Philippine Peso

PHP is the currency of the Philippines. It is divided into 100 centavos and is often abbreviated as Php or P. The Philippine peso was introduced on May 1, 1852. The symbol “₱” was adopted in 2010. The Central Bank of the Philippines is responsible for issuing the currency. The Philippine peso is the 13th most traded currency in the world. The Philippine economy is the 34th largest in the world. The peso is named after the Spanish silver coin, the real de a ocho or Spanish dollar, the 8-real coin. The Philippine peso was initially based on the Spanish dollar. After the United States annexed the Philippines in 1898, the American dollar became the official currency. The Philippine peso was reintroduced in 1946. The Philippine peso is currently the most circulated currency in the country. The Philippine peso is pegged to the US dollar at an exchange rate of Php49.75 to US$1. The Philippine peso is also used in the Palauan peso, the Micronesian dollar, and the Marshall Islands’ dollar.