View source for Philippine peso

{{Short description|Currency of the Philippines}}
{{redirect|PhP|the scripting language|PHP|other uses|PHP (disambiguation)}}
{{Use mdy dates|date=November 2021}}
{{Use Philippine English|date=October 2022}}
<!-- NOTE: Although banknotes and coins use the Filipino name "piso" for the currency, the official name in English usage is "peso". See Section 48 of Republic Act No. 7653, the New Central Bank Act of 1993. https://www.bsp.gov.ph/Pages/AboutTheBank/SealCharterAndHistory/BSPCharter/New_Central_Bank_Act.pdf -->
{{Infobox currency
| local_name = Piso ng Pilipinas
| local_name_lang = fil
| image_1 = Font 20 peso Coin Philippines.png
| image_title_1 = NGC Series ₱20 (obverse)
| iso_code = PHP
| subunit_name_1 = [[céntimo|sentimo]] (or [[centavo]])
| symbol = [[₱]]
| frequently_used_banknotes =  [[Philippine fifty peso note|₱50]], [[Philippine one hundred peso note|₱100]], [[Philippine five hundred peso note|₱500]], [[Philippine one thousand peso note|₱1000]]
| rarely_used_banknotes = [[Philippine twenty peso note|₱20]], [[Philippine two hundred peso note|₱200]]
| frequently_used_coins = [[Philippine twenty-five centavo coin|25¢]], [[Philippine one-peso coin|₱1]], [[Philippine five peso coin|₱5]], [[Philippine ten peso coin|₱10]], [[Philippine twenty peso coin|₱20]]
| rarely_used_coins = [[Philippine one centavo coin|1¢]], [[Philippine five centavo coin|5¢]], [[Philippine ten-centavo coin|10¢ (no longer minted)]]
| subunit_ratio_1 = {{frac|1|100}}
| banknote_article = Banknotes of the Philippine peso
| coin_article = Coins of the Philippine peso
| using_countries = {{flag|Philippines}}
| issuing_authority = [[Currency Reserve Fund of the Philippine Treasury]] (1918-1949)<br>[[Bangko Sentral ng Pilipinas]]
| issuing_authority_website = {{URL|https://www.bsp.gov.ph}}
| printer = [[Bangko Sentral ng Pilipinas#Security Plant Complex|The Security Plant Complex]]
| mint = [[Bangko Sentral ng Pilipinas#Security Plant Complex|The Security Plant Complex]]
| inflation_rate = '''1.7%'''<ref>{{cite web|url= https://psa.gov.ph/price-indices/cpi-ir | title=Consumer Price Index and Inflation Rate |website=www.psa.gov.ph |access-date=September 10, 2025}}</ref>
| inflation_source_date = [[Philippine Statistics Authority]], August 2025
| inflation_method = [[Consumer price index|CPI]]
}}
{{SpecialChars
| image      = Gold Currency Symbols.svg
| special    = [[Unicode]] currency signs
| fix        = Help:Special_characters
| characters = currency signs
}}
The '''Philippine peso''', also referred to by its [[Filipino language|Filipino]] name '''''piso''''' (<small>[[Philippine English]]:</small> {{IPAc-en|ˈ|p|ɛ|s|ɔː}} {{respell|PEH|saw}}, {{IPAc-en|ˈ|p|iː|-}} {{respell|PEE|-}}, plural '''pesos'''; {{langx|fil|piso}} {{IPA|tl|ˈpisɔː, ˈpɪsɔː|}}; [[currency sign|sign]]: ₱; [[ISO 4217|code]]: PHP), is the official [[currency]] of the [[Philippines]]. It is subdivided into 100 ''sentimo'', also called [[centavo]]s.

The peso has the [[Philippine peso sign|symbol]] "₱", introduced during [[History of the Philippines (1898-1946)|American rule]] in place of the original [[peso sign]] "$" used throughout [[Spanish America]].<ref name=":1">{{cite web |title=Executive orders and proclamations issued by the governor-general. [1903] |url=https://quod.lib.umich.edu/p/philamer/ACD6603.1903.001/91 |website=UM Library Digital Collections |publisher=University of Michigan |access-date=August 17, 2020 |archive-url=https://web.archive.org/web/20200817095343/https://quod.lib.umich.edu/p/philamer/ACD6603.1903.001/91 |archive-date=August 17, 2020 |page=89 |date=1903}}</ref> Alternative symbols used are "PHP", "PhP", "Php", or just "P".

The [[monetary policy]] of the [[Philippines]] is conducted by the [[Bangko Sentral ng Pilipinas]] (BSP), established on January 3, 1949, as its central bank. It produces the country's [[Banknotes of the Philippine peso|banknotes]] and [[Coins of the Philippine peso|coins]] at its Security Plant Complex, which is set to move to [[New Clark City]] in [[Capas]], [[Tarlac]].<ref name=":3">{{cite web |title=BSP launches design contest for new |url=https://cnnphilippines.com/news/2021/6/9/BSP-new-building-New-Clark-City.html |publisher=CNN Philippines |access-date=June 12, 2021 |archive-date=June 11, 2021 |archive-url=https://web.archive.org/web/20210611211316/https://cnnphilippines.com/news/2021/6/9/BSP-new-building-New-Clark-City.html |url-status=dead }}</ref><ref name=":2">{{Cite web |title=The New BSP Complex Design Competition |url=https://www.bsp.gov.ph/sites/NewBSPComplex/SitePages/About.aspx |access-date=2025-06-24 |website=www.bsp.gov.ph}}</ref>

==History==
{{main|History of Philippine money}}
The Philippine peso is derived from the Spanish peso or [[pieces of eight]] brought over in large quantities from [[Spanish America]] by the [[Manila galleon]]s of the period from the 16th century to the 19th. From the same Spanish peso or dollar is derived the various pesos of Spanish America, the dollars of the [[United States dollar|US]] and [[Hong Kong dollar|Hong Kong]], as well as the [[Renminbi|Chinese yuan]] and the [[Japanese yen]].<ref>{{cite web |title=Bangko Sentral ng Pilipinas – BSP Notes and Coins – History of Philippine Money |url=http://www.bsp.gov.ph/bspnotes/hist_curr.asp |website=www.bsp.gov.ph}}</ref><ref name=":0">{{cite web |title=Report of the Philippine commission to the President, January 31, 1900, page 142-149, Part IX: The Currency |url=https://books.google.com/books?id=tn7hAAAAMAAJ&q=report+of+the+philippine+commission+january+1900+part+ix+currency&pg=PR7 |year=1900}}</ref><ref>{{cite web |last=Babones |first=Salvatore |title='The Silver Way' Explains How the Old Mexican Dollar Changed the World |url=https://nationalinterest.org/feature/the-silver-way-explains-how-the-old-mexican-dollar-changed-20410 |website=The National Interest |date=April 30, 2017}}</ref>

===Pre-colonial coinage===
[[File:Manila Mint Museum, PI Piloncitos.jpg|thumb|alt=Piloncitos, a type of coin used by the pre-colonial peoples of the archipelago|[[Piloncitos]], a type of coin used by the pre-colonial peoples of the archipelago]]
Pre-colonial trade between tribes of what is now the Philippines and with traders from the neighboring islands was conducted through [[barter]]. The inconvenience of barter, however, later led to the use of some objects as a medium of exchange. [[Gold]], which was plentiful in many parts of the islands, invariably found its way into these objects that included the [[Piloncitos]], small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient peoples of the Philippines, and gold barter rings.<ref>[http://www.bsp.gov.ph/bspnotes/evolution/page2.asp Coinage of the Pre-Hispanic Era] Evolution of Philippine Currency. Bangko Sentral ng Pilipinas. Retrieved on October 13, 2013.</ref> The original silver currency unit was the rupya or rupiah, brought over by trade with India and Indonesia.

Two native [[Tagalog language|Tagalog]] words for money which survive today in Filipino were ''salapi'' and possibly ''pera''. ''Salapi'' is thought to be from ''isa'' (one) + ''rupya'' which would become ''lapia'' when adapted to Tagalog. Alternately, it could be from [[Arabic]] ''asrafi'' (a gold coin, see Persian [[ashrafi]]) or ''sarf'' (money, money exchange). ''Pera'' is thought to be from Malay ''perak'' (silver), which also has a direct cognate or adaptation in Tagalog/Filipino as ''pilak''. Alternately, it could be from 10 and 5 ''[[céntimo]]'' coins of the [[Spanish peseta]], known as the ''[[:es:Perra gorda|perra gorda]]'' and ''[[:es:Perra chica|perra chica]]''.

===Spanish colonial period===
[[Image:Philip V Coin silver, 8 Reales Mexico.jpg|thumb|Silver [[Columnarios|columnario]] peso imported from [[Spanish America]] from 1726 to 1770]]

[[File:doubloon.jpg|thumb|right|Spanish gold onza or 8 [[Spanish escudo|escudo]]s coin imported from [[Spanish America]] and valued at 16 silver pesos]]

The [[Spanish dollar]], or silver peso (worth eight reales), was first introduced by the [[Ferdinand Magellan#Voyage of circumnavigation|Magellan expedition]] of 1521 and brought in large quantities after the 1565 conquest of the Philippines by [[Miguel López de Legazpi]]. The local salapi continued under Spanish rule as a toston or half-peso coin. Additionally, Spanish gold onzas or eight-[[Spanish escudo|escudo]] coins were also introduced with identical weight to the [[Spanish dollar]] but valued at 16 silver pesos.<ref name=":0" />

The earliest silver coins brought in by the [[Manila galleons]] from Mexico and other [[Spanish America]]n colonies were in the form of roughly-cut cobs or [[macuquina]]s. These coins usually bore a cross on one side and the Spanish royal coat-of-arms on the other. These crudely made coins were subsequently replaced by machine-minted coins called [[Columnarios]] (pillar dollars) or "dos mundos (two worlds)" in 1732 containing 27.07 grams of 0.917 fine silver (revised to 0.903 fine in 1771).<ref name=":0" />

Fractional currency was supplied by cutting the [[Spanish dollar]] coin, most commonly into eight wedges each worth one [[Spanish real]]. Locally produced crude copper or bronze coins called cuartos or barrillas (hence the Tagalog/Filipino words ''cuarta'' or ''kwarta'', "money" and ''barya'' "coin" or "loose change") were also struck in the Philippines by order of the Spanish government, with 20 cuartos being equal to one real (hence, 160 cuartos to a peso).<ref name=":0" /> The absence of officially minted cuartos in the 19th century was alleviated in part by counterfeit two-cuarto coins made by [[Igorot people|Igorot]] copper miners in the [[Cordillera Administrative Region|Cordilleras]].

