The peso (Filipino Filipino is the national language of the Philippines and, along with English, is an official language designated in the 1987 Philippine Constitution. Filipino is an Austronesian language that is based on existing native languages in the Philippines; the most significant influence is the Tagalog language. A large number of Spanish and English: piso) (sign A currency sign is a graphic symbol often used as a shorthand for a currency's name. Internationally, ISO 4217 codes are used instead of currency signs, though currency signs may be in common use in their respective countries. Most currencies in the world have no specific symbol: ₱; code ISO 4217 is the international standard describing three-letter codes to define the names of currencies established by the International Organization for Standardization (ISO). The ISO 4217 code list is the established norm in banking and business all over the world for defining different currencies, and in many countries the codes for the more: PHP) is the currency of the Philippines The Philippines officially known as the Republic of the Philippines (Filipino: Republika ng Pilipinas), is a country in Southeast Asia in the western Pacific Ocean. Taiwan lies north across the Luzon Strait. West across the South China Sea sits Vietnam. The Sulu Sea to the southwest separates it from the island of Borneo and to the south the. It is subdivided into 100 centavos (Spanish) or sentimo (Filipino). Before 1967, the language used on the banknotes and coins was English English is a West Germanic language that developed in England and south-eastern Scotland during the Anglo-Saxon era. As a result of the military, economic, scientific, political, and cultural influence of the United Kingdom from the 18th century, and of the United States since the mid 20th century, it has become the lingua franca in many parts of and so "peso" was the name used. The language was then changed to Pilipino (the name of the Filipino language Filipino is the national language of the Philippines and, along with English, is an official language designated in the 1987 Philippine Constitution. Filipino is an Austronesian language that is based on existing native languages in the Philippines; the most significant influence is the Tagalog language. A large number of Spanish and English then) and so the currency as written on the banknotes and coins is piso.

The peso is usually denoted by the symbol "". This symbol was added to the Unicode Unicode is a computing industry standard for the consistent representation and manipulation of text expressed in most of the world's writing systems. Developed in conjunction with the Universal Character Set standard and published in book form as The Unicode Standard, the latest version of Unicode consists of a repertoire of more than 107,000 standard in version 3.2 and is assigned U+20B1 (₱). The symbol can be accessed through some word processors by typing in "20b1" and then pressing the Alt and X buttons simultaneously. Other ways of writing the Philippine Peso sign are "PHP", "PhP", "P", or "P" (strike-through uppercase P), which is still the most common method as the Unicode Peso sign is not yet known to be supported by major and/or cross-platform fonts^[1].

The coins are minted at the Security Plant Complex The Bangko Sentral ng Pilipinas is the central bank of the Republic of the Philippines. It was rechartered on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the country’s central monetary authority. Banknotes, passports A Philippine passport is a travel document and is a Primary National ID issued to citizens of the Philippines. It is issued by the Department of Foreign Affairs and Philippine diplomatic missions abroad, with certain exceptions. Besides facilitating international travel and conferring diplomatic assistance to Filipinos overseas, a Philippine, seaman's identification record books A Philippine passport is a travel document and is a Primary National ID issued to citizens of the Philippines. It is issued by the Department of Foreign Affairs and Philippine diplomatic missions abroad, with certain exceptions. Besides facilitating international travel and conferring diplomatic assistance to Filipinos overseas, a Philippine, land titles In law, land registration is a system by which the ownership of estates in land is recorded and registered, usually with government, to provide evidence of title and facilitate transactions, checks A cheque or check is a negotiable instrument[nb 1] instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor's name with that institution. Both the maker and payee may be natural persons or legal entities, sweepstakes In the United States consumer sales promotions known as sweepstakes or simply sweeps have become associated with marketing promotions targeted toward both generating enthusiasm and providing incentive reactions among customers by enticing consumers to submit free entries into drawings of chance (and not skill) that are tied to product or service tickets, official ballots A ballot is a device used to record choices made by voters. Each voter uses one ballot, and ballots are not shared. In the simplest elections, a ballot may be a simple scrap of paper on which each voter writes in the name of a candidate, but governmental elections use pre-printed to protect the secrecy of the votes. The voter casts his/her ballot, official election returns, passbooks A passbook or bankbook is a paper book used to record bank transactions on a deposit account. Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport, postal money orders A money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a personal check. Merchants welcome the extra security of a pre-paid money order instead of a personal check[who?][citation needed], which can bounce, revenue stamps A revenue stamp, tax stamp or fiscal stamp is a stamp used to collect taxes or fees on documents, tobacco, alcoholic drinks, drugs and medicines, playing cards, hunting licenses, firearm registration, and many other things, government bonds A bond is a debt investment in which an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to a company. A government bond is a bond issued by a national government denominated in the country's own currency. Bonds issued by national governments in foreign currencies are normally referred to as and other government documents are printed in the Security Plant Complex The Bangko Sentral ng Pilipinas is the central bank of the Republic of the Philippines. It was rechartered on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the country’s central monetary authority or the National Printing Office The Office of the Press Secretary is the agency of the Government of the Republic of the Philippines, which is responsible for planning, programming, and coordinating the activities that will most effectively collect information about what is happening in the Executive branch of the government and getting that information to the media. In addition,.

