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Philippine peso users
The Philippine peso is the currency of the Philippines (officially the Republic of the Philippines) which is located in Southeast Asia in the western Pacific Ocean.
The Philippines had been a 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 the Philippines. So the Philippine peso history started since then. On June 12, 1898, the Philippines declared independence from Spain, and the first Philippine Republic was established. But, meanwhile, the Philippines 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 was the predecessor of the present-day Republic of the Philippines.
Philippine peso history
The Philippines started to use the peso back in the 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 and 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 the 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 the Philippine peso to the U.S. dollar is 1 USD = 40.7235 PHP as of February 27, 2013.
Philippine peso coins and banknotes
The Philippine peso is subdivided into 100 centavos (or sentimo in Filipino). The peso is named as "piso" 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 that were former Spanish colonies.
| 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 | 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 |