A currency system derived from coins imported from Spain, China and neighboring countries was fraught with various difficulties. Money came in different coinages, and fractional currency in addition to the real and the cuarto also existed. Money has nearly always been scarce in Manila, and when it was abundant it was shipped to the provinces<ref name=":0" /> or exported abroad to pay for exports.<ref>{{citation |last=Brook |first=Timothy |author-link=Timothy Brook |title=The Confusions of Pleasure: Commerce and Culture in Ming China |url=https://books.google.com/books?id=YuMcHWWbXqMC |publisher=University of California Press |location=Berkeley, CA |year=1998 |page=205 |isbn=0-520-21091-3}}</ref><ref>{{citation |last=Mann |first=Charles C. |author-link=Charles C. Mann |title=1493: Uncovering the New World Columbus Created |url=https://books.google.com/books?id=IqaMEWNvsJQC |publisher=Random House Digital |year=2011 |pages=149–150 |isbn=978-0-307-59672-7}}</ref> An 1857 decree requiring the keeping of accounts in pesos and céntimos (worth {{frac|1|100}}of a peso) was of little help to the situation given the existence of copper cuartos worth {{frac|1|160}} of a peso.<ref name=":0" />

===19th century Gold/Silver Bimetallic standard===
[[Image:PHL - 50 centimos alfonso xii.jpg|thumb|Silver 50-céntimo coin issued from 1864 until the 1890s]]
The Spanish gold onza (or 8-[[Spanish escudo|escudo]] coin) was of identical weight to the [[Spanish dollar]] but was officially valued at 16 silver pesos, thus putting the peso on a [[Bimetallism|bimetallic]] standard, worth either the silver [[Mexican peso]] (27.07&nbsp;g 0.903 fine, or 0.786 troy ounce XAG) or {{frac|1|16}} the gold onza (1.6915&nbsp;g 0.875 fine, or 0.0476 troy ounce XAU), with a gold–silver ratio of 16. Its divergence with the value of gold in international trade featured prominently in the continued monetary crises of the 19th century. In the 1850s the low price of gold in the international markets triggered the outflow of silver coins. In 1875 the adoption of the gold standard in Europe triggered a rise in the international price of gold and the replacement of gold coins with silver Mexican pesos.

As the price of silver fell further, [[Mexican peso]] imports were forbidden from 1877, and only Mexican pesos dated 1877 or earlier were legally equivalent to Philippine-minted pesos and ''peso fuerte'' banknotes. However, Spain and its colonies failed to establish a proper [[gold standard]]. The Philippine peso and the Spanish ''duro'' (Spain's "peso" or [[Spanish peseta|five-peseta coin]]) thus went on a ''fiduciary coin'' (or fiat coin) standard; while worth more than the Mexican peso due to its scarcity in circulation, both coins traded at a fluctuating discount versus the gold peso.<ref>p31 
https://www.researchgate.net/publication/231884087_The_philippine_currency_system_during_the_american_colonial_period_Transformation_from_the_gold_exchange_standard_to_the_dollar_exchange_standard</ref> While pre-1877 Mexican pesos were reminted into Philippine 10-, 20- and 50-céntimo coins until the 1890s, these coins were continuously smuggled in connivance with Customs officials due to their higher fiat value in the Philippines.

After 1898 the United States colonial administration repealed this "fictitious gold standard" in favor of the unlimited importation of [[Mexican peso]]s, and the Philippine peso became a [[silver standard]] currency with its value dropping to half a gold peso.

Concurrent with these events is the establishment of the Casa de Moneda de Manila in the Philippines in 1857, the mintage starting 1861 of gold 1, 2 and 4 peso coins according to Spanish standards (the 4-peso coin being 6.766 grams of 0.875 gold), and the mintage starting 1864 of fractional 50-, 20- and 10-céntimo silver coins also according to Spanish standards (with 100 céntimos containing 25.96 grams of 0.900 silver; later lowered to 0.835 silver in 1881).

In 1897 Spain introduced 1-peso silver coins with the bust of King [[Alfonso XIII]], as well as 5- and 10-''céntimo de peseta'' coins for circulation in the Philippines as 1- and 2-''céntimo de peso'' coins. The Spanish-Filipino peso remained in circulation and were legal tender in the islands until 1904, when the American authorities demonetized them in favor of the new US-Philippine peso.<ref>{{cite news |url=https://www.financeupdates.net/uae/dirhams-to-philippine-peso-al-ansari-today-aed-php/1561/ |title=Dirhams to philippine peso al ansari today (AED/PHP)|access-date=December 19, 2020}}</ref>

The first paper money circulated in the Philippines was the [[Philippine peso fuerte]] issued in 1851 by the country's first bank, the [[Bank of the Philippine Islands|El Banco Español Filipino de Isabel II]]. Convertible to either silver pesos or gold onzas, its volume of 1,800,000 pesos was small relative to about 40,000,000 silver pesos in circulation at the end of the 19th century.

A fanciful etymology for the term ''pera'' holds that it was inspired by the [[Carlist Wars]] where Queen [[Isabel II]] was supposedly called ''La Perra'' (The Bitch) by her detractors, and thus coins bearing the image of Isabel II were supposedly called ''perras'', which became ''pera''. A less outlandish Spanish origin, if the term is indeed derived from Spanish, could be the Spanish coins of 10 and 5 ''céntimos de peseta'' (valued locally at 2 and 1 ''céntimos de peso'') which were nicknamed ''[[:es:perra gorda|perra gorda]]'' and ''[[:es:perra chica|perra chica]]'', where the "bitch" or female dog is a sarcastic reference to the Spanish lion. Arguments against either theory are that the coins bearing the face of Isabel II were nicknamed ''Isabelinas'' and that the ''perra'' coins were only introduced to the Philippines in 1897.

===Revolutionary Period===
Asserting its independence after the [[Philippine Declaration of Independence]] on June 12, 1898, the ''República Filipina'' (Philippine Republic) under General [[Emilio Aguinaldo]] issued its own coins and paper currency backed by the country's natural resources. The coins were the first to use the name ''centavo'' instead of ''céntimo'' for the subdivision of the peso. The island of [[Panay]] also issued revolutionary coinage. After Aguinaldo's capture by American forces in [[Palanan, Isabela]] on March 23, 1901, the revolutionary peso ceased to exist.

===American Colonial Period===
[[File:Filipinas (PI) 50 Centavos Silver Coin 1918 (s).jpg|thumb|right|250px|United States Administration 50 centavos silver coin minted in [[San Francisco]] in 1918.]]
[[File:Phil1944tencentobv.jpg|thumb|110px|right|ten-centavo coin issued 1907–1945.]]
After the United States took control of the Philippines, the [[United States Congress]] passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso (not coined) consisting of 12.9 grains of gold 0.900 fine (0.0241875 XAU). This unit was equivalent to exactly half the value of a U.S. dollar.<ref>{{cite book|author=Edwin Walter Kemmerer|title=Modern Currency Reforms; A History and Discussion of Recent Currency Reforms in India, Porto Rico, Philippine Islands, Straits Settlements and Mexico|url=https://books.google.com/books?id=04rsmTi52nQC|year=2008|publisher=Macmillan|isbn=978-1-4086-8800-7|chapter=V. The Fundamental Laws of the Philippine Currency reform|chapter-url=https://books.google.com/books?id=04rsmTi52nQC&pg=PA314}}</ref> Its peg to gold was maintained until the gold content of the U.S. dollar was reduced in 1934. Its peg of [[Philippine peso sign|₱]]2 to the U.S. dollar was maintained until independence in 1946.

The act provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos (maximum denomination increased to 500 pesos from 1905).

It also provided for the creation of a gold-standard fund to maintain the parity of the coins so authorized to be issued and authorized the insular government to issue temporary certificates of indebtedness bearing interest at a rate not to exceed 4 percent per annum, payable not more than one year from date of issue, to an amount which should not at any one time exceed 10 million dollars or 20 million pesos.

The US territorial administration also issued [[Coins of the Philippine peso#Culion leper colony coinage|Culion leper colony coinage]] between 1913 and 1930.

===Commonwealth Period===
[[File:Phil1944fivecent.JPG|thumb|250px|right|1944 Philippines five-centavo coin of the Commonwealth period.]]
When the Philippines became a [[Commonwealth (U.S. insular area)|U.S. Commonwealth]] in 1935, the [[Coat of arms of the Philippines|coat of arms of the Philippine Commonwealth]] was adopted and replaced the arms of the U.S. Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.

===World War II===
{{Main|Japanese government-issued Philippine peso}}
In 1942, at the height of the resistance against the Japanese invasion in [[Corregidor]] island, US-Philippine forces managed to ship off to [[Australia]] most of the gold and significant assets held in reserve by Manila's banks, but they had to discard an estimated ₱ 15 million worth of silver pesos into the sea off Caballo Bay rather than surrender it to the Japanese. After the war these assets would be returned to Philippine banks, and most of the discarded pesos would be recovered but in badly corroded condition.<ref>{{cite web|url=https://warfarehistorynetwork.com/2018/12/12/silver-salvage-in-caballo-bay-japans-sabotaged-treasure-hunt/ |title=Silver Salvage in Caballo Bay: Japan's Sabotaged Treasure Hunt |publisher=Warfare History Network |date=2018-12-12 |accessdate=2022-03-15}}</ref>

The [[Japanese occupation of the Philippines|Japanese occupiers of the Philippines]] then introduced [[Fiat money|fiat notes]] for use in the country. [[Emergency circulating notes]] (also termed "guerrilla pesos") were also issued by banks and local governments, using crude inks and materials, which were redeemable in silver pesos after the end of the war. The [[Second Philippine Republic|puppet state]] under [[Jose P. Laurel|José P. Laurel]] outlawed possession of guerrilla currency and declared a monopoly on the issuance of money and anyone found to possess guerrilla notes could be arrested or even executed. Because of the fiat nature of the currency, the Philippine economy felt the effects of [[hyperinflation]].

Combined U.S. and Philippine Commonwealth military forces including recognized guerrilla units continued printing Philippine pesos, so that, from October 1944 to September 1945, all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.