History

The Philippine peso derived from the Spanish silver coin Real de a Ocho or Spanish dollar The Spanish dollar is a silver coin, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. It was legal tender in the United States until an Act of the United States Congress discontinued the practice in 1857. Because it was widely used in Europe, the Americas, and the Far East, it became the first, in wide circulation in the Americas and South-East Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the US and Canada.

Peso fuerte

The Philippine peso was established on May 1, 1852, when the Banco Español-Filipino de Isabel II ^a (now the Bank of the Philippine Islands The Bank of the Philippine Islands or BPI is the oldest bank in the Philippines still in operation and is the country's largest bank and company in terms of assets (US$ 15.29 billion) . It is owned by the Ayala Corporation - the largest conglomerate in the Philippines, and is based in Makati City's Central Business District, on the corner of Ayala) introduced notes denominated in pesos fuertes ("strong pesos", written as "PF"). Until October 17, 1854, when a royal decree confirmed Banco Español-Filipino's by-laws, the notes were in limited circulation and were usually used for bank transactions. The peso replaced the real Trade among the early Filipinos and with traders from the neighboring islands was conducted through barter. The inconvenience of barter later led to the use of some objects as a medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos, small bead-like gold at a rate of 8 reales = 1 peso. Until 1886, the peso circulated alongside Mexican coins, some of which were still denominated in reales and escudos (worth 2 pesos).

Coin production commenced in 1861 and, in 1864, the Philippines decimalized, dividing the peso into 100 centimos de peso. The peso was equal to 22⁶⁄₇ grains of gold. In 1886, Philippine colonial authorities started the gradual phase-out of all Mexican coins in circulation in the Philippines, citing that Mexican coins were by then of lesser value than the coins minted in Manila.

Revolutionary period

Asserting its independence after the Philippine Declaration of Independence The Philippine Declaration of Independence occurred on June 12, 1898 in Cavite el Viejo , Cavite, Philippines. With the public reading of the Act of the Declaration of Independence, Filipino revolutionary forces under General Emilio Aguinaldo proclaimed the sovereignty and independence of the Philippine Islands from the colonial rule of Spain, on June 12, 1898, the República Filipina (Philippine Republic) under General Emilio Aguinaldo Emilio Aguinaldo y Famy was a Filipino general, politician, and independence leader of Chinese and Spanish descent. He played an instrumental role in Philippine independence during the Philippine Revolution against Spain and the Philippine-American War that resisted American occupation. He eventually pledged his allegiance to the US government issued its own coins and paper currency backed by the country’s natural resources. The coins were the first to use the name centavo for the subdivision of the peso. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist.

American Colonial period

After the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language took control of the Philippines, the United States Congress The United States Congress is the bicameral legislature of the federal government of the United States of America, consisting of the Senate and the House of Representatives. Both senators and representatives are chosen through direct election passed the Philippine Coinage Act (March 3, 1903), which fixed the weight and fineness of Philippine coins. The peso was defined as being equal to exactly half the gold content of the U.S. dollar The United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents (200 half-cents prior to 1857), as defined by the US Coinage Act of 1849.

It provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos.

It also provided for the creation of a gold-standard fund to maintain the parity of the coins so authorized to be issued and authorized the insular government to issue temporary certificates of indebtedness bearing interest at a rate not to exceed 4 per cent per annum, payable not more than one year from date of issue, to an amount which should not at any one time exceed 10 millions of dollars or 20 millions of pesos.

Volume III of the 1925 Administrative Code with Comments and Annotations by Gregorio S. Araneta, (Book II, Title VII, Chapter 41, Article II)

1611. Unit of monetary value in the Philippine Islands

The unit of value in the Philippine Islands shall be the gold peso consisting of twelve and nine-tenths grains of gold, nine-tenths fine; two pesos gold shall be equal in weight, fineness, and value to the gold standard dollar of the United States.

[Act of Cong., Mar. 2, 1903, sec 1; 2657-1770; 2776-1; 3058-1]

1612. Legal tender

The Philippine silver peso and half peso, and gold coins of the United States at the value of one dollar for two pesos, shall be legal tender for all debts, public and private, unless otherwise specifically provided by contract. Philippine subsidiary coins of twenty centavos and ten centavos shall be legal tender in amounts not exceeding twenty pesos. Philippine minor coins of nickel and copper shall be legal tender in amounts not exceeding two pesos.

[Act of Cong., Jul 1, 1902, sec 79; Act of Cong., Mar. 2, 1903, secs 3, 5; 2657-1771; 2776-1; 3058-1]

Shortly after the introduction of the Peso-dollar Parity Fund, a problem occurred which was paralled in the Straits Settlements Originally established in 1826 as part of the territories controlled by the British East India Company, the Straits Settlements came under direct British control as a crown colony on 1 April 1867. The colony was dissolved as part of the British reorganisation of its South-East Asian dependencies following the end of the Second World War. The price of silver rose so high that the Philippine Peso coins, and the new Straits dollar The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo coins became less valuable than their actual silver content.

In order to maintain the Peso-dollar Parity Fund, instead of allowing the exchange rate to float, the weight and fineness of the coins were later reduced by Act No. 1564 of the Philippine Commission, enacted December 6 December 6 is the 340th day of the year in the Gregorian calendar. There are 25 days remaining until the end of the year, 1906 1906 was a common year starting on Monday (link will display full calendar) of the Gregorian calendar (or a common year starting on Sunday of the 13-day-slower Julian calendar). The following legal provision proclaims:

1613. Weight and fineness of Philippine coins

The lawful weight and finess of Philippine coins shall be as follows, and all coins hereafter coined shall be minted in accordance therewith:

The peso shall be equal to one hundred centavos and shall contain twenty grams of silver eight hundred thousandths fine.

The fifty-centavo piece shall contain ten grams of silver seven hundred and fifty thousandths fine.

The twenty-centavo piece shall contain fourgrams of silver seven hundred and fifty thousandths fine.

The ten-centavo piece shall contain two grams of silver seven hundred and fifty thousandths fine.

The alloy of the above-mentioned silver coins shall be copper.

The five centavo piece shall cointain four grams and eighty-seven centigrams of an alloy composed of seventy-five per cent of copper and twenty-five per cent of nickel.

The one centavo piece shall cointain five grams and one hundred and eighty-four milligrams of an alloy composed of ninety-five per cent of copper and five per cent of tin and zinc.

Second World War

In 1942, the Japanese Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters which make up Japan's name mean "sun-origin", which is why Japan is occupiers introduced notes During World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations known as Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republic under Jose P. Laurel outlawed possession of guerilla currency and declared a monopoly on the issuance of money and anyone for use in the Philippines. Emergency circulating notes Emergency circulating notes were currency printed by the Philippine Commonwealth Government in exile during World War II. These "guerrilla pesos" were printed by local government units and banks using crude inks and materials. Due to the inferior quality of these bills, they were easily mutilated (also termed "guerrilla pesos") were also issued by banks and local governments, using crude inks and materials, which were redeemable in silver pesos after the end of the war. The Japanese-sponsored Second Philippine Republic The Second Philippine Republic, officially known as the Republic of the Philippines , was a state in the Philippines established in October 14, 1943 under Japanese occupation under José P. Laurel José P. Laurel was born on March 9, 1891 in the town of Tanauan, Batangas. His parents were Sotero Laurel, Sr. and Jacoba García. His father had been an official in the revolutionary government of Emilio Aguinaldo and a signatory to the 1898 Malolos Constitution outlawed possession of guerrilla currency and declared a monopoly In economics, a monopoly (from Greek monos / μονος + polein / πωλειν (to sell)) exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.[clarification needed] Monopolies are thus characterized by on the issuance of money and anyone found to possess guerrilla notes could be arrested. Because of the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation In economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value. Definitions used by the media vary from a cumulative inflation rate over three years approaching 100% to "inflation exceeding 50% a month." In informal usage the term is.

