PHPPhilippine PesoPhilippine Peso (PHP)
The Philippine peso is the Philippines' national currency and a major Southeast Asian unit used across a large consumer, service and remittance economy.
- ISO code
- PHP
- Symbol
- ₱
- Region
- Asia Pacific
- Currency type
- Fiat currency
- Exchange system
- PHP has a market-determined exchange rate. Bangko Sentral ng Pilipinas may participate in the market to smooth excessive volatility, but it does not maintain a permanent fixed parity for the peso.
- Last reviewed
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Quick facts
PHP at a glance
Currency profile
How PHP works
The Philippine peso is the Philippines' national currency and a major Southeast Asian unit used across a large consumer, service and remittance economy.
Bangko Sentral ng Pilipinas issues peso banknotes and coins and conducts monetary and foreign-exchange policy under the New Central Bank Act framework.
- PHP is divided into 100 sentimo and shares the peso name and symbol with several unrelated currencies.
- The peso exchange rate is market determined, while the central bank may participate to limit disruptive volatility.
Context
Why this currency matters
PHP matters because the Philippine economy combines global service exports, electronics manufacturing and extensive overseas-worker remittances. Its monetary history spans the early twentieth-century peso standard, postwar central banking and the creation of today's independent Bangko Sentral ng Pilipinas.
Monetary framework
Exchange arrangement
PHP has a market-determined exchange rate. Bangko Sentral ng Pilipinas may participate in the market to smooth excessive volatility, but it does not maintain a permanent fixed parity for the peso.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for PHP
Modern peso standard established
The Philippine Coinage Act created a standardized peso and centavo monetary system.
Bangko Sentral ng Pilipinas - historyCentral Bank of the Philippines opened
The postwar central bank assumed responsibility for monetary policy and currency issue.
Bangko Sentral ng Pilipinas - historyBangko Sentral ng Pilipinas established
A new central-bank law created the present BSP institutional framework.
Bangko Sentral ng Pilipinas - history
Usage and economy
How PHP is used
- Prices, salaries, taxes and digital payments across the Philippine archipelago.
- Southeast Asian comparisons involving IDR, MYR, VND and SGD.
Country currency guides
Banknotes and coins
PHP currency units
Bangko Sentral ng Pilipinas publishes current peso banknote families and security features.
Bangko Sentral ng Pilipinas documents Philippine peso and sentimo circulation coins.
One Philippine Peso unit is recorded with 2 decimal places and uses Sentimo as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
PHP questions
Why is PHP important in Southeast Asia?
PHP supports a large consumer economy with major electronics, service-export and overseas-remittance links.
When was Bangko Sentral ng Pilipinas established?
The present BSP was established in 1993 under the New Central Bank Act.
Is the Philippine peso fixed to USD?
No permanent fixed USD parity applies; PHP is market determined, with BSP able to address disruptive market volatility.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.