Philippine peso

The peso (in Filipino and Tagalog: piso or also peso ) is the legal tender of the Philippines. It is divided into 100 cents (in Filipino and Tagalog: sentimo) and its ISO 4217 code is PHP. Before 1967, the language used on banknotes and coins was English, and therefore, the denomination was "peso." Shortly after, the Filipino name was used, becoming known as piso.

Normally the symbol used to designate weight is ₱. This symbol was added to Unicode version 3.2 and assigned the code U+20B1. Other ways to refer to weight are «PHP», «PhP», «P», or P, this last form being the most common as it does not The weight symbol is still fully implemented in the Unicode format and is not compatible with all font types.

The coins are minted at the Security Plant Complex. Banknotes, as well as other official documents, passports, postage stamps, etc., are printed at the Security Plant Complex or the National Printing Office.

History

The Philippine peso has its origins in the Spanish 8 real and the Mexican peso, which circulated widely in America and Southeast Asia during the 17th and 18th centuries, both in the Spanish viceroyalties and in the United States and Canada.

Heavy weight

The strong peso (symbol PF) was the legal tender of the Philippines and the rest of the Spanish East Indies during the last years of the Spanish imperial period. The entity in charge of issuing it was the Spanish Philippine Bank of Isabel II (today called Bank of the Philippine Islands). It replaced the real with an exchange rate of 8 reales per peso. The colonial government allowed the Banco Español-Filipino to issue pesos up to a maximum equivalent to a quarter of its subscribed capital, or a maximum of 100,000 pesos, which was later expanded to 300,000 in 1855. The Banco Español-Filipino began issuing banknotes denominated in strong pesos on May 1, 1852, and coins in 1861. The currency was decimalized in 1864, dividing into 100 cents. After the Philippine Revolution, in 1898 the strong peso was replaced by the revolutionary peso, and later it was replaced by the modern peso in 1901.

After the Revolution of 1868, Queen Elizabeth II went into exile to Paris. When knowledge of the events reached the Philippines, the queen's name was removed, becoming simply called "Banco Español-Filipino." In 1877, the colonial government began issuing treasury bonds denominated in pesos.

Image	Denomination	Emission	Metal	Reverse	Reversal
	10 cents	1880-1885	Ag	Alfonso XII - ALFONSO XII BY THE G. OF GOD - Year of Acution	Arms shield - 10 CS DE Po. - REY CONSTL. SPAIN
	20 cents	1880-1885	Ag	Alfonso XII - ALFONSO XII BY THE G. OF GOD - Year of Acution	Arms Shield - 20 CS DE Po. - REY CONSTL. SPAIN
	50 cents	1880-1885	Ag	Alfonso XII - ALFONSO XII BY THE G. OF GOD - Year of Acution	Arms shield - 50 CS. DE PESO - REY CONSTL. SPAIN
	50 cents	1880-1885	Ag	Isabel II - ISABEL 2A. by the G. of GOD and CONST.	Arms shield - 50 CS. - REINE OF SPAINS

Image	Denomination	Preferred color	Description
	50 pesos	Brown	_S.FS.50 - Isabel II - ISABEL II FILIPINE SPANISH BANK.
	50 pesos	Brown	_S.FS50 - Gun Shield - THE SPANISH BANK

Revolutionary period

Once the Philippine Declaration of Independence was reiterated on June 12, 1898, the Philippine Republic, under the command of General Emilio Aguinaldo, issued its own coins and banknotes that were backed by the country's natural resources. The coins were denominated in cents. After the capture of Aguinaldo in Palanan, in the Province of Isabela, on March 23, 1901, the revolutionary peso was withdrawn from circulation.

American colonial period

When the United States took control of the Philippines, Congress approved the Philippine Monetary Act of March 3, 1903, which fixed the weights and quality of Philippine coins. It was defined that a peso must have exactly half the gold content of the US dollar. This rate was similar to those applied in Japan or Mexico. In fact, 50-cent coins continued to circulate in the Philippines and Mexico until the 1960s.

Shortly after introducing the 50-cent (US) peso coin, a problem arose similar to what happened in the Straits Colonies. The price of silver became more expensive than Philippine coins were worth, and the Straits Settlement dollar was worth less than its silver content. There was some risk that the coins would be melted down for their silver, so in both cases, in 1907 new smaller coins were minted and their amount of silver was reduced to safer levels. In addition, the Philippine peso was also made know how floor