U.S. and Philippine forces continued printing Philippine pesos, so that, from October 1944 to September 1945, all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.

Independence

Republic Act This article contains a partial list of Philippine laws. Philippine laws have had various nomenclature designations at different periods in the history of the Philippines, as shown in the following table: No. 265 created the Central Bank of the Philippines The Bangko Sentral ng Pilipinas is the central bank of the Republic of the Philippines. It was rechartered on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the country’s central monetary authority (CBP, now the Bangko Sentral ng Pilipinas) on January 3, 1949, in which was vested the power of administering the banking & credit system of the country. Under the act, all powers in the printing and mintage of Philippine currency was vested in the CBP, taking away the rights of the banks such as Bank of the Philippine Islands and the Philippine National Bank to issue currency.

In a repeat of Japanese wartime monetary policy, the government defaulted on its promises to redeem its banknotes in silver or gold coin while promising to maintain the two-to-one peso to dollar parity. This decision, compounded with the deliberate overprinting of fiat banknotes, resulted in the peso dropping in value by almost 300% against the US dollar within the first three hours of opening day. The government effort to maintain the peg devastated the gold, silver and dollar reserves of the country.

By 1964, the bullion value of the old silver pesos was worth almost twelve times their face value and were being hoarded by Filipinos rather than being surrendered to the government at face value. In desperation, then-President Diosdado Macapagal Diosdado Pangan Macapagal was a Filipino statesman who served as the 9th President of the Philippines. He was elected in 1961, defeating the re-election bid of Carlos P. Garcia. He did not win in his own re-election bid in 1965, losing to Ferdinand Marcos. He was also known by his nickname "The Incorruptible".[citation needed] demonetized the old silver coins and floated the currency. The peso has been a floating currency A floating currency is a currency that uses a floating exchange rate as its exchange rate regime. A floating currency is contrasted with a fixed currency ever since, which means that the currency is a physical representation of the domestic debt and whose value directly tied to people's perception of the stability of the current regime and its ability to repay the debt.

From the opening of the Bangko Sentral ng Pilipinas in 1949, successive governments have continued to devalue the currency in order to lower the accumulated domestic debt in real terms, which in December 2005 reached ₱4.02 trillion. Many Filipinos perceive the peso's value in relation to the US dollar and tend to blame whatever regime is in power for the worsening exchange rate In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency. For example an exchange rate of 91 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 91 is worth the same as USD 1.

In 1967, the language used on all coins and banknotes was changed to Pilipino Filipino is the national language of the Philippines and, along with English, is an official language designated in the 1987 Philippine Constitution. Filipino is an Austronesian language that is based on existing native languages in the Philippines; the most significant influence is the Tagalog language. A large number of Spanish and English. As a consequence, the wordings of the currency changed from centavo and peso to sentimo and piso.

Current economy

Based on the current price of gold, the Philippine peso has now lost 99.9998% of its original 1903-1949 value. As of July 20, 2008, the value of the 1903-1949 Philippine Commonwealth peso, as per definition 12.9 grains of pure gold (or 0.026875 XAU), would now cost ₱1,136.09 on the international commodity markets Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts.

