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The Philippine peso, also referred to by its Filipino name piso (sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 centavos or sentimos in Filipino. As a former colony of the United States, the country used English on its currency, with the word "peso" appearing on notes and coinage until 1967. Since the adoption of the usage of the Filipino language on banknotes and coins, the term "piso" is now used. Since 2017, the ISO 4217 standard refers to the currency by the Filipino term "piso".[1]
The peso is usually denoted by the symbol "₱". Other ways of writing the Philippine peso sign are "PHP", "PhP", "Php", "P$", or just "P". The "₱" symbol was added to the Unicode standard in version 3.2 and is assigned U+20B1 (₱). The symbol can be accessed through some word processors by typing in "20b1" and then pressing the Alt and X buttons simultaneously.[2] This symbol is unique to the Philippines as the symbol used for the peso in countries like Mexico and other former colonies of Spain in Latin America is "$".
Banknotes and coins of the Philippines are minted and printed at the Security Plant Complex of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in Quezon City.
Coinage
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Banknotes
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History
For more information, see History of Philippine money in the English Wikipedia
Banknote History
The Isabella peso or peso fuerte
The Isabelline peso, more formally known as the peso fuerte, was a unit of account divided into 100 céntimos (equivalent to 8 reales fuertes or 80 reales de vellón). Its introduction led to the Philippines' brief experiment with the gold standard, which would not again be attempted until the American colonial period. The peso fuerte was also a unit of exchange equivalent to 1.69 grams of gold, 0.875 fine (0.0476 XAU), equivalent to ₱1,390.87 (refers to the modern peso; as of September 2015).
Coin production at the Casa de Moneda de Manila began in 1861 with gold coins (0.875 fine) of three denominations: 4 pesos, 2 pesos, and 1 peso. On March 5, 1862, Isabel II granted the mint permission to produce silver fractional coinage (0.900 fine) in denominations of 10, 20, and 50 centimos de peso. Minting of these coins started in 1864, with designs similar to the Spanish silver escudo.
American Colonial Period (1901-1945)
After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso consisting of 12.9 grains of gold 0.900 fine (0.026875 XAU), equivalent to ₱2,933.07 modern pesos of as of 22 December 2010.
The act 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.
Commonwealth Period (1935-1946)
When the Philippines became a US Commonwealth in 1935, the coat of arms of the Philippine Commonwealth were adopted and replaced the arms of the US Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.
Modern currencies (1946-present) Pilipino series
The Pilipino series banknotes is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1969 to 1973, during the term of President Ferdinand Marcos. It was succeeded by the Ang Bagong Lipunan Series of banknotes, to which it shared a similar design. The lowest denomination of the series is 1-piso and the highest is 100-piso. This series represented a radical change from the English series. The bills underwent Filipinization and a design change.After the declaration of Proclamation № 1081 on September 23, 1972, the Central Bank demonetized the existing banknotes (both the English and Pilipino series) on March 1, 1974, pursuant to Presidential Decree No. 378.[13] All the unissued banknotes were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design.
Ang Bagong Lipunan series
The Ang Bagong Lipunan Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso. After the declaration of Proclamation № 1081 by President Ferdinand Marcos on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree 378. All the unissued Pilipino Series banknotes (except the one peso banknote) were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. The one peso note was replaced with the two peso note, which features the same elements of the demonetized "Pilipino" series one peso note. On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce the banknotes. And a minor change of its BSP seal.
New Design Series
The New Design Series (NDS) was the name used to refer to Philippine banknotes issued from 1985 to 1993; it was renamed the BSP series when the Bangko Sentral ng Pilipinas was established in 1993. It was succeeded by the New Generation Currency (NGC) banknotes issued on December 16, 2010. The NDS/BSP banknotes were no longer in print and legal tender after December 31, 2015. The NDS/BSP notes was demonetized and exchanged with NGC notes in 2016; all will be withdrawn from circulation originally scheduled by January 1, 2017. The demonetization was however extended until December 29, 2017 after the Bangko Sentral ng Pilipinas approved the extension due to public clamor.
New Generation Currency (current)
In 2009, Bangko Sentral ng Pilipinas (BSP) announced that it has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability. The members of the numismatic committee include BSP Deputy Governor Diwa Guinigundo and Ambeth Ocampo, Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010.
References
- ↑ "ISO 4217 Amendment Number 164 – ISO Currency" (in en). https://www.currency-iso.org/en/shared/amendments/iso-4217-amendment.html.
- ↑ "[How-To] Type the Philippine Peso Currency Sign". Laboratory sandbox. Retrieved on 2013-10-01.