Philippine Peso

About The Philippine Peso: The Currency of Philippines

Quick Facts About the Philippine Peso Notes

Country of Origin	Philippines
Symbol	₱
Currency Code	PHP
Nick Names	Piso
Minor units	Sentimo
Denominations (Banknotes)	₱20, ₱50, ₱100, ₱200, ₱500 and ₱1,000
Motto
Identification Feature	The front and back of each banknote has a unique design; the front design depicts significant people, buildings, and events from the nation's history, while the back design depicts landmarks and animals.
Issuing Bank	Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
In Circulation Since	June 12, 1985
INR Exchange Rate	1.8812 🔄

The Philippine peso, sometimes known as the piso (its Filipino name), is the national currency of the Philippines. There are 100 sentimo, or centavos, in a dollar. The Philippine peso symbol "₱" was chosen to serve as the official representative of the Philippine peso when it was taken over by the Americans from the Spanish. Because the nation had been ruled by the United States in the past, the text on its currency was written in English. As a result, the word "peso" remained on the currency notes until the year 1967. The letters "P," "PHP," "Php," and even "P" can all be used interchangeably in this context.

The word "peso" can be found in both the Filipino and Tagalog languages. The letter represents the Philippine peso, which is divided into 100 smaller units of currency known as “sentimos”.

At the moment, there are several banknotes in circulation that have values of 20, 50, 100, 200, 500, and 1,000 pesos respectively.

The current rate of Philippine Peso is INR (1.8812 🔄) . You can keep an eye on the live Philippine peso value.

History of the Philippine Peso

Large quantities of Spanish pesos or pieces of eight, which later served as the foundation for the Philippine peso, were transported to the Philippines by the Manila galleons that travelled between Spain and the Philippines from the 16th to the 19th centuries.

In the year 1898, the Philippines started printing its own money, and it was backed by the nation's many natural resources. In 1902, when the United States of America acquired control of the Philippines, they introduced a new currency that was pegged to gold at a rate that was approximately equal to half the value of the dollar in use today.

The Philippine Central Bank was created in 1949, and during the 1950s, one of its primary objectives was to keep the value of the Philippine peso relative to the United States dollar at a rate of 2:1.

In 1967, the bank first started printing money using the Filipino language. Two years later, in 1969, a series of notes with denominations of 1, 5, 10, 20, 50, and 100 pesos was launched.

In 1991, the first 1,000 Philippine Peso note was printed. In 1993, free market forces were finally given the opportunity to determine the value of the Philippine peso. And in 2002, the first 200 Philippine Peso bill was printed.

The new purple or purple-coloured 100 peso bills were launched by the central bank in February 2016. And in fact, it was announced that coins would completely replace paper currency by the end of 2021 or the beginning of 2022 at the latest.

Countries Accepting the Philippine Peso

Amount in the Philippine Peso You Should Carry for Your Trip

You need to have your complete Philippines itinerary in mind if you’d like to estimate an accurate cost of your vacation. Your vacation budget will be affected by many factors, including the cost of transportation, the cost of your hotel, and the cost of your meals while you are there.

Tourists on a tight budget should set aside close to ₱1,000 a day in spending money to cover the standard costs of a trip to the United States. When you factor in the cost of private transportation, meals at Michelin-starred restaurants rather than less expensive local establishments, and accommodations in hotels rated three stars or higher, the average daily cost of a luxury vacation can easily exceed ₱4,000. On the other hand, a vacation for two costs about ₱2,000 to ₱8,000.

The accommodation option in the Philippines typically ranges from ₱400 to ₱1,200 per night per person. Depending on whether you walk, take the bus, or hail a taxi, your daily transportation costs could be anywhere from ₱185 to ₱500.