=== Independence and the Central Bank of the Philippines, 1949–1993 ===
[[List of Philippine laws|Republic Act]] No. 265 created the [[Bangko Sentral ng Pilipinas|Central Bank of the Philippines]] (now the Bangko Sentral ng Pilipinas) on January 3, 1949, in which was vested the power of administering the banking and credit system of the country. Under the act, all powers in the printing and mintage of Philippine currency were vested in the CBP, taking away the rights of the banks such as [[Bank of the Philippine Islands]] and the [[Philippine National Bank]] to issue currency.<ref>{{cite web|url=https://www.officialgazette.gov.ph/1948/06/15/republic-act-no-265/|title=Republic Act No. 265|date=June 15, 1948|access-date=February 6, 2015}}</ref>

The Philippines faced various post-war problems due to the slow recovery of agricultural production, trade deficits due to the need to import needed goods, and high inflation due to the lack of goods. The CBP embarked on a fixed exchange system during the 1950s in which the peso's official exchange rate was maintained at ₱2 per U.S. dollar by various measures to control and conserve the country's international reserves.<ref>{{cite web|url=http://www.bsp.gov.ph/downloads/Publications/2008/WPS200802.pdf|title=p 33 Appendix of "BSP Working Paper Series No. 2008-02 – Adjustments in the Face of Peso Volatility: Perspective from the Past and Policy Directions}}</ref>

This system, combined with other "Filipino First" efforts to curtail importations, helped reshape the country's import patterns and improve the balance of payments. Such restrictions, however, gave rise to a black market in which dollars routinely traded at above ₱3 per dollar. The CBP's allocation system which rationed a limited supply of dollars at ₱2 per dollar to purchase priority imports was exploited by parties with political connections. Higher black market exchange rates drove remittances and foreign investments away from official channels.

By 1962, the task of maintaining the old ₱2 per dollar parity while defending available reserves had become untenable under the new [[Diosdado Macapagal]] administration, opening up a new ''decontrol era'' from 1962 to 1970 in which foreign exchange restrictions were dismantled and a new free-market exchange rate of ₱3.90 per dollar was adopted from 1965. This move helped balance foreign exchange supply versus demand and greatly boosted foreign investment inflows and international reserves. However, a weak manufacturing base that could not capture market share in (mostly imported) consumer goods meant that devaluation only fueled inflation, and by the time the decontrol era ended in 1970 another devaluation to ₱6.43 per dollar was needed.

In 1967, coinage adopted Filipino language terminology instead of English, banknotes following suit in 1969. Thus the currency names appearing on coinage and banknotes changed from the English ''centavo'' and ''peso'' to the Filipino ''sentimo'' and ''piso''. However, ''centavo'' is more commonly used by Filipinos in everyday speech.

The CBP's final era from 1970 until the BSP's reestablishment in 1993 involved a "managed float system" with no more fixed parity commitments versus the dollar. The CBP only committed to maintain orderly foreign exchange market conditions and to reduce short-term [[volatility (finance)|volatility]]. Difficulties continued throughout the 1970s and 1980s in managing inflation and keeping exchange rates stable, and this was complicated further by the CBP lacking independence in government, especially when the latter incurred fiscal shortfalls. The worst episode occurred when a confidence crisis in the [[Ferdinand Marcos]] administration triggered a capital flight among investors between August 1983 and February 1986, nearly doubling the exchange rate from ₱11 to ₱20 per dollar and also doubling the prices of goods.

=== Reorganization to the new Bangko Sentral ng Pilipinas ===
Positive political and economic developments in the 1990s paved the way for further [[economic liberalization]] and an opportunity to unburden the central bank of objectives that are inconsistent with keeping inflation stable. The New Central Bank Act (Republic Act No 7653) of June 14, 1993 replaces the old CBP with a new [[Bangko Sentral ng Pilipinas]] mandated explicitly to maintain price stability, and enjoying fiscal and administrative autonomy to insulate it from government interference. This, along with the further liberalization of various foreign exchange regulations, puts the Philippine peso on a fully floating exchange rate system. The market decides on the level in which the peso trades versus foreign currencies based on the BSP's ability to maintain a stable inflation rate on goods and services as well as sufficient international reserves to fund exports. Black market exchange rates as seen in the past are now nonexistent since official markets now reflect underlying supply and demand.<ref>{{cite web|url=http://www.bsp.gov.ph/about/history.asp|title=Bangko Sentral ng Pilipinas – About the Bank – History|website=www.bsp.gov.ph|access-date=April 21, 2019|archive-url=https://web.archive.org/web/20131123121130/http://www.bsp.gov.ph/about/history.asp|archive-date=November 23, 2013|url-status=dead}}</ref>

The Philippine peso has since traded versus the U.S. dollar in a range of ₱24–46 from 1993 to 1999, ₱40–56 from 2000 to 2009, and ₱40–54 from 2010 to 2019. The previous 1903–1934 definition of a peso as 12.9 grains of 0.9 gold (or 0.0241875 XAU) is now worth ₱4,206.088 based on gold prices as of April 2025.<ref>{{cite web|url=http://www.xe.com/ucc/convert.cgi?Amount=0.0241875+&From=XAU&To=PHP&image.x=49&image.y=3|title=XE Currency Converter; XAU to PHP|access-date=February 6, 2015}}</ref>

==Names for different denominations==
The smallest currency unit is called centavo in [[Philippine English|English]] (from [[Spanish language|Spanish]]  ''[[centavo]]''). Following the adoption of the "Pilipino series" in 1967, it became officially known as ''sentimo'' in [[Filipino language|Filipino]] (from Spanish ''[[céntimo]]'').<ref name="bsp">{{cite web|url=http://www.bsp.gov.ph/bspnotes/hist_dem_coin_pil.asp|title=History of Philippine Currency – Demonetized Coin Series|publisher=Bangko Sentral ng Pilipinas|access-date=February 2, 2016}}</ref> However, "centavo" and its local spellings, ''síntabo'' and ''sentabo'', are still used as synonyms in [[Tagalog language|Tagalog]]. It is the most widespread preferred term over ''sentimo'' in other Philippine languages, including [[Abaknon language|Abaknon]],<ref name="a">{{cite web|url=http://corporaproject.org/index.php?type=semantic&id=115|title=Commerce|author=Voltaire Q. Oyzon & the National Network of Normal Schools|publisher=3NS Corpora Project|access-date=February 2, 2016}}</ref> [[Bikol languages|Bikol]],<ref name="bic">{{cite web|url=http://planet.naga.ph/author/cordero/page/2/|title=Bulan ni Balagtas|date=April 5, 2009|publisher=Planet Naga|access-date=February 2, 2016}}</ref> [[Cebuano language|Cebuano]],<ref name="b">{{cite web|url=http://www.binisaya.com/node/21&search=root&word=sentabos|title=sentabo|publisher=Binisaya.com, English to Binisaya – Cebuano Dictionary and Thesaurus.|access-date=August 27, 2011}}</ref><ref name="mark">{{cite web|url=http://www.learningcebuano.com/files/CebuanoStudyNotes.pdf|title=Cebuano Study Notes|author=Tom Marking|date=November 7, 2005|publisher=LearningCebuano.com|access-date=February 2, 2016}}</ref> [[Cuyonon language|Cuyonon]],<ref name="cuy">{{cite web|url=https://bisarangcuyonon.wordpress.com/pagsorolaten-i-cuyonon/|title=Pagsorolaten i' Cuyonon|author=Ester Ponce De Leon Timbancaya Elphick & Virginia Howard Sohn|date=September 5, 2015 |publisher=Bisarang Cuyonon: The Official Language of Palawan|access-date=February 2, 2016}}</ref> [[Ilocano language|Ilocano]],<ref name="ilok">{{cite book|author=Precy Espiritu|title =Let's Speak Ilokano|publisher =University of Hawaii Press|year =1984|page=224|isbn =9780824808228|url =https://books.google.com/books?id=bOTVSNCj6Q4C&pg=PA224}}</ref> and [[Waray language|Waray]],<ref name="a"/> In [[Chavacano]], centavos are referred to as ''céns'' (also spelled ''séns'').<ref name="Lipski">{{cite journal|author1=John M. Lipski  |author2=Salvatore Santoro |name-list-style=amp |year=2000|title=Zamboangueño Creole Spanish|journal=Comparative Creole Syntax|pages=1–40|url=http://aboutphilippines.ph/files/zamb2.pdf}}</ref>

[[Tagalog language]] words for the different centavo-denominated coins were more common in the 20th century before the decrease in their use afterwards.<ref>{{Cite book|url=https://books.google.com/books?id=L7Oqx-gBfTwC&pg=PA103|title = Learn Filipino the Easy Way: For Foreigners & Non-Tagalog Speakers|isbn = 9789712327513|last1 = Belvez|first1 = Paz M.|year = 1999| publisher=Rex Bookstore }}</ref>
* The [[Philippine half-centavo coin|half-centavo coin]] was called a ''kusing'', and the [[Philippine one-centavo coin|1-centavo coin]] was called ''isang pera'' or ''sampera''.
* Coins for 5, 10, 25 and 50 centavos went by their Spanish names ''singko'', ''diyes'', ''bentesingko'' and ''singkwenta''. Additionally, the 50-centavo coin was also called ''salapi''.
* The terms "1 peso each", "50 centavos each" and "1 centavo each" may be expressed as ''mamiso'', ''manalapi'' and ''mamera'', respectively.

==Coins==
{{main|Coins of the Philippine peso}}
{{See also|English Series|Pilipino Series|Ang Bagong Lipunan Series|Flora and Fauna Series|New Design Series|New Generation Currency Series|Commemorative coins of the Philippines}}

The Spanish administration opened the ''Casa de Moneda de Manila'' (or Manila mint) in 1857 in order to supply coins for the Philippines, minting silver coins of [[Philippine ten-centavo coin|10 céntimos]], [[Philippine twenty-centavo coin|20 céntimos]], and [[Philippine fifty-centavo coin|50 céntimos]]; and gold coins of [[Philippine one-peso coin|1 peso]], [[Philippine two-peso coin|2 pesos]] and 4 pesos.

The American government minted currency under the Philippine Coinage Act of 1903 in its mints in the [[United States]], in base-metal denominations of [[Philippine half-centavo coin|half centavo]], [[Philippine one-centavo coin|one centavo]] and [[Philippine five-centavo coin|five centavos]]; and in silver denominations of [[Philippine ten-centavo coin|10 centavos]], [[Philippine twenty-centavo coin|20 centavos]], [[Philippine fifty-centavo coin|50 centavos]] and [[Philippine one-peso coin|1 peso]]. They eventually deemed it more economical and convenient to mint coins in the Philippines, hence the re-opening of the Manila Mint in 1920, which produced coins until the [[Commonwealth of the Philippines|Commonwealth Era]] excluding {{frac|1|2}} centavo and regular-issue 1-peso coins (commemorative 1-peso coins were minted in 1936).

