Accepted Currencies in the Philippines

Philippine Peso is the official currency of the Philippines. A peso is divided into 100 centavo or sentimo. Only until 1967 that the banknotes and coinage that the English ‘Peso’ was used. Now, since the end of the American colonization in the country and that the Filipino language is primarily adapted and practiced ‘Piso’ is used.

Philippine Peso is denoted with the symbol “₱”. However due to some font support “PHP”, “Php” “PhP” or just “P” is use to denote the Philippine currency.

The designs, context and materials to make the Philippine currency had changed through time and now, the Bangko Sentral ng Pilipinas announces that a new set of banknotes and coins are released and replace the present. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010 and new coins were introduced in 2012. The replacement of the Philippine currency banknotes is due to the aim of the BSP to further enhance security and durability of the Philippine Peso.

Here is a list of foreign currencies that are readily accepted in the top banks in the Philippines, there currency symbol and corresponding exchange rate to Peso:

The Economy of the Philippines

The Philippine economy has been doing well in its battle in the economy of the world. In 1014 the Philippine economy ranked 39^th large tint he world according to the International Monetary Fund released statistics. As per the ranking it is also considered as one of the best emerging markets in the world.

A newly industrialized country, the Philippines has an economy that booms in terms of agriculture, services and manufacturing. Its primary product for exports includes electronic products, garments, petroleum products, fruits coconut oil, semiconductors and transport equipment. The Philippines trading partners are USA, Japan, China, South Korea, Singapore, Netherlands,     Hong Kong, Taiwan, Germany and Thailand.

The Philippines through its efforts to provide better products and continued support to its businesses had been named one of the Tiger Cub Economies together with Thailand and Indonesia. At present, Philippines is the fastest growing economy in Asia.