Image	Denomination	Emission	Metal	Diameter (mm)	Weight (g)	Reverse	Reversal
	1⁄2 cent	1903-1936	Cu+Zn	17.90	2.60	HALF CENTAVO - Man with hammer supported in a yunque and Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	1 cent	1937-1944	Cu+Zn	24,80	5,20	ONE CENTAVO - Man with hammer supported in a yunque and Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	5 cents	1944-1945	Cu+Ni	19.10	4.90	FIVE CENTAVOS - Man with hammer supported in a yunque and Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	10 cents	1937-1945	Ag	16,70	2.00	THANK YOU. Freedom Allegory with yunque and hammer - Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	20 cents	1937-1945	Ag	21,00	4,00	TWENTY CENTAVOS - Freedom Allegory with yunque and hammer - Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	50 cents	1944-1945	Ag	27,70	10,00	FIFTY CENTAVOS - Freedom Allegory with yunque and hammer - Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution
	1 weight	1907-1912	Ag	35,80	20,00	ONE PESO - Allegory of Freedom with yunque and hammer - Monte Mayón - FILIPINAS	Arms Shield - UNITED STATES OF AMERICA - Year of Acution

World War II

In 1942, Japanese troops introduced banknotes for use in the Philippines. Emergency banknotes (also called "guerrilla pesos") were also issued by banks and local governments, using low-quality materials, which could be exchanged for silver pesos when the war ended. During the Second Philippine Republic, supported by the Japanese, the possession of guerrilla pesos was prohibited and a monopoly on the issuance of money was established, so anyone caught with guerrilla pesos would be arrested. Due to the fiat nature of the Japanese currency, the Philippine economy felt the effects of hyperinflation.

The United States and Philippine forces continued to print Philippine pesos, so from October 1944 to September 1945, all early emergency issues of guerrilla pesos were considered illegal and worthless.

Independence

Republic Act No. 265 established the creation of the Central Bank of the Philippines (in Filipino and Tagalog: Bangko Sentral ng Pilipinas) on January 3, 1949. This institution was gave the power to manage the country's banking operations and credit system. According to this act, all powers to print and mint Philippine money rest with the BCF, taking away the rights of other banks, such as the Bank of the Philippine Islands or the Philippine National Bank.

In 1967, the language used on all coins and banknotes changed from English to Filipino. As a consequence, the words used changed from peso to piso, and centa to sentimo . As happened during the Japanese occupation, the government did not keep its promises and did not change its banknotes to silver or gold coins while promising to maintain the parity of 2 pesos per dollar. This decision, motivated by a deliberate printing of fiat banknotes, resulted in a devaluation of the Philippine peso by almost 300% against the dollar in a single day. The government's effort to maintain the peg depleted the country's gold, silver, and dollar reserves.

In 1964, the value of an old silver peso bar cost twelve times less than its face value and were being stored by the Filipino population instead of being given to the government at its face value. In a desperate attempt, then President Diosdado Macapagal demonetized the old silver coins and fluctuated the currency. Since then the peso has been a fluctuating currency, meaning that currency is a physical representation of domestic debt and its value is tied to the direct perception of the stability of the current regime and its ability to pay the debt.

Since the opening of the Central Bank of the Philippines in 1949, successive governments have been devaluing the currency to reduce the accumulated debt in real terms, which in December 2005 reached 4 trillion pesos. Many Filipinos perceive the value of the peso in relation to the dollar and generally tend to blame any government for the poor exchange rates achieved.

Current economy

Based on the current price of gold, the Philippine peso has so far lost 99.9998% of its original value from the period between 1903 and 1949. On July 20, 2008, the value of this peso, which contained 12.90 grains of pure gold (or 0.026875 XAU), would now cost PHP 1,136.09 in the international commodities market. On October 15, 2008, the dollar was exchanged at 47,650 PHP.

Coins

In 1861 gold coins of 1, 2 and 4 pesos were minted. These coins had the same gold content as the first Spanish ½, 1 and 2 escudo coins. Silver coins were minted since 1864 in denominations of 10, 20 and 50 cents in weight, along with a 1 peso coin minted in 1897. During the revolutionary period, copper coins of 1 and 2 cents and 2 cents in weight were issued..

In 1903 a new monetary system was introduced that consisted of bronze coins of ½ and 1 centavo, 5 centavos of cupronickel, and 10, 20, 50 centavos and 1 peso of silver. The weight of the silver coins was based on the weight minted with 900 thousandths and 374.40 grains of silver. The coins minted by the United States of ½ and 1 peso gold were legal tender for any amount, and the 10 and 20 cent coins began to be legal starting at 20 pesos and the smaller coins starting at 2 pesos.. The sizes and amount of silver were reduced in 1907, and the 1 peso coin was minted with 750 thousandths of silver. In 1912 the production of 1 peso coins ceased, and that of 50 centavos in 1921.