In 1937, the eagle-and-shield reverse design was changed into the coat-of-arms of the [[Commonwealth of the Philippines]] while retaining the legend "United States of America". During the [[World War II|Second World War]], no coins were minted from 1942 to 1943 due to the [[Japanese occupation of the Philippines|Japanese Occupation]]. Minting resumed in 1944–45 for the last time under the Commonwealth. Coins only resumed in 1958 after an issuance of centavo-denominated fractional banknotes from 1949 to 1957.

<gallery>
File:50 Centavos (Philippines).jpg|50-centavo coin, ''English series'' (1964)
File:1974phil1pisoobv.jpg|[[Philippine one-peso coin|1-piso]] coin, ''Pilipino series'', 1972–1974
File:Philpeso2010obv.jpg|The one-peso coin of the ''BSP series''
</gallery>
In 1958, the new '''[[English series|English coinage series]]''' entirely of base metal was introduced, consisting of [[bronze]] [[Philippine one-centavo coin|1 centavo]], [[brass]] [[Philippine five-centavo coin|5 centavos]] and [[Nickel silver|nickel-brass]] [[Philippine ten-centavo coin|10 centavos]], [[Philippine twenty-five-centavo coin|25 centavos]] and [[Philippine fifty-centavo coin|50 centavos]]. The 20-centavo denomination was discontinued.
<ref name="ES">{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/EnglishSeries.aspx#|title=Bangko Sentral ng Pilipinas Coins And Notes - Demonetized Coins and Notes|website=www.bsp.gov.ph}}</ref>

In 1967, the '''[[Pilipino Series|Pilipino-language coin series]]''' was introduced with the peso and centavo renamed into ''piso'' and ''sentimo''. It consisted of aluminum 1-sentimo, brass 5-sentimo, and nickel-brass 10, 25 and 50 sentimo. The [[Philippine one-peso coin|1-piso]] coin was reintroduced in 1972.<ref name="PS">{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/PilipinoSeries.aspx|title=Bangko Sentral ng Pilipinas Coins And Notes - Demonetized Coins and Notes|website=www.bsp.gov.ph}}</ref>

In 1975, the '''[[Ang Bagong Lipunan Series]]''' was introduced. It consisted of aluminum 1-sentimo, brass 5-sentimo, cupro-nickel 10-sentimo, 25-sentimo and 1-piso, and a pure [[nickel]] [[Philippine five-peso coin|5-piso coin]] which rarely circulated.
<ref name="ABL">{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/AngBagongLipunanSeries.aspx|title=Bangko Sentral ng Pilipinas Coins and Notes - Demonetized Coins and Notes|website=www.bsp.gov.ph}}</ref>

In 1983, the '''[[Flora and Fauna Series]]''' was introduced. It consisted of aluminum 1, 5 and 10-sentimo, brass 25-sentimo, and cupro-nickel 50-sentimo, 1-piso and a new [[Philippine two-peso coin|2-piso coin]]. From 1991 to 1994 the sizes of coins from 25-sentimo to 2-piso were reduced under the '''Improved [[Flora and Fauna Series]]''', and a new nickel-brass [[Philippine five-peso coin|5-piso coin]] was introduced.
<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/FloraAndFaunaSeries.aspx|title=Bangko Sentral ng Pilipinas Coins And Notes - Demonetized Coins and Notes|website=www.bsp.gov.ph}}</ref>
<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/ImprovedFloraAndFaunaSeries.aspx|title=Bangko Sentral ng Pilipinas Coins And Notes - Demonetized Coins and Notes|website=www.bsp.gov.ph}}</ref>

In 1995, the '''[[New Design Series|New Design coin series]]''' was introduced with the aim of replacing and demonetizing all previously issued coin series on January 3, 1998. It initially consisted of copper-plated steel 1, 5 and 10-sentimo, brass 25-sentimo, copper-nickel 1-piso and nickel-brass 5-piso. In 2000, the bimetallic [[Philippine ten-peso coin|10-piso coin]] was added to the series. In 2003, the composition of the 25-sentimo and 1-piso was changed to brass-plated steel and nickel-plated steel, respectively.

The current series, the '''[[New Generation Currency Series]]''' was introduced in November 30, 2017, consisting of nickel-plated steel 1, 5, 25 sentimo and 1, 5 and 10-piso. In December 2019, the bimetallic plated-steel [[Philippine twenty-peso coin|20-piso coin]] was introduced,<ref>{{cite web|url=http://www.rappler.com/business/235646-bangko-sentral-pilipinas-to-create-philippine-peso-20-coin|title=Bangko Sentral to create P20 coin|website=Rappler|date=July 17, 2019}}</ref> together with a modified nine-sided [[Philippine five-peso coin|5-piso coin]] issued in response to numerous complaints that the round steel 5-piso coin looked too much like the 1-piso and 10-piso.

Denominations worth P0.25 (~$0.005) and below are still issued but have been increasingly regarded as a nuisance. Proposals to retire and demonetize all coins less than one peso in value have been rejected by the government and the BSP.<ref>{{cite web|url=https://www.gmanetwork.com/news/story/137542/money/companies/scrapping-lower-valued-coins-unfair-to-consumers/|title=Scrapping lower-valued coins unfair to consumers|website=GMA News Online|date=December 4, 2008 }}</ref>

{| class="wikitable" style="font-size: 90%"
|+ <big>New Generation coin series</big>
|-
! Value !! Obverse !! Reverse !! Diameter !! Mass !! Thickness !! Composition !! Edge !! Obverse !! Reverse !! Introduced
|-{{Coin-silver-color}}
| [[Philippine one centavo coin|1¢]]
|style="text-align:center; background:#FFF;"|[[File:Philngc1sentobv.jpg|38px]]
|style="text-align:center; background:#FFF;"|[[File:Philngc1sentrev.jpg|38px]]
| 15&nbsp;mm
| 1.90 g
| 1.54&nbsp;mm
| rowspan="7" | [[Nickel]]-plated [[steel]]
| Plain
| rowspan="3" | "Republika ng Pilipinas"; Three stars and the sun (stylized representation of the [[Flag of the Philippines|Philippine flag]]); Value; Year of minting; Mint mark
| ''[[Xanthostemon verdugonianus]]'' (Mangkono); logo of the [[Bangko Sentral ng Pilipinas]]
| rowspan="3" | November 30, 2017
|-{{Coin-silver-color}}
| [[Philippine five centavo coin|5¢]]
|style="text-align:center; background:#FFF;"|[[File:Philngc5sentob.jpg|40px]]
|style="text-align:center; background:#FFF;"|[[File:Philngc5sentrev.jpg|40px]]
| 16&nbsp;mm
| 2.20 g
| 1.60&nbsp;mm
| Reeded
| ''[[Hoya pubicalyx]]''<ref>{{cite web|url=https://www.youtube.com/watch?v=pa4tLOmIBWQ&t=85s |title=The Philippine New Generation Currency (NGC) Coin Series |date=November 30, 2017 |publisher=youtube.com |access-date=2018-03-26}}</ref> (Kapal-kapal Baging); logo of the [[Bangko Sentral ng Pilipinas]]
|-{{Coin-silver-color}}
| [[Philippine twenty-five centavo coin|25¢]]
|style="text-align:center; background:#FFF;"|[[File:Philngc25sentobv.jpg|50px]]
|style="text-align:center; background:#FFF;"|[[File:Philngc25sentrev.jpg|50px]]
| 20&nbsp;mm
| 3.60 g
| 1.65&nbsp;mm
| Plain
| ''[[Dillenia philippinensis]]'' (Katmon); logo of the [[Bangko Sentral ng Pilipinas]]
|-{{Coin-silver-color}}
| [[Philippine one-peso coin|₱1]]
|style="text-align:center; background:#FFF;"|[[File:Philngc1pisoobv.jpg|58px]]
|style="text-align:center; background:#FFF;"|[[File:Philngc1pisorev.jpg|58px]]
| 23&nbsp;mm
| 6.00 g
| 2.05&nbsp;mm
| Segmented (Plain and Reeded edges)
| "Republika ng Pilipinas"; Portrait of [[José Rizal]]; Value; Year of minting; Mint mark
| ''[[Vanda sanderiana]]'' (Waling-waling); logo of the [[Bangko Sentral ng Pilipinas]]
| March 26, 2018
|-{{Coin-silver-color}}
| [[Philippine five peso coin|₱5]]
| style="text-align:center; background:#FFF;" |[[File:Philngc5pisoobv.jpg|63px]]
| style="text-align:center; background:#FFF;" |[[File:Philngc5pisorev.jpg|63px]]
| 25&nbsp;mm
| 7.40 g
| 2.20&nbsp;mm
| rowspan="2" | Plain
| rowspan="2" | "Republika ng Pilipinas"; Portrait of [[Andrés Bonifacio]]; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark
| rowspan="2" | ''[[Strongylodon macrobotrys]]'' (Tayabak); logo of the [[Bangko Sentral ng Pilipinas]]; Microprint of "Bangko Sentral ng Pilipinas"
| November 30, 2017
|-{{Coin-silver-color}}
| [[Philippine five peso coin|₱5]] ([[nonagon]]al shape)
| style="text-align:center; background:#FFF;" |[[File:5 Peso Coin (Nontagon Shape) Philippines Font.png|64px]]
| style="text-align:center; background:#FFF;" |[[File:5 Peso Coin (Nontagon Shape) Philippines Back.png|68px]]
| 25&nbsp;mm
| 7.40 g
| 2.20&nbsp;mm
| December 17, 2019
|-{{Coin-silver-color}}
| [[Philippine ten peso coin|₱10]]
| style="text-align:center; background:#FFF;"|[[File:Philngc10pisoobv.jpg|68px]]
| style="text-align:center; background:#FFF;"|[[File:Philngc10pisorev.jpg|68px]]
| 27&nbsp;mm
| 8.00 g
| 2.05&nbsp;mm
| Reeded with [[edge inscription]] of "BANGKO SENTRAL NG PILIPINAS" in italics
| "Republika ng Pilipinas"; Portrait of [[Apolinario Mabini]]; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark
| ''[[Medinilla magnifica]]'' (Kapa-kapa); logo of the [[Bangko Sentral ng Pilipinas]]; Microprint of "Bangko Sentral ng Pilipinas"; Microdots
| November 30, 2017
|-{{Coin-copper-color}}
| {{Coin-silver-color}}|[[Philippine twenty peso coin|₱20]] 
| style="text-align:center; background:#FFF;"|[[File:Font 20 peso Coin Philippines.png|80px]]
| style="text-align:center; background:#FFF;"|[[File:Back 20 peso Coin Philippines.jpg|83px]]
| 30&nbsp;mm
| 11.50&nbsp;g
| 2.10&nbsp;mm
| Ring: [[bronze]]-plated [[steel]]; Center: [[nickel]]-plated [[steel]]
| Plain edge with inscription of "BSP" at six angles
| Ring: "Republika ng Pilipinas"; Center: Portrait of [[Manuel L. Quezon|Manuel Quezon]]; Value; Microprint of "Republika ng Pilipinas"; Year of minting; Mint mark
| ''[[Scyphiphora|Scyphiphora hydrophylacea]]'' (Nilad); logo of the [[Bangko Sentral ng Pilipinas]]; [[Malacañang Palace]]; Microprint of "Bangko Sentral ng Pilipinas"
| December 17, 2019
|}