As of October 2005, the Philippine money supply In economics, money supply or money stock, is the total amount of money available in an economy at a particular point in time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits (M1) totaled about 569.2 billion pesos (about US$11.5 billion).^{[citation needed]} As of January 4, 2010, the PHP is traded at 45.90 per US-Dollar.^[2]

Coins

In 1861, gold coins were issued for 1, 2 and 4 pesos. These were equal in gold content to the earlier Spanish coins of ½, 1 and 2 escudos. Silver coins were minted from 1864 in denominations of 10, 20 and 50 centimos de peso, with silver 1-peso coins issued in 1897. During the Revolutionary period, coins were issued in copper for 1 and 2 centavos and 2 centimos de peso.

In 1903, a new coinage was introduced. It consisted of bronze ½ and 1 centavo, cupro-nickel 5 centavos and silver 10, 20 and 50 centavos and 1 peso. The silver coins were weight related to the peso which was minted in .900 fineness and contained 374.4 grains of silver. U.S. gold coins and ½ and 1 peso coins were legal tender for any amount, with 10 and 20 centavos coins being legal tender up to 20 pesos and smaller coins up to 2 pesos. The sizes and finenesses of the silver coins were reduced in 1907, with the peso now a 20 gram coin minted in .750 silver. Production of the 1 peso coin ceased in 1912 and that of the 50 centavos in 1921.

The American Government deemed it more economical and convenient to mint silver coins in the Philippines, hence, the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth period.

In 1937, coin designs were changed to reflect the establishment of the Commonwealth. No coins were minted in the years 1942 and 1943 due to the Japanese occupation, but minting resumed in 1944, including production of 50 centavos coins. Due to the large number of coins issued between 1944 and 1947, coins were not minted again until 1958.

In 1958, a new, entirely base metal coinage was introduced, consisting of bronze 1 centavo, brass 5 centavos and nickel-brass 10, 25 and 50 centavos. In 1967, the coinage was altered to reflect the use of Filipino names for the currency units. This was the "Ang Bagong Lipunan" series. Aluminium replaced bronze and cupro-nickel replaced nickel-brass that year. 1-piso coins were introduced in 1972, followed by 5-piso coins in 1975. The Flora and Fauna series was introduced in 1983 which included 2-piso coins. The sizes of the coins were reduced in 1991, with production of 50-sentimo and 2-piso coins ceasing in 1994. The current series of coins was introduced in 1995, with 10-piso coins added in 2000.

Coins currently circulating are:

• 5 sentimo
• 10 sentimo
• 25 sentimo
• 1 peso
• 5 peso
• 10 peso

Denominations below 1 piso are still issued but are not in wide use. In December 2008 a Philippine Congress The Congress of the Philippines is the national legislature of the Philippines. It is a bicameral body consisting of the Senate (upper chamber), and the House of Representatives (lower chamber) although commonly in the Philippines the term congress refers to the latter resolution called for the retirement and demonetization of all coins less than one peso. ^[3]

Banknotes

In 1852, the Banco Español-Filipino de Isabel 2^a issued notes for 10, 25 and 50 pesos fuertes. In 1896, the bank added 5 pesos fuertes notes. The treasury issued notes for 1, 4 and 25 pesos fuertes in 1877.

During the Spanish-American and Philippine-American wars, 1 and 5 pesos notes were issued in the name of the República Filipina.

Between 1903 and 1918, silver certificates were issued, in denominations of 2, 5, 10, 20, 50, 100 and 500 pesos. These were replaced with Treasury Certificates, issued between 1918 and 1941 in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos.

In 1904, the Banco Español-Filipino introduced notes in denominations of 5, 10, 25, 50, 100 and 200 pesos. In 1912, this bank changed its name to the Bank of the Philippine Islands (BPI), continuing to issue notes until 1933. The Philippine National Bank (PNB) issued notes in 1916 in denominations of 2, 5 and 10 pesos, with emergency notes issued in 1917 for 10, 20 and 50 centavos, 1, 5, 10 and 20 pesos. Between 1918 and 1937, the PNB issued notes in denominations of 1, 2, 5, 10, 20, 50 and 100 pesos. These notes were in circulation until 1947.

The Japanese issued two series of notes. The first was issued in 1942 in denominations of 1, 5, 10 and 50 centavos, 1, 5 and 10 pesos. The second, from 1943, was in denominations of 1, 5, 10, 100, 500 and 1000 pesos.