The American government considered that it would be more economical and convenient to mint silver coins in the Philippines, on the one hand, due to the reopening of the Manila mint in 1920, which had been minting coins before the American occupation. In 1937, the coin designs changed to reflect the establishment of the new type of government. During 1942 and 1943 no coins were minted due to the Japanese occupation, but in 1944 pieces were minted again, including 50-cent coins. Due to the large number of coins minted between 1944 and 1947, new types were not minted until 1958.

In 1958, a new monetary system was introduced based on non-noble metals, which was made up of 1 bronze cent coins, 5 brass cents and 10, 25 and 50 cupronickel cents. In 1967, the designs were altered to reflect the use of the Filipino language in the names instead of English. These series are known as Ang Bagong Lipunan. Aluminum replaced bronze and cupronickel replaced aluminum-bronze that same year.

In 1972, 1 peso coins were introduced, followed in 1975 by 5 peso denominations. In 1983, the Philippine fauna and flora series was introduced, which included 2 peso coins. Coin sizes were reduced in 1991, and production of 1 and 2 peso coins ceased in 1994.

Image	Denomination	Emission	Metal	Diameter (mm)	Weight (g)	Reverse	Reversal
	1 cent	1983-1993	Al+Mg	15,60	0.70	Lapu-Lapu - REPUBLIKA NG PILIPINAS - Year of Acution	1 SENTIMO - Imperial Volutais
	5 cents	1983-1992	Al+Mg	17,20	1,10	Melchora Aquinas - REPUBLIKA NG PILIPINAS - Year of Acution	5 SENTIMO - Vanda sanderiana
	10 cents	1983-1994	Al+Mg	19.10	1.50	FRANCISCO BALTASAR - REPUBLIKA NG PILIPINAS - Year of Acution	10 SENTIMO - Pandaka pygmaea
	25 cents	1991-1994	Cu+Ni+Zn	16,00	2,20	Juan Luna - REPUBLIKA NG PILIPINAS - Year of Acution	25 SENTIMO - Graphium idaeoids
	50 cents	1991-1994	Cu+Ni+Zn	17.50	2.50	Marcelo H. del Pilar - REPUBLIKA NG PILIPINAS - Year of Collection	25 SENTIMO - Pithecophaga jefferyi
	1 Weight	1991-1994	Cu+Ni	21.60	2.90	José Rizal - REPUBLIKA NG PILIPINAS - Year of Acution	1 PISO - Anoa mindorensis
	2 Weights	1991-1994	Cu+Ni	24,00	5.00	Andrés Bonifacio - REPUBLIKA NG PILIPINAS - Year of Acution	2 PISO - Nuciferous coconuts
	5 Weights	1991-1994	Cu+Al+Ni	25,50	9,35	Emilio Aguinaldo - REPUBLIKA NG PILIPINAS - Year of Acution	5 PISO - Pterocarpus indicus

The current series are from 1995, to which we must add a type of 10 pesos from the year 2000. Denominations smaller than the peso continue to be legal tender but are not used, instead prices tend to be rounded. In December 2008, a resolution of the Philippine Congress recommended the withdrawal and demonetization of denominations smaller than the peso.

Picture reverse	Reverse image	Denomination	Emission	Metal		Form	Diameter (mm)	Weight (g)	Song	Reverse	Reversal
				Ring	Centre
		1 cent	1995-	Steel+Cu		Circular	15,50	2.00	Liso	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	1 SENTIMO - REPUBLIKA NG PILIPINAS - Year of Acution
		5 cents	1995-	Steel+Cu		Circular	15,50	1.90	Liso	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	5 SENTIMO - REPUBLIKA NG PILIPINAS - Year of Acution
		10 cents	1995-	Steel+Cu		Circular	17,00	2.50	Liso	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	10 SENTIMO - REPUBLIKA NG PILIPINAS - Year of Acution
		25 cents	1995-	Steel+Zn		Circular	20,00	3.60	Striated	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	25 SENTIMO - REPUBLIKA NG PILIPINAS - Year of Acution
		1 Weight	1995-	Steel+Ni		Circular	24,00	5,35	Striated	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	1 PISO - José Rizal - REPUBLIKA NG PILIPINAS - year of watering
		5 Weights	1995-	Cu+Ni+Zn		Circular	27,00	7.70	Liso	Seal of the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	5 PISO - Emilio Aguinaldo - REPUBLIKA NG PILIPINAS - Year of Collection
		10 Weights	2000-	Cu+Ni	Cu+Al+Ni	Circular	26,50	8,70	Striated discontinuo	Seal the Central Bank of the Philippines - BANGKO SENTRAL NG PILIPINAS	10 PISO - Andrés Bonifacio and Apolinario Mabini - REPUBLIKA NG PILIPINAS - year of coinage

Tickets

In 1852, the Banco Español Filipino de Isabel II issued banknotes of 10, 25 and 50 pesos. In 1896, 5-peso bills were added. For its part, the Treasury issued 1, 4, and 25 peso notes in 1877. During the Spanish-American War and the Philippine-American War, 1 and 5 peso notes were added in the name of the Philippine Republic.