==Banknotes==
{{main|Banknotes of the Philippine peso}}
{{See also|Philippine peso fuerte|English Series|Pilipino Series|Ang Bagong Lipunan Series|New Design Series}}
<gallery>
File:PHI-68c-Philippine Islands-Treasury Certificate-1 Peso (1924).jpg|[[Philippine one-peso note|One-peso]] Treasury Certificate, 1924
File:P2 Ang Bagong Lipunan series (Obverse).jpg|[[Philippine two-peso note|Two-peso note]], Ang Bagong Lipunan series
File:NDS obverse 5 Philippine peso bill.jpg|[[Philippine five-peso note|Five-peso note]], New Design Series
</gallery>

===Previous series===
In 1852, the Philippines first issued banknotes under ''El Banco Español Filipino de Isabel II'' (the present [[Bank of the Philippine Islands]]) in denominations of 10, 25, 50 and 200 ''[[Philippine peso fuerte|pesos fuertes]]'' (strong pesos).
[[File:1918 Philippine banknotes One Peso Treasury Certificate.jpg|thumb|left|250px|A 1-peso note from the Treasury Certificate Series, which was introduced in 1918.]]
By 1903, the American colonial Insular Government issued Silver Certificates in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos, backed by silver coin or U.S. gold at a fixed rate of 2:1. These were supplemented by banknotes of the [[Bank of the Philippine Islands]] in 1908, banknotes of the [[Philippine National Bank]] in 1916, and Treasury Certificates of the Philippine Treasury in 1918 backed by United States Government bonds. Only the latter remained legal tender after Philippine independence in 1946.

The dimensions of all banknotes issued under the [[Insular Government of the Philippine Islands|US-Philippine administration]], 16 x 6.6&nbsp;cm, has been used ever since on all Philippine banknotes (except pre-1958 centavo notes), and was introduced during [[William Howard Taft]]'s tenure as governor-general of the Philippines. In view of its highly successful run, [[William Howard Taft|President Taft]] then appointed a committee that reported favorably on the advantages and savings from changing the size of [[United States]] banknotes to Philippine-size.
<ref>{{Cite book|url=https://books.google.com/books?id=DhRjDwAAQBAJ&pg=PT16|title = Standard Guide to Small-Size U.S. Paper Money - 1928-Date|isbn = 9781440225789|last1 = Schwarz|first1 = John|last2 = Lindquist|first2 = Scott|date = 21 September 2009| publisher=Penguin }}</ref>
Since 1928 the sizes of the [[U.S. dollar]] [[Federal Reserve Note]]s and Philippine banknotes have therefore been nearly identical.

In 1949, the Central Bank of the Philippines took over paper money issue. Its first notes were Treasury Certificates printed under US administration overprinted with "Victory - Central Bank of the Philippines". These were followed in 1951 by regular-issue '''[[English Series]]''' banknotes in denominations of 5, 10, 20 and 50 centavos, [[Philippine one-peso note|1 peso]], [[Philippine two-peso note|2 pesos]], [[Philippine five-peso note|5 pesos]], [[Philippine ten-peso note|10 pesos]], [[Philippine twenty-peso note|20 pesos]], [[Philippine fifty-peso note|50 pesos]], [[Philippine one hundred-peso note|100 pesos]], [[Philippine two hundred-peso note|200 pesos]] and [[Philippine five hundred-peso note|500 pesos]]. The centavo notes (except for the 50-centavo note, which would be later known as the half-peso note) were discontinued in 1958 when the English Series coins were first minted.<ref name="ES" />
[[File:Melchora100pesos.jpg|thumb|left|250px|A 100-peso note from the English Series, which was introduced in 1951.]]
In 1967, the CBP adopted the [[Filipino language]] on its '''[[Pilipino Series|Pilipino Banknote Series]]''', using the name Bangko Sentral ng Pilipinas, and in 1969 introduced the Pilipino Series of notes in denominations of 1, 5, 10, 20, 50 and 100 piso. The '''[[Ang Bagong Lipunan Series]]''' was introduced in 1973 and included [[Philippine two-peso note|2-piso notes]].<ref name="PS" /><ref name="ABL" />

A radical change occurred in 1985, when the CBP issued the '''[[New Design Series]]''' with [[Philippine five hundred-peso note|500-piso notes]] introduced in 1987, [[Philippine one thousand-peso note|1000-piso notes]] (for the first time) in 1991 and later after the CBP was re-established as BSP, [[Philippine two hundred-peso note|200-piso notes]] were released in 2002.<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/NewDesignSeries.aspx|title = Bangko Sentral ng Pilipinas Coins and Notes - Demonetized Coins and Notes}}</ref>

The New Design Series was the name used to refer to [[Philippines|Philippine]] [[Banknotes of the Philippine peso|banknotes]] issued from 1985 to 1993. It was then renamed as the '''BSP Series''' due to the re-establishment of the Bangko Sentral ng Pilipinas in 1993. It was succeeded by the New Generation Currency Series conceptualized from 2007 to 2010 and issued since printing its first batch on November 2010.

The New Design/BSP Series banknotes were printed until 2013 (with 5-peso note were printed until June 1995, 10-peso note until July 2001, 20 and 1000 peso notes until 2012, and 50, 100, 200 and 500 peso notes until 2013), legal tender until December 31, 2015, and can be exchanged with newer notes until the main banknotes' demonetization on January 3, 2018. The NDS co-existed with NGC banknotes throughout the 2010s decade from November 2010, to August 2, 2019. The main banknotes were no longer legal tender since January 1, 2016 and they were demonetized two years later on January 3, 2018, and the series overall on August 2, 2019 with the 2,000 and 100,000 peso commemorative banknotes, making the NDS/BSP series the longest banknote series to have a liability of the BSP at 34 years.<ref name=GMANews>{{cite web|title=BSP to accommodate select individuals to exchange old peso bills on January 3|url=https://www.gmanetwork.com/news/money/economy/637903/bsp-to-accommodate-select-individuals-to-exchange-old-peso-bills-on-january-3/story/|access-date=December 7, 2023|publisher=GMA News|date=December 28, 2017}}</ref><ref name=abs_dm_2016>{{cite web|title=Still hanging on to your old peso bills? Read this|url=http://www.abs-cbnnews.com/business/12/29/14/still-hanging-your-old-peso-bills-read|access-date=November 29, 2015|publisher=ABS-CBNnews.com|date=December 29, 2014}}</ref><ref>[http://www.bsp.gov.ph/publications/media.asp?id=4259 BSP Extends the Period for the Exchange or Replacement of New Design Series Banknotes at Par with the New Generation Currency Banknotes], [[Bangko Sentral ng Pilipinas]] press release, December 28, 2016</ref><ref>[http://www.bsp.gov.ph/publications/media.asp?id=4322 BSP extends deadline for the exchange/replacement of old note series (NDS) at par with the new note series (NGC) until 30 June 2017] [[Bangko Sentral ng Pilipinas]] (www.bsp.gov.ph). Retrieved on March 30, 2017.</ref>

===New Generation Currency (current)===
{{main|New Generation Currency series}}
[[Bangko Sentral ng Pilipinas]] (BSP) began the 12-year demonetization process of the [[New Design Series]] when the New Generation Currency (NGC) project was started in 2007 through formal conceptualization process which was a result of the meeting of the minds of people with diverse backgrounds and ideas: central bankers, artists, technocrats, historians, communication experts, and currency printers to further enhance security features and to improve durability. It is where the thematic content, designs, and security features underwent thorough deliberations and evaluation, and was undertaken by the BSP’s Numismatic Committee (Num Com) in consultation with the Monetary Board (MB) and, subsequently, with the approval of the BSP Governor and the President of the Philippines.<ref>{{cite web|url=https://www.bsp.gov.ph/Media_And_Research/Publications/BS10_A2.pdf|title=The Bangko Sentral ng Pilipinas' New Generation Currency Notes: Safeguarding the Integrity of the Philippine Currency |publisher=Bsp.gov.ph |accessdate=December 7, 2023}}</ref><ref>{{cite web|url=http://www.bsp.gov.ph/publications/media.asp?id=2296 |title=The New Generation Currency Program of the Philippines (Bangko Sentral ng Pilipinas) |publisher=Bsp.gov.ph |date=March 26, 2010 |accessdate=June 5, 2012}}</ref>

The members of the numismatic committee included Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. [[Ambeth Ocampo]], chairman of the National Historical Institute. Designed by Studio 5 Designs and Design Systemat, the new banknotes' designs features famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. Print run for the series began on November 2010 and banknotes printed within that batch were released to the public on December 16, 2010 three years after the project and process for NDS demonetization were started. The word used in the bills was "Pilipino" rendered in [[Baybayin]] ({{script|Tglg|ᜉᜒᜎᜒᜉᜒᜈᜓ}}). The font used for lettering in the banknotes is [[Myriad (typeface)|Myriad]], while the numerals are set in the [[Twentieth Century (typeface)|Twentieth Century font]]. The series was approved by [[President of the Philippines|Presidents]] [[Gloria Macapagal Arroyo]] and her immediate successor [[Benigno Aquino III]], making the only banknote series to be approved by two presidents.<ref>[http://www.gmanews.tv/story/208501/cory-ninoy-together-again-on-new-500-peso-bill Cory, Ninoy together again on new 500-peso bill], Jam Sisante, GMANews.TV, December 16, 2010</ref><ref>{{cite web|author1=Verafiles |url=https://verafiles.org/articles/fresh-supply-of-coins-fails-to-curb-currency-shortage|title=Fresh supply of coins fails to curb currency shortage|work=VERA Files |date=November 17, 2010 |accessdate=November 3, 2025}}</ref>

