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Long before our corporate currency exchange brokers were helping our clients with their Philippine Peso transfers, the Philippine Peso was creating its own rich history.
About the Philippine Peso
After gaining its independence in 1898, the Philippine government introduced its own coins and paper currency. Following the US invasion of the Philippines, the US Congress established a theoretical gold peso as the main currency.
The Peso has been a floating currency (a physical representation of the domestic debt) since the 1960s, due to the old silver peso coins being demonetized as people hoarded them for their high value (twelve times their face value).
In 1967, the language on the notes and coins were changed to Tagalog, with ‘centavo’ and ‘peso’ changed to ‘sentimo’ and ‘piso'.
Subunit: Sentimo – 1/100
Coins: 1 sentimo, 5 sentimo, 10 sentimo, 25 sentimo, ₱1, ₱5, ₱10
Banknotes: ₱20, ₱50, ₱100, ₱500, ₱1000
Posted in Currency Wiki on Jun 27 2017