Philippine Peso

Overview

Economy

• Philippines is a member of ASEAN, APEC, East Asia Summit, Non-Aligned Movement.
• Main industries include: Electronics assembly, Garments, Footwear, Pharmaceuticals, Chemicals, Wood products, Food processing, Petroleum refining, Fishing.
• Philippines is part of the World Trade Organization.
• Imports are electronic products, mineral fuels, machinery, transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic.
• Major exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits.
• GDP: $404.3 billion (2023 est.).
• GDP per capita: $3,623 (2023 est.).
• Unemployment rate: 4.5% (2023 est.).
• Inflation rate: 6.0% (2023 est.).
• Main trading partners: China, United States, Japan, Singapore, South Korea, Thailand.
• Trade agreements: ASEAN FTA, RCEP, Japan-Philippines Economic Partnership Agreement.

History

• Previous currencies used: Spanish colonial peso, Japanese military peso (1942-1945), US dollar (used alongside).
• The peso has been the Philippines' currency since Spanish colonial times. The modern peso was established after independence, with various reforms and redenominations over the years.
• 1852: Spanish colonial peso established
• 1898: US administration, peso continued
• 1946: Independence, peso maintained
• 1967: Devaluation during economic crisis
• 1993: Bangko Sentral ng Pilipinas established
• 1997: Asian Financial Crisis impact
• Exchange rate peg: USD (1946-1970) various rates.
• Exchange rate peg: Free floating (1970-present).

General Information

• ISO 4217 Code: PHP
• Symbols: PHP/₱
• Currency Subunits: 100 sentimo
• Central Bank: Bangko Sentral ng Pilipinas
• Monetary Policy: Inflation targeting with 3% target (±1% tolerance band). Flexible exchange rate with intervention to prevent excessive volatility.
• Bills: 20 pesos, 50 pesos, 100 pesos, 200 pesos, 500 pesos, 1000 pesos
• Coins: 1 sentimo, 5 sentimo, 10 sentimo, 25 sentimo, 1 peso, 5 pesos, 10 pesos, 20 pesos
• USD Exchange Rate: Variable (approximately 56-57 PHP per USD)
• Pegged To: None (Floating)
• Capital: Manila
• Population: 115,843,670 (2023 est.)
• Area: 300,000 km²
• Languages: Filipino (official), English (official), 19 regional languages official in specific regions
• Time Zones: UTC+8 (Philippine Standard Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: June 12, 1898 (declared from Spain), July 4, 1946 (recognized by US)
• Ethnic Groups: Tagalog 24.4%, Bisaya/Binisaya 11.4%, Cebuano 9.9%, Ilocano 8.8%, Hiligaynon/Ilonggo 8.4%, Bikol/Bicol 6.8%, Waray 4%, Other local ethnicities 26.1%, Other foreign ethnicities 0.1%
• Religions: Roman Catholic 78.8%, Protestant 5.4%, Other Christian 3.9%, Muslim 6.4%, Other 0.6%, None 4.9%
• Literacy Rate: 96.3% (2019 est.)
• Transport: Ninoy Aquino International Airport, extensive road networks, railways in Luzon, inter-island shipping, jeepneys and tricycles
• Communications: Good telecommunications, 67% internet penetration, extensive mobile coverage
• Energy: Coal 47%, Natural gas 22%, Hydroelectric 8%, Geothermal 10%, Oil 7%, Renewables 6%
• Countries Using This Currency: Philippines
• Data Sources: Central Bank: Bangko Sentral ng Pilipinas (bsp.gov.ph), Economic Data: Philippine Statistics Authority, World Bank, IMF, Trade Data: Bureau of Customs Philippines, Demographic Data: Philippine Statistics Authority, Geographic Data: Philippine Atmospheric, Geophysical and Astronomical Services Administration, Historical Data: Bangko Sentral ng Pilipinas archives
• Last Updated: 2025