About Philippine Peso Currency:
The official currency of Philippines is peso. However¸ the international trading was observed in the early Filipinos and the neighboring islands through barter. While trading was going on in the earlier time in Philippines¸ people had inconvenience with it as barter was quite unrecognizable for the foreign people¸ hence people used some objects as medium of exchange.
At the time of Spanish colonization¸ the teston or four-reales silver coins were in circulation as a medium of exchange. The teston was dominating as the main currency entitled as the de facto unit of trade between Spaniards and Filipinos in 1574.
The silver Real de an ocho was introduced after the establishment of Manila. The monetary condition turned chaotic when there were many different coinages at the time of Spanish colonization. However¸ an attempt was made in 1848 as the remedy of the monetary confusion.
The United States Congress approved the Philippine Coinage Act in March 3¸ 1903 at the time when they took the rule of Philippines. The United States introduced the unit of currency to be a theoretical gold peso.
Finally¸ at the time of Philippines independence the Republic of Philippines created the Central Bank of the Philippines with the Act No. 265 on January 3¸ 1949. The new government made considerable renovations in the entire monetary system and established new currency peso in the country.
Philippine Currency Name:
The name of the present official currency in Philippines is peso. Peso is subpided into 100 centavos de peso fuerte or centimos de peso fuerte in the Spanish language or sentimo in the Filipino language. However¸ peso was used as a name of the currency of Philippines before 1967 in English but the language was changed after that period to Pilipino therefore¸ the name changed to ‘piso’ in the Pilipino language. Hence¸ piso is considered to be taken as the name for Philippines currency from 1967 but it is used in coins and banknotes have peso.
Specific term of Philippine Peso:
There is lot of international impact on Philippines currency as the country pursued much international colonization and hence there were many varieties of currencies from the historical periods. The specific term of Philippines currency have two names used for the currency. Peso is used in banknotes and piso is used in coins.
Philippine Peso Currency ISO 4217 Code:
Philippine Peso currency ISO 4217 code is ‘PHP’. People should not get confused with the scripting language of PHP with contrast to Philippines currency as both are spelt the same.
Philippine Peso Banknotes Types:
The Banco Español-Filipino de Isabel 2a introduced banknotes in denominations of 10¸ 25 and 50 pesos fuerte in 1852. The bank again added 5 pesos fuertes banknotes in 1896. However¸ the treasury of Philippines introduced banknotes in denominations of 1¸ 4 and 25 pesos Fuertes in 1877.
Most importantly¸ the Central Bank of Philippines adopted the Filipino language on its currency and the bank introduced Pilipino Series of banknotes in denominations of 1¸ 5¸ 10¸ 20¸ 50 and 100 piso in 1967. However¸ the Central Bank of Philippines introduced New Design Series of Banknotes 500 piso notes in 1987. They also introduced 1000-peso and 200-piso notes in 1991 and in 2002 respectively.
Philippine Peso Coins Types:
The first time gold coins were introduced in Philippines in denominations of 1¸ 2 and 5 pesos. However¸ the Central Bank of Philippines introduced entirely base metal coinage in 1958. The new series of coins consisted of bronze 1 centavo¸ brass 5 centavos and nickel-brass 10¸ 25 and 50 centavos. The bank changed the entire coinage system and reintroduced new coinage in 1967 as the language was changed to Pilipino at that time.
Philippine Congress resolution was made in December 2008 and the committee decided to make the retirement and demonetization of all coins less than one peso.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc.
As per the present rate of conversion on 24/2/2011
1.00 PHP = 0.0228311 USD
1.00 PHP = 0.0141246 GBP
You can visit official website of the Philippines www.bsp.gov.ph where you will get maximum information of Philippine Peso Currency.