What is Philippine Currency Called? A Deep Dive

The official currency of the Philippines is called the Philippine Peso, often denoted by the symbol ₱ or the currency code PHP. For smaller transactions, the peso is divided into 100 centavos or sentimos. This system of currency has a rich history, reflecting the country’s colonial past and its journey toward economic independence.

A Journey Through Philippine Monetary History

The evolution of the Philippine Peso is a fascinating tale interwoven with the country’s turbulent past. Before the peso, various forms of currency circulated throughout the archipelago, reflecting a vibrant trade network and diverse cultural influences. Understanding this historical context provides a deeper appreciation for the modern Philippine Peso.

Early Forms of Currency

Prior to the arrival of the Spanish colonizers, early Filipinos engaged in trade using barter, shells, gold dust, and other commodities. These served as rudimentary forms of currency, facilitating exchange within and between different communities. Gold, particularly, held significant value and was often fashioned into jewelry and other adornments, further solidifying its role as a medium of exchange.

The Spanish Era: The Rise of the Peso

The Spanish colonization ushered in a new era of monetary systems. The Spanish silver peso became the dominant currency, circulating throughout the Philippines and facilitating trade with other Spanish colonies. These pesos were often referred to as “real” and were highly valued for their silver content and standardized weight. The Spanish-Filipino peso became a cornerstone of the Philippine economy for centuries.

The American Period: Transition and Adaptation

Following the Spanish-American War, the Philippines came under American control. This period saw the introduction of a new monetary system that aimed to align the Philippine peso with the U.S. dollar. The Philippine peso was pegged to the U.S. dollar at a rate of two pesos per dollar. This era marked a significant shift towards a more modern and standardized monetary system.

Independence and the Modern Peso

After gaining independence in 1946, the Philippines gradually moved away from its strict peg to the U.S. dollar. The Central Bank of the Philippines (Bangko Sentral ng Pilipinas or BSP) was established in 1949, assuming the responsibility of managing the country’s monetary policy and issuing currency. This marked a crucial step towards economic sovereignty. The modern Philippine Peso continues to evolve, adapting to the changing economic landscape and incorporating new security features to combat counterfeiting.

Understanding the Anatomy of the Philippine Peso

The Philippine Peso is not just a piece of paper or metal; it’s a symbol of national identity, history, and economic stability. Let’s dissect the elements that make up the currency.

Banknotes

Philippine banknotes come in various denominations, each featuring prominent Filipino figures and significant historical landmarks. Current denominations include:

• 20 Peso Note: Features Manuel L. Quezon and Banaue Rice Terraces.
• 50 Peso Note: Features Sergio Osmeña and Taal Volcano.
• 100 Peso Note: Features Manuel A. Roxas and the BSP Complex.
• 200 Peso Note: Features Diosdado Macapagal and the Barasoain Church.
• 500 Peso Note: Features Benigno Aquino Jr. and Corazon Aquino.
• 1000 Peso Note: Features Jose Abad Santos, Josefa Llanes Escoda, and Vicente Lim.

Each banknote is carefully designed with intricate security features, including watermarks, security threads, and micro-printing, to prevent counterfeiting.

Coins

Philippine coins are equally diverse, featuring national symbols and flora. Current denominations include:

• 1 Centavo (rarely used)
• 5 Centavos (rarely used)
• 25 Centavos (rarely used)
• 1 Peso
• 5 Pesos
• 10 Pesos
• 20 Pesos

These coins are essential for smaller transactions and are part of everyday life in the Philippines.

Frequently Asked Questions (FAQs) About Philippine Currency

Here are some frequently asked questions about the Philippine Peso (PHP), providing valuable information for anyone traveling to the Philippines or interested in its economy.

1. What is the symbol for the Philippine Peso?

The symbol for the Philippine Peso is ₱. The currency code is PHP.

2. How many centavos are in one peso?

There are 100 centavos or sentimos in one Philippine Peso.

3. Where can I exchange currency for Philippine Pesos?

You can exchange currency at banks, licensed money changers, and airports in the Philippines. It’s generally advisable to compare exchange rates to get the best deal.

4. Is it better to exchange currency before arriving in the Philippines?

It is generally recommended to exchange a small amount of currency before arriving for immediate expenses. However, you’ll often find better rates once you are in the Philippines at local banks and money changers.

5. Can I use credit cards in the Philippines?

Yes, credit cards are widely accepted in major cities, hotels, and tourist areas. However, it’s always a good idea to have cash on hand, especially when traveling to smaller towns or rural areas.

6. Are there ATMs in the Philippines?

Yes, ATMs are readily available in urban areas throughout the Philippines. Most ATMs accept international credit and debit cards.

7. What is the current exchange rate between the Philippine Peso and the US dollar?

The exchange rate fluctuates daily. You can find the most up-to-date information on financial websites or by checking with your bank or a money changer.

8. Is it customary to tip in the Philippines?

Tipping is not as common as in some Western countries, but it is appreciated for good service. A 10% tip is usually adequate for restaurants.

9. Are older Philippine Peso banknotes still valid?

The Bangko Sentral ng Pilipinas (BSP) periodically updates the design of banknotes and coins to enhance security features. Older banknotes are usually phased out but can often be exchanged at banks for a limited time. It is best to check with the BSP for the latest information.

10. How can I verify the authenticity of Philippine Peso banknotes?

Philippine banknotes have several security features, including watermarks, security threads, and micro-printing. Familiarize yourself with these features to detect counterfeit money.

11. What should I do if I encounter counterfeit Philippine Pesos?

If you suspect you have a counterfeit note, do not attempt to use it. Report it to the nearest police station or bank. Providing details about where you received the note can help authorities track down counterfeiters.

12. Does the Philippines have any restrictions on bringing foreign currency into the country?

While there is generally no limit on the amount of foreign currency you can bring into the Philippines, amounts exceeding USD 10,000 (or its equivalent in other foreign currencies) must be declared to customs officials upon arrival. This is to comply with anti-money laundering regulations.