Philippine peso
From Wikipedia, the free encyclopedia.

The Philippine peso (Filipino: piso) is the official currency of the Philippines. It is divided into 100 centavos or mga sentimo.

The symbol used for the Philippine Peso is shown below.

Denominations

Notes

• 1000 pesos
• 500 pesos
• 200 pesos¹
• 100 pesos
• 50 pesos
• 20 pesos
• 10 pesos
• 5 pesos¹

Coins

• 10 pesos
• 5 pesos
• 1 peso
• 25 centavos
• 10 centavos
• 5 centavos
• 1 centavo

¹ No longer printed but still legal tender.

History

The peso has been a floating currency since the 1950s. This means that the value is dictated by market forces. In the 1960s, the value of the peso was 0.50 US dollarss. From there, it quickly devalued to around 25 peso = 1 US dollar following the fall of Ferdinand E. Marcos' dictatorship. During the 1997-1998 Asian financial crisis, the peso lost its value to 40+ peso to the US dollar and then became 50+ peso to the US dollar during the economic crisis in the time of President Estrada.

The original article can be found at: http://en.wikipedia.org/wiki/Philippine_peso.
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