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Philippine Monetary System

The Philippine peso is the official currency of the Philippines and has gone through several changes throughout history. It was first introduced during Spanish colonial rule in the 16th century and has since been influenced by periods of American colonial rule, Japanese occupation in World War 2, and independence. Today, the peso is overseen by the Bangko Sentral ng Pilipinas and features enhanced security in its newest banknote and coin designs.

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Joyce Bautista
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288 views18 pages

Philippine Monetary System

The Philippine peso is the official currency of the Philippines and has gone through several changes throughout history. It was first introduced during Spanish colonial rule in the 16th century and has since been influenced by periods of American colonial rule, Japanese occupation in World War 2, and independence. Today, the peso is overseen by the Bangko Sentral ng Pilipinas and features enhanced security in its newest banknote and coin designs.

Uploaded by

Joyce Bautista
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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PHILIPPINE MONETARY

SYSTEM
THE PHILIPPINE PESO

The Philippine
peso (Filipino:
piso; sign: ₱; code:
PHP), also
referred to as
peso, is the
official currency of
the Philippines.
PHILIPPINE CURRENCY SYMBOL

The peso is usually


denoted by the
symbol "₱". Other
ways of writing the
Philippine peso
sign are "PHP",
"PhP", "Php", or
just "P".
PRE-COLONIAL COINAGE STATUS

The trade the pre-colonial


tribes of what is now the
Philippines did among
themselves with its many
types of prehispanic
kingdoms (kedatuans,
rajahnates, huangdoms,
lakanates and
sultanates) and with
traders from the
neighboring islands was
conducted through barter.
SPANISH COLONIAL PERIOD

The Spaniards brought


their coined money
when they came in
1521 and the first
European coin which
reaches the Philippine
Islands with Ferdinand
Magellan's arrival was
the teston or four-
reales silver coin.
PRE-DECIMAL COINAGE

The Spanish
introduced the silver
real de a ocho, already
known across the
Spanish Empire
colloquially as the
peso, which was
divided into 8 reales
and further subdivided
into 4 cuartos or 8
octavos.
DECIMAL COINAGE

An attempt to remedy
the monetary
confusion was made
in 1848, with the
introduction of the
decimal system in
1857 under the
second Isabelline
monetary system.
THE ISABELLA PESO OR PESO FUERTE

The Isabelline peso,


more formally
known as the peso
fuerte, was a unit of
account divided into
100 centimos
(equivalent to 8
reales fuertes or 80
reales de vellón).
THE ALFONSO PESO

The currency in the


Philippines was
standardized by the
Spanish government with
the minting of a silver
peso expressly for use in
the colony and firmly
reestablishing the silver
standard as the Philippine
monetary system.
REVOLUTIONARY PERIOD

Asserting its
independence after the
Philippine Declaration of
Independence on June
12, 1898, the República
Filipina under General
Emilio Aguinaldo issued
its own coins and paper
currency backed by the
country’s natural
resources.
AMERICAN COLONIAL PERIOD

After the United


States took
control of the
Philippines, the
United States
Congress passed
the Philippine
Coinage Act of
1903
WORLD WAR II

In 1942, the Japanese


occupiers introduced
fiat notes for use in
the Philippines.
Emergency circulating
notes (also termed
"guerrilla pesos") were
also issued by banks
and local governments
INDEPENDENCE

Republic Act No. 265


created the 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 & credit
system of the country.
CURRENT ECONOMY

As of September, 2015, it
takes ₱1,390.87 modern
pesos to equal the
intrinsic purchasing power
parity of the 1903–1949
Philippine Commonwealth
peso, as per its legal
definition: 12.9 grains of
pure gold (or 0.026875
XAU).
COINS

The American
government deemed it
more economical and
convenient to mint silver
coins in the Philippines,
hence, the re-opening of
the Manila Mint in 1920,
which produced coins
until the Commonwealth
Era.
BANKNOTES

In 1949, the
Central Bank of the
Philippines took
over paper money
issue. Its first notes
were overprints on
the Victory Treasury
Certificates.
NEW DESIGN/BSP BANKNOTE SERIE

It was succeeded by the "New


Generation banknotes" issued on
December 16, 2010. Until 2013
the existing banknotes are still in
print. Existing banknotes will
remain legal tender until the start
of the demonetization process
from January 1, 2015 to
December 31, 2016, and on
January 1, 2017, will no longer be
legal tender
NEW GENERATION CURRENCY

In 2009 the Bangko


Sentral ng Pilipinas
(BSP) announced that
it has launched a
massive redesign for
current banknotes and
coins to further
enhance security
features and improve
durability.

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