In 1944, Treasury Certificates, featuring the word "Victory" printed on the reverse, were issued to replace all the earlier notes. These were in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos.

In 1949, the Central Bank of the Philippines took over paper money issue. Its first notes were overprints on the Victory Treasury Certificates. These were followed in 1951 by regular issues in denominations of 5, 10, 20 and 50 centavos, 1, 2, 5, 10, 20, 50, 100, 200 and 500 pesos. The centavo notes (except for the 50-centavo note, which would be later known into the half-peso note) were discontinued in 1958 when the English Series coins were first minted.

In 1967, the CBP adopted the Filipino language on its currency, using the name Bangko Sentral ng Pilipinas, and in 1969 introduced the "Pilipino Series" of notes in denominations of 1, 5, 10, 20, 50 and 100 piso. The "Ang Bagong Lipunan Series" was introduced in 1973 and included 2-peso notes. A radical change occurred in 1985, when the CBP issued the "New Design Series" with 500-piso notes introduced in 1987, 1000-peso notes (for the first time) in 1991 and 200-piso notes in 2002.

Philippine banknotes are currently issued in the following denominations:

• 5 piso*
• 10 piso*
• 20 piso
• 50 piso
• 100 piso
• 200 piso
• 500 piso
• 1000 piso

(* No longer being printed, but still legal tender)

(* not printed but still legal tender)

2010 Redesign

In 2009, the Bangko Sentral ng Pilipinas announced that it was contemplating a massive redesign for current banknotes and coins to further enhance security features and improve durability. ^[4] The numismatic committee is responsible for finalizing the design including Bangko Sentral Deputy Gov. Diwa Guinigundo along with Ambeth Ocampo and Dr. Jimmy Laya, members of the National Historical Institute. The redesigned banknotes will include the new 500 peso bill that will feature former President Corazon Aquino together with husband Sen. Benigno Aquino, Jr. It is expected that the new set of banknotes will go to print before the end of 2010 after the approval of the Monetary Board and President Gloria Macapagal-Arroyo. ^[5]

Recent issues

"Arrovo" banknotes

In 2005, several 100-peso notes where President Gloria Macapagal-Arroyo surname was misspelled "Arrovo" were in circulation. Days after this was first found out, the BSP ordered an investigation. ^[6]

Fraud problem with the 1-piso coin

By August 2006, it became publicly known that the 1-piso coin has the same size as the 1 United Arab Emirates dirham coin.^[7] However, 1 peso is only worth 7 fils (0.07 dirham), leading to vending machine fraud in the U.A.E. Similar frauds have also occurred in the U.S., as the 1-piso coin is roughly the same size as the Quarter and is worth only two cents. Newer digital parking meters, however, are not affected by the fraud.

Similarities of the 10-piso coin over the 2 Euro coin

The 10 peso coin is also similar to the 2 Euro coin making it easy to pass for a Euro in some establishments in the EU.

See also

• Economy of the Philippines

References

1. ^ http://laibcoms.asia/blog/labox/general5/how-to-type-the-peso-sign
2. ^ http://www.yehey.com/finance/Default.aspx
3. ^ http://businessmirror.com.ph/index.php?option=com_content&view=article&catid=23%3Atopnews&id=2866%3Agolez-retire-coins-less-than-p1&Itemid=58
4. ^ BSP considering new designs of coins and notes vs. counterfeiting (filipinonumismatist.com)
5. ^ Design for P500 bill with Aquino couple out soon (Philippine Star)
6. ^ Dela Cruz, Lindo. Public Wants Arrovo Bills SunStar Cagayan de Oro. November 24, 2005. [1]
7. ^ Menon, Sunita (2006-08-01). "Hey presto! A Peso's as good as a Dirham". gulfnews.com. http://archive.gulfnews.com/articles/06/08/01/10056780.html. Retrieved 2006-10-04.

• Philippine Coins at the Bohol.ph website
• Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

• Virtual Museum of Spanish Philippine Coinage
• Philippine Guerrilla and Emergency Notes
• Philippine Coin News & Update
• Philippine Banknotes and Coins

Categories: Peso | Currency signs | Currencies of Asia | Circulating currencies | Currencies of the Philippines | Economy of the Philippines

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