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Philippine Peso (PHP) Profile

Currency name: 
Currency code: 
Currency symbol: 

Subunit: 
1/100 sentimo (Filipino), céntimo or centavo (Spanish)
Coins freq used: 
₱1, ₱5, ₱10, 25 sentimos
Coins rarely used: 
1 sentimo, 5 sentimos, 10 sentimos
Banknotes freq used: 
₱20, ₱50, ₱100, ₱200, ₱500, ₱1000
Banknotes rarely used: 
₱5, ₱10
Central bank: 
Bangko Sentral ng Pilipinas ( www.bsp.gov.ph)
Currency users: 
Currency user map: 

Philippine peso users

The Philippine peso is the currency of Philippines (officially the Republic of the Philippines) which locates in Southeast Asia in the western Pacific Ocean.

Philippines had been taken as Spanish colony from 1565 until 1898, for more than 300 years. The Spaniards introduced the Spanish dollar (a silver coin, also known as the peso or the piece of eight) to Philippines. So the Philippine peso history was started since then. On June 12, 1898, Philippine declared independence from Spain and the first Philippine Republic was established. But, meanwhile Philippine was ceded to the United States in the 1898 Treaty of Paris. From 1935 to 1946, the Philippines existed as a commonwealth of the United States and which was the predecessor of the present-day Republic of the Philippines. 

Philippine peso history

Philippines started to use peso back to late sixteenth century using the Spanish dollar which was replaced by the Philippine peso fuerte at a rate of 1 peso fuerte = 8 reals (1 Spanish dollar) around 1852. The peso fuerte was decimalized in 1864 ad was subdivided into 100 centimos. The peso fuerte was equivalent to 1.69 grams of gold 0.875 fine. In 1898, the fuerte was replaced by the revolutionary peso and finally replaced by the modern peso in 1901. The United States took control of Philippines in 1898 and established the peso consisting of 12.9 grains of gold 0.900 fine in the Philippine Coinage Act 1903. The new peso was equivalent to half the value of a U.S. dollar until 1949. The exchange rate of Philippine peso to the U.S. dollar is 1 USD =40.7235 PHP as of date February 27, 2013.

Philippine peso coins and banknotes

The Philippine peso is subdivided into 100 centavos (or sentimo in Filipino). The peso was named as “piso” when in Filipino.

Currently in circulation coins are in denominations of 25 centavos (sentimo), 1, 5, 10 peso (piso), and banknotes are in denominations of 20, 50, 100, 200, 500, 1000 peso (piso).

Philippine peso and the currency of peso

Peso was originally the name of a coin that originated in Spain. Hence, Peso has been a monetary unit used by many countries which were former Spanish colonies.

Countries currently using peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Argentina Argentine Republic Argentine peso ARS South America 4.99699 1.Declared, 9 July 1816
2.Current federal constitution, 1 May 1853
Chile Republic of Chile Chilean peso CLP South America 472.248 1.Declared, 12 Feb.1818
2.Recognized, 25 April 1844
3.Current constitution, 11 Sep.1980
Colombia Republic of Colombia Colombian peso COP South America 1784.180 1.Declared, 20 July 1810
2.Recognized, 7 August 18193c.Current constitution, 4 July 1991
Cuba Republic of Cuba Cuban peso CUP North America 26.500 1.Declared, Oct.10 1868 from Spain
2.Republic declared, May 20,1902 from the U.S.
3.Cuban Revolution, Jan.1, 1959
Dominican Republic Republic of Cuba Dominican peso DOP North America 40.7299 1.from Spain, Dec.1, 1821
2.from Haiti, Feb.27,1844
3.from Spain, Aug.16, 1865
Mexico United Mexican States Mexican peso MXN North America 12.6875 1.Declared, Sep.16,1810
2.Recognized, Sep.27,1821
Philippines Republic of the Philippines Philippine peso PHP Asia 40.7299 1.Established, April 27,1565
2.Declared, June 12, 1898
3.Self-government, March 24,1934
4.Recognized, July 4,1946
5.Current constitution, Feb.2,1987
Uruguay Oriental Republic of Uruguay Uruguayan peso UYU South America 18.9999 Independence from the Empire of Brazil
1.Declaration, 25 August 1825
2.Recognition, 28 Aug. 1825
3.Constitution, 18 July 1830
Countries that previously used peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Bolivia Plurinational State of Bolivia Bolivian boliviano BOB South America 6.90963 1.Declared, 6 August 1825
2.Recognized, 21 July 1847
3.Current constitution, 7 Feb.2009
Costa Rica Republic of Costa Rica Costa Rican colón CRC Central America 500.560 1.from Spain, Sep.15,1821
2.Recognizednby Spain, May 10,1850
3.Constitution, Nov.7,1949
Ecuador Republic of Ecuador United States dollar USD South America 1.000 1.Declared, Aug.10, 1809
2.from Spain, May 24,1822
3.Recognized, Feb.16,1830
Equatorial Guinea Republic of Equatorial Guinea Central African CFA franc XAF Africa 487.639 from Spain, 12 Oct.1968
EI Salvador Republic of El Salvador United States dollar USD North America 1.000 1.from Spain, Sep.15,1821
2.Recognized by Spain, June 24,1865
3.from the Greater Republic of Central America, 1898
Guatemala Republic of Guatemala Guatemalan quetzal GTQ North America 7.8445 1.Declared, 15 Sep.1821
2.Restored, 1 July 1823
3.Current constitution, 31 May 1985
Guinea-Bissau Republic of Guinea-Bissau West African CFA franc XOF Africa 487.641 Independence from Portugal
1.Declared, 24 Sep.1973
2.Recognized, 10 Sep.1974
Honduras Republic of Honduras Honduran lempira HNL North America 19.920 1.Declared, 15 Sep.1821
2.Declared 5 Nov.1838 as Honduras
Nicaragua Republic of Nicaragua Nicaraguan córdoba NIO North America 24.285 1.Declared, 15 Sep.1821
2.Current constitution, 9 Jan.1987
Paraguay Republic of Paraguay Paraguayan guaraní PYG South America 4114.51 1.Declared, 14 May 1811
2.Recognized, 15 May 1811
Peru Republic of Peru Peruvian nuevo sol PEN South America 2.58399 1.Declared, July 28,1821
2.Recognized, 14 August 1879
3.Current constitution, 31 Dec.1993
Venezuela Bolivarian Republic of Venezuela Venezuelan bolívar VEF South America 4.300 1.from Spain, 5 July 1811
2.Recognized, 30 March 1845
3.Current Constitution, 20 Dec.1999
Spain Kingdom of Spain the Euro EUR Europe 1.34509 Current Constitutional democracy, 1978