Philippine peso
1 EUR = 61.616 PHP 100 PHP = 1.623 EUR
1 CHF = 50.497 PHP 100 PHP = 1.9803 CHF
The Philippine peso ( Filipino: piso ) is the currency of the Philippines. The Spanish word peso means " weight ". The peso is subdivided into 100 centavos or Sentimos. The ISO currency code is PHP. The official currency symbol is ₱, a P with two strokes.
- 2.1 Banknotes
- 2.2 coins
- 2.3 New Peso banknotes
History
Exchange rate development
In the 1950s, the peso was pegged at an exchange rate of about two pesos per U.S. dollar over ten years firmly against the American currency. Due to differences in inflation and growth rates of the peso was devalued several times but still the days of the Bretton Woods system, so that the price in 1970 stood at 3.90 pesos per U.S. dollar.
With the end of the fixed exchange rate system of Bretton Woods and the exchange rate peg of the peso in 1970 redesigned to the U.S. dollar: Instead of a single multiple exchange rates for exports, imports and foreign debt has been introduced; so first had 80 % of export earnings of Philippine companies are discharged to the official exchange rate of 3.90 PHP per U.S. dollar at the Central Bank, the remaining 20 % could be exchanged at the market price. The system of multiple exchange rates persisted in many variations before 1984, but then had to be abandoned in 1983 due to the severe financial crisis. Until then, the peso experienced in the market always more devaluations and fell below 1983 for the first time the value of 10 PHP per USD.
In the mid- 1980s, the Asia-Pacific neighbors States entered a period of strong growth, also recognized the Philippine state the problems are not in the market forming exchange rates and went over to a system of flexible exchange rates. The central bank intervened since then by its own account only to ensure orderly market conditions and to achieve political goals. In 1998, further reduced the government intervention in the free exchange rate formation; Interventions for pure volatility smoothing were limited.
Until the mid- 1990s, the peso depreciated further decreases continuously and in 1997 was on average close to 30 pesos per U.S. dollar. In the wake of the Asian crisis and the difficult macroeconomic environment, Philippine currency has lost almost half their value since then and in 2004 was approximately 56 pesos per U.S. dollar.
Denomination
Bills
Set ¹ pressure, but still tender. Set ² embossing, no legal tender.
New peso bills
The end of 2010 500 -peso banknotes with improved security features were brought in circulation. The design was changed so that in addition to Benigno Aquino, Jr. Aquino is also shown on the bill. At the launch of the new notes error on the bills have been discovered. The blue neck parrot had green tail feathers and a yellow beak. In reality, the tail feathers and yellow beak are red.
In the map on the other bills lacking numerous islands or had not been drawn at the correct location. These bills were not destroyed and are still valid. However, new printing plates for the next production to be corrected.