Between 1903 and 1918 silver certificates were issued in denominations of 2, 5, 10, 20, 50, 100 and 500 pesos, which were replaced by Treasury bonds issued between 1918 and 1941 in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos. In 1904 the Spanish-Filipino Bank introduced denominations of 5, 10, 25, 50, 100 and 200 pesos. In 1912 this bank changed its name to the Bank of the Philippine Islands and continued to issue banknotes until 1933. The Philippine National Bank issued banknotes in 1916 in denominations of 2, 5 and 10 pesos, in addition to emergency banknotes issued in 1917 of 10, 20 and 50 centavos, and 1, 5, 10 and 20 pesos. Between 1918 and 1937, this bank introduced banknotes of 1, 2, 5, 10, 20, 50 and 100 pesos that circulated until 1947.

The Japanese introduced two series of banknotes. The first in 1942 in denominations of 1, 5, 10 and 50 centavos, and 1, 5 and 10 pesos. The second, since 1943, was 1, 5, 10, 100, 500 and 1,000 pesos. In 1944 Treasury bonds with the word "Victoria" printed on the back were issued to replace the first banknotes. These were made up of denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos.

In 1949, the Central Bank of the Philippines assumed the powers to issue money. Its first banknotes were reprinted on Treasury bonds of the "Victoria" type. In 1951, regular series followed in denominations of 5, 10, 20 and 50 centavos, and 1, 2, 5, 10, 20, 50, 100, 200 and 500 pesos. The centavo bills (except the 50 centavos which would later become a half peso) had discontinuous printing.

In 1967, the Central Bank of the Philippines adopted the Filipino language for printing texts, becoming Bangko Sentral ng Pilipinas. In 1969 it introduced the first series of the Piso Pilipino in denominations of 1, 5, 10, 20, 50 and 100 pesos. In 1973 the Ang Bagong Lipunan coin series was introduced and a 2 peso note was added.

In 1985 there was a radical change, issuing new series with different designs, and adding a 500 peso bill in 1987, another 1,000 peso bill in 1991, and another denomination of 200 pesos in 2002.

On July 8, 2009, the Central Bank of the Philippines announced that it would soon study the possibility of replacing cotton-made paper in banknotes with polymer. However, this possibility remains in the background and no date has been specified for manufacturing the banknotes or replacing them.

Current series

Picture reverse	Reverse image	Denomination	Preferred color	Description of the reverse	Description of the reverse
		5 Weights (Out of circulation)	Green	5 - LIMANG PISO - Emilio Aguinaldo - Canyon - REPUBLIKA NG PILIPINAS	5 - LIMANG PISO - Declaration of Independence of the Philippines
		10 Weights (Out of circulation)	Brown	10 - SAMPUNG PISO - Apolinario Mabini - REPUBLIKA NG PILIPINAS	10 - SAMPUNG PISO - Church of Barásoain
		10 Weights (Out of circulation)	Brown	10 - SAMPUNG PISO - Apolinario Mabini and Andrés Bonifacio - REPUBLIKA NG PILIPINAS	10 - SAMPUNG PISO - Church of Barásoain and Katipuneros
		20 Weights	Orange	20 - DALAWAMPUNG PISO - Manuel Luis Quezón - Arms shield - REPUBLIKA NG PILIPINAS	20 - DALAWAMPUNG PISO - Palacio de Malacañán
		50 Weights	Red	50 - LIMAMPUNG PISO - Sergio Osmeña - REPUBLIKA NG PILIPINAS	50 - LIMAMPUNG PISO - National Museum of the Philippines
		100 Weights	Violeta	100 - SANDAANG PISO - Manuel Roxas - REPUBLIKA NG PILIPINAS	100 - SANDAANG PISO - Central Bank of the Philippines
		200 Weights	Green	200 - DALAWANDAANG PISO - Diosdado Macapagal - REPUBLIKA NG PILIPINAS	200 - DALAWANDAANG PISO - Envestidura de Gloria Macapagal-Arroyo
		500 Weights	Yellow	500 - LIMANDAANG PISO - Benigno Aquinas - REPUBLIKA NG PILIPINAS	500 - LIMANDAANG PISO - University of the Philippines
		1,000 pesos	Blue	1000 - SANLIBONG PISO - José Abad Santos, Vicente Lim and Josefa Llanes Escoda - REPUBLIKA NG PILIPINAS	1000 - SANLIBONG PISO - Rice them in Banaue, Jarra Manunggul and hat Langgal