Currency in Philippines
The Philippine Peso is the currency in the Philippines. The ISO code is PHP. The official abbreviation is P. The banknotes of the Philippine Peso are graded in 5, 10, 20, 50, 100, 200, 500 and 1000 Peso. The coins are graded in 1 centavo, 5, 10, 25 and 50 centavos as well as 1, 2, 5 and 10 pesos.
The security features of the 500 Peso banknotes were improved and put into circulation in 2010. The design was also changed. In addition to Benigno Ayuino junior, Corazon Aquino is also shown. However, these new banknotes contain some errors. The blue-necked parrot is shown with green tail feathers and a yellow beak. In reality, the tail feathers are yellow and the beak red.
The map is shown on the back of these new banknotes. However, many islands are missing or incorrectly placed on it. However, the government did not destroy these defective banknotes, but instead left them in circulation. The errors should be eliminated with the next new embossing. The faulty banknotes are therefore still officially valid means of payment.
You can use the currency calculator to determine the exchange rate at which the euro can be exchanged for the Philippine peso in Germany. The current exchange rate can be displayed here, and at the same time the value of a certain euro amount can be converted into PHP.
History of the Currency of the Philippines
The currency of the Philippines was pegged to the American currency in the 1950’s. During the times of the Bretton Woods system, the currency was devalued several times due to different inflation and growth rates. As a result, the exchange rate in 1970 was only 3.90 pesos to the US dollar. At this point in time, the fixed exchange rate system of the Bretton Woods ended and the exchange rate link to the US dollar had to be recreated.
So-called multiple exchange rates were introduced for exports and imports as well as for foreign debts. As a result, 80% of the export proceeds from Filipino companies had to be transferred to the central bank. The official exchange rate for this was PHP 3.90 per USD. Only the remaining 20% could be exchanged at market value. Because of the severe financial crisis in 1983, this system was abandoned in 1984. There were constant devaluations, which in 1983 meant that the value of PHP 10 per USD was undercut for the first time.
The neighboring states of the Philippines entered a phase of strong growth in the 1980’s. The Philippine state switched to a system of flexible exchange rates. Since then, the central bank has only intervened to ensure regular market ties. Measures to smooth out volatility have also been restricted since then. Due to further devaluations in the 1990’s, in 1997 it was just under 30 Pesos per USD. The Asian crisis and the difficult macroeconomic environment led to further devaluations, so that the peso in 2004 was around 56 pesos per USD.
Exchange into Philippine pesos
Many holidaymakers who want to travel to the Philippines deal with the question of where to exchange money before their trip. In general, it can be said that the exchange rates in the Philippines are much better than here, which is why travelers there spend more PHP receive their euro amount. Just take something with you for the usual little favors. Because be careful! When taking larger peso amounts with you. Sums of PHP 10,000 or more or USD 10,000 must be declared.
