What Is Philippines Money Called?
The official currency of the Philippines is called the Philippine Peso (PHP). The peso has been the country’s currency since it was introduced in 1852 during the Spanish colonial period. Over the years, the peso has gone through several changes, both in terms of design and value, reflecting the nation’s economic growth and political developments. Let’s delve deeper into the Philippine peso and explore some frequently asked questions about it.
1. What is the symbol for the Philippine peso?
The symbol for the Philippine peso is “₱” (P with a horizontal line through its stem). It is commonly used in financial transactions, price listings, and official documents.
2. What are the denominations of Philippine peso bills and coins?
Currently, the Philippine peso has six denominations for bills: 20, 50, 100, 200, 500, and 1,000 pesos. As for coins, there are several denominations: 1, 5, 10, and 25 centavos, as well as 1, 5, and 10 pesos.
3. Who designs the Philippine peso bills?
The design of Philippine peso bills is handled by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. The BSP is responsible for ensuring the stability of the currency and oversees the production and circulation of banknotes.
4. Are there any notable figures or landmarks featured on Philippine peso bills?
Yes, several Philippine peso bills feature notable figures and landmarks. For example, the 20-peso bill showcases former President Manuel L. Quezon and the Malacañang Palace. The 1,000-peso bill depicts former President Corazon C. Aquino and a picture of the Tubbataha Reefs Natural Park, a UNESCO World Heritage site.
5. Can I use US dollars or other foreign currencies in the Philippines?
While it is possible to exchange foreign currencies in the Philippines, it is generally recommended to use the local currency, the Philippine peso, for day-to-day transactions. Most businesses, establishments, and vendors within the country only accept pesos.
6. Where can I exchange my foreign currency for Philippine pesos?
Foreign currency can be exchanged for Philippine pesos at banks, money exchange centers, and some hotels in major cities and tourist areas. It is advisable to check the current exchange rates and any associated fees before making any currency exchanges.
7. Is it easy to find ATMs in the Philippines?
ATMs are widely available in the Philippines, particularly in urban areas and popular tourist destinations. However, it is important to keep in mind that some remote or rural areas may have limited access to ATMs. It is wise to carry some cash, especially when traveling to more remote locations.
In conclusion, the official currency of the Philippines is the Philippine peso (PHP). With its unique symbol and various denominations of bills and coins, the peso is an essential part of the country’s economy. Whether you are a tourist or a resident, understanding the basics of the Philippine peso can greatly facilitate your financial transactions and make your stay in the country more convenient.