Several, albeit disputable, errors have been discovered on banknotes of the New Generation series and discussed in social media. Among these are the exclusion of [[Batanes]] from the Philippine map on the reverse of all denominations, the mislocation of the [[Puerto Princesa Subterranean River National Park|Puerto Princesa Subterranean Underground River]] on the reverse of the 500-peso note and the [[Tubbataha Reef]] on the 1000-peso note, and the incorrect coloring on the beak and feathers of the [[blue-naped parrot]] on the 500-peso,<ref>{{cite news|url=http://www.abs-cbnnews.com/business/12/19/10/errors-found-new-peso-bills|title=Errors found on new peso bills|publisher=[[ABS-CBN News and Current Affairs]]|date=December 19, 2010|access-date=February 6, 2015}}</ref><ref>{{cite news|url=http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20101220-309957/Error-filled-peso-bills-spark-uproar|title=Error-filled peso bills spark uproar|publisher=[[Philippine Daily Inquirer]]|date=December 20, 2010|access-date=February 6, 2015}}</ref> but these were eventually realized to be due to the color limitations of intaglio printing.<ref>{{cite news|last=Lucas|first=Daxim|url=http://business.inquirer.net/money/topstories/view/20110101-312041/The-pesos-makeover-from-an-insiders-view|title=The peso's makeover from an insider's view|publisher=[[Philippine Daily Inquirer]]|date=January 1, 2011|access-date=February 6, 2015|url-status=dead|archive-url=https://web.archive.org/web/20150206122807/http://business.inquirer.net/money/topstories/view/20110101-312041/The-pesos-makeover-from-an-insiders-view|archive-date=February 6, 2015}}</ref> The [[scientific name]]s of the animals featured on the reverse sides of all banknotes were incorrectly rendered in the 2010 series, but were corrected starting 2017.<ref>{{cite news|url=http://philmoney.blogspot.com/2010/12/problem-with-scientific-names-in-new.html|title=Philippine Money – Peso Coins and Banknotes: Error in Scientific Names on New Generation Banknotes|access-date=February 6, 2015}}</ref>

By February 2016, the BSP started to circulate new 100-peso notes which were modified to have a stronger [[mauve]] or violet color. This was "in response to suggestions from the public to make it easier to distinguish from the 1000-peso bank note". The public can still use the New Generation Currency 100-peso notes with fainter colors as they are still acceptable.<ref>{{cite web|title = BSP releases new P100 bills|url = http://business.inquirer.net/206431/bsp-releases-new-p100-bills|website = business.inquirer.net|access-date = February 4, 2016|first = Ben O. de|last = Vera|date = February 2016}}</ref>

In 2019, Bangko Sentral ng Pilipinas (BSP) introduced a 20-piso coin that will eventually replace the 20-piso note. The latter remained in production until its printing materials were used up; it will remain legal tender, disappearing gradually as individual notes become unfit for circulation.<ref>{{cite news|url=https://www.abs-cbn.com/business/12/17/19/bangko-sentral-launches-new-p20-coin-enhanced-p5|title=BSP releases new design for 5-peso coin and introduces 20-peso coin|publisher=GMA News|date=December 17, 2019|access-date=December 17, 2019}}</ref><ref>{{cite news|url=https://www.gmanetwork.com/news/money/economy/749061/bsp-explains-why-p20-bill-is-missing-from-new-enhanced-banknotes/story/|title=BSP explains why P20 bill is missing from new 'enhanced' banknotes}}</ref>

===Original series===
{| class="wikitable"  style="margin:auto; font-size:90%;"
|+New Generation Currency series (2010 original)
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2" colspan="2"| Main Color !!colspan="2"| Design !!rowspan="2"| Year of First Issue !!rowspan="2"| Usage in circulation
|- 
! Obverse !! Reverse !! Obverse !! Reverse
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! [[Philippine twenty peso note|₱20]]{{anchor|20}}
| rowspan="9" style="text-align=center;" | 160&nbsp;mm × 66&nbsp;mm
| style="text-align=center; background:orange;"|
| Orange
| [[Manuel L. Quezon]] (1878–1944), Declaration of [[Filipino language|Filipino]] as the national language, [[Malacañang Palace]]
| [[Banaue Rice Terraces]]; ''[[Asian palm civet|Paradoxurus hermaphroditus]]'' (Asian palm civet); Cordilleras weave design
| rowspan="3" | November 2010
| rowspan="2" | Wide
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! [[Philippine fifty peso note|₱50]]{{anchor|50}}
| style="text-align=center; background:#8F4034;"|
| Red
| [[Sergio Osmeña]] (1878–1961), [[Philippine Assembly|First Philippine Assembly]], [[Battle of Leyte#Landings|Leyte Landing]]
| [[Taal Lake]] in [[Batangas]]; ''[[Giant trevally|Caranx ignobilis]]'', ''maliputo'' (giant trevally); Batangas embroidery design
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! rowspan="2" | [[Philippine one hundred peso note|₱100]]{{anchor|100}}
| style="text-align=center; background: DarkSlateBlue;"|
| Violet
| [[Manuel Roxas|Manuel A. Roxas]] (1892–1948), [[Aduana Building|Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila]], Inauguration of the [[History of the Philippines (1946–1965)|Third Philippine Republic]]
| rowspan="2" | [[Mayon Volcano]] in [[Albay]]; ''[[Whale shark|Rhincodon typus]]'', whale shark (''butanding''); Bicol textile design
| Limited
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
| style="text-align=center; background:#463041;"|
| Violet (mauve)
| [[Manuel Roxas|Manuel A. Roxas]], [[Aduana Building|Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila]], Inauguration of the [[History of the Philippines (1946–1965)|Third Philippine Republic]], stronger mauve color than previous banknote
| April 11, 2015
| Wide
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! rowspan="2" | [[Philippine two hundred peso note|₱200]]{{anchor|200}}
| rowspan="2" style="text-align=center; background:#4A5C3D;" |
| rowspan="2" | Green
| [[Diosdado Macapagal|Diosdado P. Macapagal]] (1910–1997), [[EDSA Revolution of 2001|EDSA People Power 2001]], [[Aguinaldo Shrine]] in [[Kawit]], [[Cavite]], [[Barasoain Church]] in [[Malolos]], [[Bulacan]]
| rowspan="2" | [[Chocolate Hills]] in [[Bohol]]; ''[[Philippine tarsier|Tarsius syrichta]]'', Philippine tarsier; Visayas weave design
| November 2010
| Limited
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
| [[Diosdado Macapagal|Diosdado P. Macapagal]], [[EDSA Revolution of 2001|EDSA People Power 2001]], [[Declaration of Philippine Independence]] in [[Kawit]], [[Cavite]], Opening of the [[Malolos Congress]] in [[Barasoain Church]], [[Malolos]], [[Bulacan]]
| December 5, 2017
| Wide
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! [[Philippine five hundred peso note|₱500]]{{anchor|500}}
| style="text-align=center; background:#eedba3;"|
| Yellow
| [[Corazon Aquino|Corazon C. Aquino]] (1933–2009), [[Benigno Aquino Jr.|Benigno S. Aquino Jr.]] (1932–1983), [[People Power Revolution|EDSA People Power I]], Benigno Aquino monument in [[Makati]]
| [[Puerto Princesa Subterranean River National Park|Subterranean Underground River]] in [[Puerto Princesa, Palawan]]; ''[[Blue-naped parrot|Tanygnathus lucionensis]]'', blue-naped parrot; Southern Philippines cloth design
| rowspan="2" | November 2010
| Wide
|- style="height:62px"
| style="text-align:center; background:#000;"|
| style="text-align:center; background:#000;"|
! rowspan="2" | [[Philippine one thousand peso note|₱1000]]{{anchor|1000}}
| rowspan="2" style="text-align=center; background:#6F9CB8;" |
| rowspan="2" | Blue
| [[José Abad Santos]] (1886–1942), [[Vicente Lim]] (1888–1944), [[Josefa Llanes Escoda]] (1898–1945); [[Philippine Centennial|Centennial celebration of Philippine independence]]; [[Order of Lakandula|Philippine Medal of Honor]]
| rowspan="2" | [[Tubbataha Reef]]s Natural Park in [[Sulu Sea]]; ''[[Pinctada maxima]]'', South Sea pearl; Mindanao design for [[T'nalak]] (Ikat-dyed abaca)
| Limited
|- style="height:62px"
| style="text-align=center;"| 
| style="text-align:center; background:#000;"|
| [[José Abad Santos]], [[Vicente Lim]], [[Josefa Llanes Escoda]]; [[Philippine Centennial|Centennial celebration of Philippine independence]]
| December 5, 2017
| Wide
|-
|colspan="10"|{{Standard banknote table notice}}
|}

