Currency Rate
Philippine Peso to USD
Our Currency Rate PHP latest updates allow you to track real-time exchange rates effortlessly. By accessing and analyzing accurate and current data, you'll stay informed on the PHP. We provide comprehensive information to meet all your financial needs effectively.
Buying rate
₱ 0.016596
Selling rate
₱0.019546
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The Philippine peso (symbol: ₱; code: PHP) is the official currency of the Philippines.
Currency Details
- Country code PH
- Symbol ₱
- ISO Code PHP
- Subunits 1 Peso = 100 Centavos
Coins
- 1 sentimo
- 5 sentimos
- 10 sentimos
- 25 sentimos
- 1 peso
- 5 pesos
- 10 pesos
Banknotes
- 20 pesos
- 50 pesos
- 100 pesos
- 200 pesos
- 500 pesos
- 1000 pesos
The Philippine Peso, abbreviated as PHP, is the official currency of the Republic of the Philippines. Known locally as "piso," it is symbolized by "₱" and subdivided into 100 sentimo (or centavos). The modern peso was reintroduced in 1949 after the country gained independence from the United States, replacing the Philippine Commonwealth peso and earlier colonial currencies.
History and Background
The peso traces its origins to Spanish colonial times when the Spanish dollar or "pieces of eight" circulated widely. The Philippines minted its first gold and silver pesos in the 1850s under Spanish rule. After periods under American and Japanese control, the current peso system was established by the newly independent republic. The currency's name comes from the Spanish "peso," meaning "weight," reflecting its historical basis in silver weight.
The peso traces its origins to Spanish colonial times when the Spanish dollar or "pieces of eight" circulated widely. The Philippines minted its first gold and silver pesos in the 1850s under Spanish rule. After periods under American and Japanese control, the current peso system was established by the newly independent republic. The currency's name comes from the Spanish "peso," meaning "weight," reflecting its historical basis in silver weight.
Economic Significance
The peso serves as the backbone of one of Southeast Asia's fastest-growing economies. Its value is influenced by remittances from overseas Filipino workers (OFWs), business process outsourcing (BPO) revenues, and electronics exports. The Bangko Sentral ng Pilipinas (BSP) manages monetary policy through a floating exchange rate system, occasionally intervening to stabilize volatility. Unlike some regional currencies, the peso is not pegged to the US dollar, though it maintains close correlation.
The peso serves as the backbone of one of Southeast Asia's fastest-growing economies. Its value is influenced by remittances from overseas Filipino workers (OFWs), business process outsourcing (BPO) revenues, and electronics exports. The Bangko Sentral ng Pilipinas (BSP) manages monetary policy through a floating exchange rate system, occasionally intervening to stabilize volatility. Unlike some regional currencies, the peso is not pegged to the US dollar, though it maintains close correlation.
Usage and Exchange
The peso is the sole legal tender throughout the Philippine archipelago. While urban centers like Manila, Cebu, and Davao are increasingly cashless, cash remains king in provincial areas. Foreign exchange is available at banks, malls, and licensed money changers, with best rates typically found in commercial areas rather than hotels or airports. The US dollar is sometimes accepted in tourist areas, but peso transactions are strongly encouraged. Digital wallets like GCash and Maya have revolutionized payments, especially for the unbanked population.
The peso is the sole legal tender throughout the Philippine archipelago. While urban centers like Manila, Cebu, and Davao are increasingly cashless, cash remains king in provincial areas. Foreign exchange is available at banks, malls, and licensed money changers, with best rates typically found in commercial areas rather than hotels or airports. The US dollar is sometimes accepted in tourist areas, but peso transactions are strongly encouraged. Digital wallets like GCash and Maya have revolutionized payments, especially for the unbanked population.
Banknotes and Coins
Current banknotes (2010-2020 New Generation Currency Series) feature prominent Filipino figures and UNESCO World Heritage Sites: - Colors and denominations: ₱20 (orange), ₱50 (red), ₱100 (violet), ₱200 (green), ₱500 (yellow), and ₱1000 (blue) - Coins range from 1 sentimo to ₱20, with bi-metallic ₱10 and ₱20 coins for durability
Current banknotes (2010-2020 New Generation Currency Series) feature prominent Filipino figures and UNESCO World Heritage Sites: - Colors and denominations: ₱20 (orange), ₱50 (red), ₱100 (violet), ₱200 (green), ₱500 (yellow), and ₱1000 (blue) - Coins range from 1 sentimo to ₱20, with bi-metallic ₱10 and ₱20 coins for durability
Conclusion
The Philippine peso represents more than monetary value - it embodies the nation's complex colonial history and dynamic modern economy. For visitors, understanding the peso is key to navigating the Philippines' vibrant markets, world-class beaches, and rapidly digitizing economy. From OFW remittances to the booming BPO sector, the peso tells the story of a resilient nation embracing global opportunities while retaining its unique cultural identity.
The Philippine peso represents more than monetary value - it embodies the nation's complex colonial history and dynamic modern economy. For visitors, understanding the peso is key to navigating the Philippines' vibrant markets, world-class beaches, and rapidly digitizing economy. From OFW remittances to the booming BPO sector, the peso tells the story of a resilient nation embracing global opportunities while retaining its unique cultural identity.