Overview The Peso is the foreign currency of the Philippines. Major exports includes semiconductors and other electrical components, transport equipment, clothing, copper and petroleum products and fruits. In recent times, the Philippines has been transitioning from a agricultural-based economy to one that increasingly relies on services and manufacturing.
However the economy stagnated until the s, based on economic policies and political volatility, and other Asian countries surpassed the Philippines in terms of GDP growth. In the s, a new program of economic liberalization was introduced, leading to economic recovery until the Asian Financial Crisis. The Spanish introduced coins to the Philippines when they colonized the country in However, the coins used by Filipino people were minted in various Spanish countries around the world, leading to major inconsistencies in purity and weight.
In , the first mint was established in order to standardized coinage. The United States captured the Philippines in , and established a new unit of currency that was pegged to exactly half of a US Dollar in The Central Bank of the Philippines was established in , leading to the reintroduction of a formal Filipino currency.
Symbols and Names Symbols: Central Bank Bangko Sentral ng Pilipinas. Countries Using This Currency Philippines. Losses can exceed investment.More...