===Enhanced (2020) series===
{| class="wikitable"  style="margin:auto; font-size:95%;"
|+New Generation Currency series (2020 enhanced)
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"|Dimensions!!rowspan="2" colspan="2"| Main Color !!colspan="2"| Design !!rowspan="2"| Year of First Issue !!rowspan="2"| Usage in circulation
|- 
! Obverse !! Reverse !! Obverse !! Reverse
|- style="height:62px"
| style="text-align=center;"| 
| style="text-align=center;"| 
! [[Philippine fifty peso note|₱50]]{{anchor|50}}
| rowspan="5" style="text-align=center;" | 160&nbsp;mm × 66&nbsp;mm
| style="text-align=center; background:#8F4034;"|
| Red
| [[Sergio Osmeña]], [[Philippine Assembly|First Philippine Assembly]], [[Battle of Leyte#Landings|Leyte Landing]]
| [[Taal Lake]] in [[Batangas]]; ''[[Giant trevally|Caranx ignobilis]]'', ''maliputo'' (giant trevally); Batangas embroidery design
| rowspan="5" | July 29, 2020
| rowspan="5" | Wide
|- style="height:62px"
| style="text-align=center;"| 
| style="text-align=center;"| 
! [[Philippine one hundred peso note|₱100]]{{anchor|100}}
| style="text-align=center; background:#463041;"|
| Violet (mauve)
| [[Manuel Roxas|Manuel A. Roxas]], [[Aduana Building|Old Bangko Sentral ng Pilipinas (BSP) building in Intramuros, Manila]], Inauguration of the [[History of the Philippines (1946–1965)|Third Philippine Republic]], stronger mauve color than previous banknote
| [[Mayon Volcano]] in [[Albay]]; ''[[Whale shark|Rhincodon typus]]'', whale shark (''butanding''); Bicol textile design
|- style="height:62px"
| style="text-align=center;"| 
| style="text-align=center;"| 
! [[Philippine two hundred peso note|₱200]]{{anchor|200}}
| style="text-align=center; background:#4A5C3D;"|
| Green
| [[Diosdado Macapagal|Diosdado P. Macapagal]], [[EDSA Revolution of 2001|EDSA People Power 2001]], [[Declaration of Philippine Independence]] in [[Kawit]], [[Cavite]], [[Revolutionary Government of the Philippines|Opening of the Malolos Congress]] in [[Barasoain Church]], [[Malolos]], [[Bulacan]]
| [[Chocolate Hills]] in [[Bohol]]; ''[[Philippine tarsier|Tarsius syrichta]]'', Philippine tarsier; Visayas weave design
|- style="height:62px"
| style="text-align=center;"| 
| style="text-align=center;"| 
! [[Philippine five hundred peso note|₱500]]{{anchor|500}}
| style="text-align=center; background:#eedba3;"|
| Yellow
| [[Corazon Aquino|Corazon C. Aquino]], [[Benigno Aquino Jr.|Benigno S. Aquino Jr.]], [[People Power Revolution|EDSA People Power I]], Benigno Aquino monument in [[Makati]]
| [[Puerto Princesa Subterranean River National Park|Subterranean Underground River]] in [[Puerto Princesa, Palawan]]; ''[[Blue-naped parrot|Tanygnathus lucionensis]]'', blue-naped parrot; Southern Philippines cloth design
|- style="height:62px"
| style="text-align=center;"|
| style="text-align=center;"| 
! [[Philippine one thousand peso note|₱1000]]{{anchor|1000}}
| style="text-align=center; background:#6F9CB8;"|
| Blue
| [[José Abad Santos]], [[Vicente Lim]], [[Josefa Llanes Escoda]]; [[Philippine Centennial|Centennial celebration of Philippine independence]]
| [[Tubbataha Reef]]s Natural Park in [[Sulu Sea]]; ''[[Pinctada maxima]]'', South Sea pearl; Mindanao design for [[T'nalak]] (Ikat-dyed abaca)
|-
|colspan="10"|{{Standard banknote table notice}}
|}

=== First Philippine Polymer Banknote ===
{| class="wikitable" style="margin:auto; font-size:95%;"
|+First Philippine Polymer Banknote Series
! colspan="2" | Image !! rowspan="2" | Value !! rowspan="2" | Dimensions !! colspan="2" rowspan="2" | Main Color !! colspan="2" | Design !! rowspan="2" | Year of First Issue !! rowspan="2" | Usage in circulation
|- 
! Obverse !! Reverse !! Obverse !! Reverse
|- style="height:62px"
| style="text-align=center;" |[[File:50 peso Polymer Bill.png|frameless|121x121px]]
| style="text-align=center;" |
! [[Philippine fifty peso note|₱50]]{{anchor|50}}
| rowspan="4" style="text-align=center;" | 160&nbsp;mm × 66&nbsp;mm
| style="text-align=center; background:#8F4034;" |
| Red
| [[Visayan leopard cat]] (''Prionailurus bengalensis rabori''), Vidal's Lanutan (''Hibiscus campylosiphon'')
| [[Taal Lake]] in [[Batangas]]; ''[[Giant trevally|Caranx ignobilis]]'', ''maliputo'' (giant trevally); Batangas embroidery design
| rowspan="3" | December 19, 2024
| rowspan="3" | Limited
|- style="height:62px"
| style="text-align=center;" |[[File:100 peso Polymer Bill.png|frameless|121x121px]]
| style="text-align=center;" |
! [[Philippine one hundred peso note|₱100]]{{anchor|100}}
| style="text-align=center; background:#463041;" |
| Violet (mauve)
| [[Palawan peacock-pheasant]] (''Polyplectron napoleonis''), [[Ceratocentron|''Ceratocentron fesselii'']] orchid
| [[Mayon Volcano]] in [[Albay]]; ''[[Whale shark|Rhincodon typus]]'', whale shark (''butanding''); Bicol textile design
|- style="height:62px"
| style="text-align=center;" |[[File:500 peso Polymer Bill.png|frameless|121x121px]]
| style="text-align=center;" |
! [[Philippine five hundred peso note|₱500]]{{anchor|500}}
| style="text-align=center; background:#eedba3;" |
| Yellow
| [[Visayan spotted deer]] (''Rusa alfredi''), [[Acanthophippium mantinianum|''Acanthephippium mantinianum'']] orchid
| [[Puerto Princesa Subterranean River National Park|Subterranean Underground River]] in [[Puerto Princesa, Palawan]]; ''[[Blue-naped parrot|Tanygnathus lucionensis]]'', blue-naped parrot; Southern Philippines cloth design
|- style="height:62px"
| style="text-align=center;" |
| style="text-align=center;" |
! [[Philippine one thousand peso note|₱1000]]{{anchor|1000}}
| style="text-align=center; background:#6F9CB8;" |
| Blue
| [[Philippine eagle]] (''Pithecophaga jefferyi''), Sampaguita (''[[Jasminum sambac]]'')
| [[Tubbataha Reef]]s Natural Park in [[Sulu Sea]]; ''[[Pinctada maxima]]'', South Sea pearl; Mindanao design for [[T'nalak]] (Ikat-dyed abaca)
| April 6, 2022
| Wide
|-
| colspan="10" |{{Standard banknote table notice}}
|}

=== Commemorative banknotes ===
Commemorative banknotes have been issued by the [[Bangko Sentral ng Pilipinas]] to memorialize events of historic significance to the [[Philippines]].<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/CoinsAndNotes/CommemorativeNotes.aspx|title=Bangko Sentral ng Pilipinas Coins And Notes - Commemorative Currency|website=www.bsp.gov.ph}}</ref>

The most common method of commemoration is by adding a commemorative overprint on the watermark area of a circulating denomination. There also exist especially printed commemorative higher-denomination non-circulating banknotes, in the following denominations:
* 2,000-piso: [[Philippine Centennial|Centennial of Declaration of Philippine Independence]], 1998
* 100,000-piso: [[Philippine Centennial|Centennial of Declaration of Philippine Independence]], 1998
* 5,000-piso: [[2021 Quincentennial Commemorations in the Philippines]]

==Monetary policy==
The [[Bangko Sentral ng Pilipinas]] (BSP) was established on July 3, 1993, as the [[Philippines]]' [[central bank]], succeeding the previous Central Bank of the Philippines which was established in 1949. Its primary [[monetary policy]] objective is ''to promote a low and stable inflation conducive to a balanced and sustainable economic growth.'' 
<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/AboutTheBank/AboutTheBank.aspx|title=Bangko Sentral ng Pilipinas About the Bank|website=www.bsp.gov.ph}}</ref>
<ref>{{cite web|url=https://www.bsp.gov.ph/SitePages/PriceStability/PriceStability.aspx#MPAIT|title=Bangko Sentral ng Pilipinas Price Stability|website=www.bsp.gov.ph}}</ref>
It achieves this objective through ''inflation targeting'', a monetary policy approach where an inflation target is publicly announced, which the BSP then commits to achieve over a two-year horizon by using these monetary policy tools:
* Adjusting the policy rate at which the BSP borrows from banks;
* Open Market Operations where the BSP buys (or sells) government securities and BSP securities in order to increase (or decrease) liquidity;
* Offering term deposits to absorb liquidity;
* Standing Liquidity Facilities to provide liquidity to banks as needed; and
* Increasing (or decreasing) bank [[reserve requirement]]s to decrease (or increase) remaining liquidity that can be loaned out.

Inflation forecasts exceeding targets are addressed by a ''contractionary policy'' to bring down inflation to target by increasing policy rates, increasing reserve requirements, or selling government securities - all resulting in reduced liquidity. An ''expansionary policy'' to counteract low inflation brought by economic pessimism involves the opposite steps - lower policy rates, lower reserve requirements, or buying government securities.

==Exchange rates==

===Historical exchange rate===
The official exchange rate was ₱2 against the [[United States dollar|U.S. dollar]] from 1946 to 1962, devalued to ₱3.90 in 1962, and devalued again to ₱6.43 in 1970. Black market exchange rates during these periods, however, were nearly always higher than official rates.

Several depreciations followed:
* The peso traded at ₱18 per dollar in 1984 from the dirty float at ₱11.25 in 1983 {{hsp}}<ref name="1983 Philippine peso devaluation">{{cite news|title=Philippine Peso Devalued 11 To A US Dollar|url=https://news.google.com/newspapers?nid=1309&dat=19830623&id=Oq5UAAAAIBAJ&pg=4798,5139161|access-date=February 6, 2014|newspaper=[[New Straits Times]]|date=June 23, 1983}}</ref> and ₱21 in 1986.
* In the early 1990s, the peso depreciated again to ₱29 before appreciating to ₱23-₱26 in the middle of the decade.
* Due to the [[1997 Asian financial crisis]], the peso depreciated from ₱26 in July 1997 to ₱45 in 1998 and to about ₱50 in 2001 before appreciating to ₱41 in 2007.
* In the 2010s, it appreciated to ₱40 in 2012, before depreciating to ₱54/$ in 2018.
* Amidst the [[COVID-19 pandemic]], the peso appreciated as much as ₱47 in 2021. In 2022, the peso depreciated to ₱59 per dollar, likely as a result of the economic impact of the [[2022 Russian invasion of Ukraine|Russian invasion of Ukraine]].{{Citation needed|date=October 2022}} It continued to depreciate to its all-time low in 2025 amidst the ongoing corruption investigations. <ref>{{Cite web |last=Magno |first=Alex |title=P60:$1 |url=https://www.philstar.com/opinion/2025/11/04/2484667/p601 |access-date=2025-11-06 |website=Philstar.com}}</ref>

Black market exchange rates as seen in the past are now nonexistent, since official exchange rates now reflect underlying supply and demand rather than political considerations.

