Philippine peso
| Philippine peso | |
|---|---|
 |
|
| Country: |
 Philippines
|
| Subdivision: | 100 centavos / sentimos |
| ISO 4217 code : | PHP |
| Abbreviation: |
|
|
Exchange rate : (August 27, 2020) |
1 EUR = 57.384 PHP 1 CHF = 53.38 PHP |
The Philippine Peso (Filipino: piso ) is the currency of the Philippines . The Spanish word peso means "weight". The peso is divided into 100 centavos or sentimos . The ISO currency code is PHP. The official currency symbol is ₱, a P with a double slash (in some fonts also shown as a P with a single slash or generally just as a P ).
Exchange rate development
In the 1950s, the peso was pegged to the American currency at an exchange rate of around two peso to the US dollar for ten years. However, due to different inflation and growth rates , the peso was devalued several times during the times of the Bretton Woods system , so that in 1970 the rate was 3.90 pesos per US dollar.
With the end of the Bretton Woods fixed exchange rate system, the pegging of the peso to the US dollar was redesigned in 1970: instead of a single exchange rate , multiple exchange rates were introduced for exports , imports and foreign debts ; 80% of the export earnings of Filipino companies had to be transferred to the central bank at the official exchange rate of 3.90 PHP per USD , the remaining 20% could be exchanged at the market price. The system of multiple exchange rates continued in many variations up to and including 1984, but then had to be abandoned as a result of the severe financial crisis of 1983. Until then, the peso had been depreciating more and more and in 1983 it fell below PHP 10 per USD for the first time.
When the Asian-Pacific neighboring countries entered a phase of strong growth in the mid-1980s, the Philippine state also recognized the problems of non-market exchange rates and switched to a system of flexible exchange rates. Since then, according to its own statements, the central bank has only intervened to ensure proper market conditions and achieve political goals. In 1998, government intervention in the free formation of exchange rates was further reduced; Interventions for pure volatility smoothing were restricted.
The peso continued to depreciate continuously until the mid-1990s, and in 1997 averaged just under 30 pesos per US dollar. In the wake of the Asian crisis and the difficult macroeconomic environment, however, the Philippine currency has since lost almost half of its value and in 2004 was around 56 pesos per US dollar.
Denomination
Banknotes
- 1000 peso
- 500 peso
- 200 pesos
- 100 pesos
- 50 peso
- 20 pesos¹
- 10 pesos¹
- 5 pesos¹
Coins
- 20 Peso²
- 10 peso
- 5 peso
- 2 pesos
- 1 peso
- 50 centavos³
- 25 cents
- 10 centavos
- 5 centavos
- 1 centavo
¹ Printing stopped, no longer legal tender.
² Newly introduced in December 2019
³ Minting discontinued, no more legal tender.
Peso banknotes since 2010
At the end of 2010, new 20-, 50-, 100-, 200-, 500- and 1000-peso banknotes with improved security features were put into circulation. The design of the 500 peso banknote was changed so that, in addition to Benigno Aquino, Jr. , Corazon Aquino is also shown on the banknote.
When the new banknotes were presented, errors were discovered on the banknotes: the blue-necked parrot had green tail feathers and a yellow beak; in fact the tail feathers are yellow and the beak red. The map on the other notes was missing numerous islands or had not been drawn in the right place. However, these banknotes were not destroyed and are still valid. However, new printing plates for the next production should be corrected.
The banknotes of the series up to 2010 lost their validity at the end of December 31, 2015, but could still be exchanged at authorized banks or the paying agents of the central bank until December 31, 2016 . After that, they completely lost their validity as a means of payment.
Web links
- Philippine Central Bank (in English)
- Security features and explanations of the images on the banknotes and coins (in English)
Individual evidence
- ↑ Embarrassing mishap: Philippines print fake banknotes. spiegel.de, December 20, 2010, accessed October 28, 2014 .
- ↑ ABS-CBN: Design for P500 bill with Aquino couple out soon , January 6, 2010, accessed April 19, 2010
- ↑ Embarrassing mishap: Philippines print fake banknotes. spiegel.de, December 20, 2010, accessed October 28, 2014 .
- ^ Government notice . gov.ph, May 29, 2015, accessed May 30, 2015 .
