FTSE Emerging All Cap Index increased to 6.8% on March 8th from 6.4% on March 4th (FTSE Russell deleted Russia from all its equity indices effective March 7th, given the sanctions on Russia). Both active and passive investment strategies were likely to have steered assets under management from Russia into Brazil, helping the currency pick up steam earlier in the year.
The Brazilian real could continue to show resilience, considering the double-digit interest rates and the cooling-down inflation within the country have made it one of the few with positive real interest rates, in sharp contrast with the negative real rates still seen in most developed and other emerging economies. Although a relatively high economic growth outlook in the longer term may also support the currency value, the uncertainty of the Presidential election in October could pose some short-term currency risks.
© 2023 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) The Yield Book Inc (“YB”) and (7) Beyond Ratings S.A.S. (“BR”). All rights reserved.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “The Yield Book®”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB or BR. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.
All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided "as is" without warranty of any kind. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or of results to be obtained from the use of FTSE Russell products, including but not limited to indexes, data and analytics, or the fitness or suitability of the FTSE Russell products for any particular purpose to which they might be put. Any representation of historical data accessible through FTSE Russell products is provided for information purposes only and is not a reliable indicator of future performance.
No responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of the LSE Group is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.
No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset or whether such investment creates any legal or compliance risks for the investor. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset nor confirmation that any particular investor may lawfully buy, sell or hold the asset or an index containing the asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from month to month based on revisions to the underlying economic data used in the calculation of the index.
This document may contain forward-looking assessments. These are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking assessments are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially. No member of the LSE Group nor their licensors assume any duty to and do not undertake to update forward-looking assessments.
No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the LSE Group. Use and distribution of the LSE Group data requires a licence from FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB, BR and/or their respective licensors.
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https://www.compareholidaymoney.com/travel-money/philippine-pesos
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Best Philippine peso Exchange Rates
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Compare the latest Philippine peso exchange rates from the UK's best currency providers.
|
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Compare Holiday Money
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https://www.compareholidaymoney.com/travel-money/philippine-pesos
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Timing is key if you want to maximise your Philippine pesos, but the best time to buy will depend on the current market conditions and your personal travel plans.
If you have a fixed travel date, you should start to monitor the Philippine peso rates as soon as possible in the period leading up to your departure so that you've got time to buy when the rate is looking favourable. For example, if the Philippine peso rate has been steadily increasing over several weeks or months, it could be a good time to buy while the rate is high.
Some people prefer to buy half of their Philippine pesos as soon as they've booked their holiday, and the remaining half just before they depart. This can be a good way of maximising your holiday money if the exchange rate continues to rise after you've bought, but will also help to minimise your losses if the rate drops.
You could also consider signing up to our newsletter and we'll email the latest rates to you each month.
If you need your Philippine pesos sooner and don't have time to wait for the rates to improve, you can still save money by comparing rates from a range of different providers before you buy. Online travel money suppliers usually have better Philippine peso rates than high street exchanges, but supermarkets are a good compromise if you want to collect your currency in person and still get a decent rate. Just remember to buy or reserve your Philippine pesos first before you collect them from the store so you benefit from the supplier's better online rate.
Our product comparisons are completely unbiased and we never allow companies to pay to be at the top of any results. Instead, some companies pay us a small commission for referring customers to them which helps to fund our costs and keeps our service free to you. This does not affect the quotes you receive or the price you pay.
We carry out stringent and regular checks on the companies that feature on our website, but even so we cannot guarantee their solvency. Please conduct your own due diligence before transacting with a company, and pay by card wherever possible as cards offer more financial protection than paying by bank transfer.
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