{{Graph:Chart
| width = 500
| height = 350
| xAxisTitle = Year
| x = 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022,
| yAxisTitle = 
| yGrid= 
| yAxisMin = 0
| y = 6.43, 6.75, 7.44, 7.30, 7.90, 8.54, 11.50, 16.70, 18.61, 20.57, 21.06, 20.74, 23.31, 25.55, 23.51, 27.17, 26.42, 25.71, 26.22, 27.50, 28.55, 29.17, 42.39, 39.06, 44.12, 50.89, 51.68, 54.20, 56.04, 55.26, 53.27, 51.31, 46.15, 44.32, 47.68, 42.23, 41.20, 44.52, 47.33, 49.55, 50.40, 52.66, 52.06, 49.62, 49.25, 54.47
}}

===Current exchange rate===
{{Exchange rate|PHP}}

==Recent issues==
===Errors in currency===
In 2005, about 78&nbsp;million 100-peso notes with President [[Gloria Macapagal Arroyo]]'s surname misspelled as "Arrovo" were printed and planned to be circulated. The error was only found out after 2&nbsp;million of the notes had been circulated, and the BSP ordered an investigation.<ref>{{cite news|url=http://globalnation.inquirer.net/cebudailynews/visayas/view/20061010-25851/%91Arrovo%92_bills_to_be_replaced%3B_firm_to_pay_cost|title='Arrovo' bills to be replaced; firm to pay cost|publisher=[[Philippine Daily Inquirer]]|date=October 10, 2006|access-date=February 6, 2015}}</ref><ref>{{cite web|url=http://mobile.abc.net.au/news/2005-12-20/typo-drives-up-pesos-worth/765568|title=Typo drives up peso's 'worth' – ABC News (Australian Broadcasting Corporation)|website=mobile.abc.net.au|date=December 20, 2005|language=en|access-date=July 29, 2018}}</ref><ref>{{cite web|url=http://philmoney.blogspot.com/2007/04/arrovo-on-100-peso-banknote.html|title=Philippine Money – Peso Coins and Banknotes: Banknote Error – "Arrovo" on 100 Peso Banknote|website=Philippine Money – Peso Coins and Banknotes|access-date=July 29, 2018}}</ref>

The incorrect manner in which scientific names were printed in the 2010 [[New Generation Currency Series]] was addressed in 2017 revisions.

In December 2017, a 100 peso banknote which had no face of [[Manuel A. Roxas]] and no electrotype 100 was issued. The [[Facebook]] post was shared over 24,000 times. The BSP said that the banknotes are due to a rare misprint.<ref>{{Cite news|url=https://www.abs-cbn.com/business/12/28/17/faceless-bills-due-to-rare-misprint-bangko-sentral-says|title='Faceless' bills due to 'rare misprint,' Bangko Sentral says|work=ABS-CBN News|access-date=July 29, 2018|language=en-US}}</ref><ref>{{cite web|title=Philippines bank left red-faced over 'faceless' notes|url=https://www.channelnewsasia.com/news/asia/philippines-bank-left-red-faced-over-faceless-notes-9816786|access-date=July 29, 2018|archive-date=May 23, 2023|archive-url=https://web.archive.org/web/20230523105841/https://www.channelnewsasia.com/news/asia/philippines-bank-left-red-faced-over-faceless-notes-9816786|url-status=dead}}</ref>

===1-peso coin fraud===
By August 2006, it became publicly known that the 1-peso coin has the same size as the 1 [[United Arab Emirates dirham]] coin.<ref>{{cite news|first=Sunita|last=Menon|title=Hey presto! A Peso's as good as a Dirham| url=http://gulfnews.com/news/gulf/uae/general/hey-presto-a-peso-s-as-good-as-a-dirham-1.38628|publisher=gulfnews.com|date=August 1, 2006|access-date=February 6, 2015}}</ref> {{as of|2010}}, 1 peso is only worth 0.08 dirhams, leading to [[Slug (coin)|vending machine fraud]] in the UAE.

===Fake denominations===
In 2017, a one-peso coin that was allegedly minted in 1971 was said to bear the design of the novel [[Noli Me Tángere (novel)|Noli Me Tángere]] by [[Jose Rizal]] on the reverse. The coin was allegedly sold for up to ₱1,000,000. The holder of the coin was interviewed by ''[[Kapuso Mo, Jessica Soho]]'' about this, but potential buyers made no serious offers to purchase the coin, and the BSP said that it did not release any coin of the said design. The BSP also mentioned that the coin is thinner than the circulating coin, which suggests that someone might have tampered with it and replaced it with a different design.<ref>{{Citation|last=GMA Public Affairs|title=Kapuso Mo, Jessica Soho: Isang milyong piso kapalit ng 1971 piso?|date=August 21, 2017|url=https://www.youtube.com/watch?v=p4RVyDApCCk| archive-url=https://ghostarchive.org/varchive/youtube/20211030/p4RVyDApCCk| archive-date=2021-10-30|access-date=July 29, 2018}}{{cbignore}}</ref>

In June 2018, a Facebook page posted a ₱10,000 note with a portrait of President [[Ramon Magsaysay]] on the front and a [[water buffalo]] and [[Mount Pinatubo]] on the back. The [[Bangko Sentral ng Pilipinas]] did not issue this banknote and stressed that only 6 denominations were in current circulation (20, 50, 100, 200, 500 and 1,000 pesos). The Facebook page of the BSP said that it was fake. The signature was also of former governor of the Bangko Sentral ng Pilipinas [[Amando Tetangco Jr.]]<ref>{{cite web|title=Bangko Sentral warns against fake ₱10,000 bill|url=http://cnnphilippines.com/news/2018/06/23/bsp-fake-ten-thousand.html|access-date=July 23, 2018|archive-date=July 23, 2018|archive-url=https://web.archive.org/web/20180723152351/http://cnnphilippines.com/news/2018/06/23/bsp-fake-ten-thousand.html|url-status=dead}}</ref> It was found out that the photo was from a different user who found a fake 10,000 peso banknote in a book at a library.

===Rumour about folded banknotes===
In July 2022, a Facebook user posted a [[Philippine one thousand-peso note|₱1,000]] banknote ([[Polymer banknote|polymer variant]]) that was slightly folded, and complained that [[SM Supermalls]] rejected it as it was folded. The user warned the public to not fold their ₱1,000 polymer banknotes. SM Supermalls through Facebook and the BSP later stated officially that folded polymer notes were accepted.<ref>{{Cite web |last=Domingo |first=Ronnel W. |date=2022-07-13 |title=BSP: OK to fold new P1,000 bills |url=https://newsinfo.inquirer.net/1626854/bsp-ok-to-fold-new-p1000-bills |access-date=2022-07-18 |website=INQUIRER.net |language=en}}</ref><ref>{{Cite web |last=Baclig |first=Cristina Eloisa |date=2022-07-11 |title=Social media post on rejected P1,000 polymer banknote goes viral |url=https://newsinfo.inquirer.net/1626086/social-media-post-on-rejected-p1000-polymer-banknote-goes-viral |access-date=2022-07-18 |website=INQUIRER.net |language=en}}</ref><ref>{{Cite web |title=SM Supermalls - In response to the information circulating... |url=https://www.facebook.com/smsupermalls/posts/in-response-to-the-information-circulating-on-social-media-regarding-the-new-ps1/5333847643328090/ |access-date=2022-07-18 |website=www.facebook.com |language=en}}</ref>

===Demonetization===
A proposal to demonetize [[Philippine five hundred-peso note|₱500]] and [[Philippine one thousand-peso note|₱1000]] bills to deter graft and corruption in the government is currently being studied.<ref>{{Cite news |last=Cigaral |first=Ian Nicolas |date=September 25, 2025 |title=Ex-finance chief: Phase out P500, P1,000 bills to deter graft |url=https://business.inquirer.net/549062/ex-finance-chief-phase-out-p500-p1000-bills-to-deter-graft |access-date=October 14, 2025 |work=inquirer.net}}</ref><ref>{{Cite news |last=Domingo |first=Katrina |date=October 14, 2025 |title=Gov't to study proposal on demonetization of P1000 bills to curb corruption: Malacañang |url=https://www.abs-cbn.com/news/business/2025/10/14/gov-t-to-study-proposal-on-demonetization-of-p1000-bills-to-curb-corruption-malaca-ang-1558 |access-date=October 14, 2025 |work=abs-cbn.com}}</ref> However, according to [[Bangko Sentral ng Pilipinas|BSP]], the proposal will hurt the economy and is not simple, and may cause damage than good.<ref>{{Cite news |last=Chan |first=Katherine |date=October 14, 2025 |title=Demonetizing large peso notes may harm economy, says BSP |url=https://www.bworldonline.com/top-stories/2025/10/14/704971/demonetizing-large-peso-notes-may-harm-economy-says-bsp/ |access-date=October 14, 2025 |work=bworldonline.com}}</ref><ref>{{Cite news |last=Arceo |first=Niña Myka Pauline |date=October 14, 2025 |title=Demonetizing P1,000, P500 bills 'not so simple', says BSP |url=https://beta.manilatimes.net/2025/10/14/business/top-business/demonetizing-p1000-p500-bills-not-so-simple-says-bsp/2199734 |access-date=October 14, 2025 |work=manilatimes.net}}</ref>

==See also==
* [[Economy of the Philippines]]

{{Clear}}

==References==
{{reflist}}

===Bibliography===
{{refbegin}}
* ''[http://www.bsp.gov.ph/downloads/Publications/FAQs/banknotes.pdf Banknotes and Coins June 2010]'', Bangko Sentral ng Pilipinas (BSP).
* ''[http://www.bohol.ph/article34.html Philippine Coins]'' at the [http://www.bohol.ph Bohol.ph website]
* {{numis cite SCWC|date=1991}}
* {{numis cite SCWPM|date=1994}}
{{refend}}

==External links==
* [http://www.manilagalleontrade.webs.com Coinage of Peso] {{Webarchive|url=https://web.archive.org/web/20190402204549/https://manilagalleontrade.webs.com/ |date=April 2, 2019 }}
* [http://www.guerrilla-money.com/ Banknotes of Peso]

{{Philippine peso history}}

{{Currency signs}}
{{Currencies of Asia}}
{{Economy of the Philippines}}
{{Philippines topics}}
{{Portal bar|Asia|Money|Numismatics|Philippines}}

{{DEFAULTSORT:Philippine Peso}}
[[Category:Currencies of the Philippines]]
[[Category:Economy of the Philippines]]
[[Category:Currency symbols]]
[[Category:Currencies of Asia]]
[[Category:Circulating currencies]]