History of Philippine peso in Timeline

The Philippine peso (piso in Filipino) is the official currency of the Philippines. It's divided into 100 sentimo, also known as centavos.

March 23, 1901: Cessation of the revolutionary peso

On March 23, 1901, after General Emilio Aguinaldo's capture by American forces, the revolutionary peso ceased to exist.

1903: Issuance of Silver Certificates

In 1903, the American colonial Insular Government issued Silver Certificates in various denominations.

1903: Philippine Coinage Act of 1903

In 1903, the American government minted currency under the Philippine Coinage Act in its mints in the United States.

1903: Peso defined as 12.9 grains of 0.9 gold

In 1903, the definition of a peso was 12.9 grains of 0.9 gold (or 0.0241875 XAU).

1904: Demonetization of Spanish-Filipino peso

In 1904, American authorities demonetized the Spanish-Filipino peso in favor of the new US-Philippine peso, ending its circulation as legal tender in the islands.

1905: Increase of maximum denomination of silver certificates

From 1905, the maximum denomination for silver certificates was increased to 500 pesos.

1908: Banknotes of the Bank of the Philippine Islands

In 1908, the banknotes of the Bank of the Philippine Islands were issued.

1913: Issuance of Culion leper colony coinage

In 1913, the US territorial administration began issuing Culion leper colony coinage.

1916: Banknotes of the Philippine National Bank

In 1916, the banknotes of the Philippine National Bank were issued.

1918: Treasury Certificates of the Philippine Treasury

In 1918, Treasury Certificates of the Philippine Treasury were issued.

1920: Re-opening of the Manila Mint

In 1920, the Manila Mint was re-opened, producing coins until the Commonwealth Era.

1928: Sizes of the U.S. dollar Federal Reserve Notes and Philippine banknotes

Since 1928 the sizes of the U.S. dollar Federal Reserve Notes and Philippine banknotes have therefore been nearly identical.

1930: End of Culion leper colony coinage issuance

In 1930, the US territorial administration stopped issuing Culion leper colony coinage.

1934: Peso defined as 12.9 grains of 0.9 gold

In 1934, the definition of a peso was 12.9 grains of 0.9 gold (or 0.0241875 XAU).

1934: Reduction of gold content in U.S. dollar

In 1934, the gold content of the U.S. dollar was reduced, affecting the Philippine peso's peg to gold.

1935: Adoption of Commonwealth coat of arms on coins

In 1935, when the Philippines became a U.S. Commonwealth, the coat of arms of the Philippine Commonwealth replaced the arms of the U.S. Territories on the reverse of the coins.

1936: Minting of commemorative 1-peso coins

In 1936, commemorative 1-peso coins were minted.

1937: Change to the coat-of-arms of the Commonwealth of the Philippines

In 1937, the eagle-and-shield reverse design was changed into the coat-of-arms of the Commonwealth of the Philippines.

1942: Cessation of coin minting due to Japanese Occupation

From 1942 to 1943, no coins were minted due to the Japanese Occupation.

1942: Discarding of silver pesos into Caballo Bay

In 1942, to prevent them from falling into Japanese hands during the invasion, US-Philippine forces discarded an estimated ₱15 million worth of silver pesos into the sea off Caballo Bay.

1943: Cessation of coin minting due to Japanese Occupation

From 1942 to 1943, no coins were minted due to the Japanese Occupation.

October 1944: Philippine pesos Printed by US and Philippine forces

From October 1944, combined U.S. and Philippine Commonwealth military forces continued printing Philippine pesos, and all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.

1944: Resumption of coin minting under the Commonwealth

In 1944, minting resumed for the last time under the Commonwealth.

September 1945: Philippine pesos Printed by US and Philippine forces

Until September 1945, combined U.S. and Philippine Commonwealth military forces continued printing Philippine pesos, and all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.

1946: Only Treasury Certificates remained legal tender

After Philippine independence in 1946, only the Treasury Certificates remained legal tender.

1946: Official Exchange Rate Set

From 1946 to 1962, the official exchange rate was ₱2 against the U.S. dollar.

1946: Maintenance of peso peg to U.S. dollar until independence

Until the Philippines gained independence in 1946, its peg of ₱2 to the U.S. dollar was maintained.

January 3, 1949: Establishment of Bangko Sentral ng Pilipinas (BSP)

On January 3, 1949, the Bangko Sentral ng Pilipinas (BSP) was established as the central bank of the Philippines, responsible for the country's monetary policy and the production of banknotes and coins.

1949: Issuance of centavo-denominated fractional banknotes

From 1949 to 1957, there was an issuance of centavo-denominated fractional banknotes.

1949: Central Bank of the Philippines took over paper money issue

In 1949, the Central Bank of the Philippines took over paper money issue. Its first notes were Treasury Certificates printed under US administration overprinted with "Victory - Central Bank of the Philippines".

1949: Establishment of Central Bank of the Philippines

In 1949, the Central Bank of the Philippines was established.

1951: Regular-issue English Series banknotes

In 1951, regular-issue English Series banknotes were printed in denominations of 5, 10, 20 and 50 centavos, 1 peso, 2 pesos, 5 pesos, 10 pesos, 20 pesos, 50 pesos, 100 pesos, 200 pesos and 500 pesos.

1957: Issuance of centavo-denominated fractional banknotes

From 1949 to 1957, there was an issuance of centavo-denominated fractional banknotes.

1958: Resumption of coins

Coins only resumed in 1958 after an issuance of centavo-denominated fractional banknotes from 1949 to 1957.

1958: Introduction of new English coinage series

In 1958, a new English coinage series entirely of base metal was introduced.

1958: Discontinuation of centavo notes

In 1958, the centavo notes (except for the 50-centavo note, which would be later known as the half-peso note) were discontinued when the English Series coins were first minted.

1958: Dimensions of all banknotes issued under the US-Philippine administration

The dimensions of all banknotes issued under the US-Philippine administration, 16 x 6.6 cm, has been used ever since on all Philippine banknotes (except pre-1958 centavo notes)

1962: Start of decontrol era

In 1962, the Diosdado Macapagal administration started a new decontrol era.

1962: Currency Devaluation

In 1962, the Philippine peso was devalued to ₱3.90 against the U.S. dollar.

1965: Adoption of free-market exchange rate

In 1965, a new free-market exchange rate of ₱3.90 per dollar was adopted.

1967: Adoption of "Pilipino series"

Following the adoption of the "Pilipino series" in 1967, the smallest currency unit became officially known as sentimo in Filipino.

1967: Adoption of Filipino language terminology on coinage

In 1967, coinage began using Filipino language terminology instead of English, renaming centavo to sentimo.

1967: CBP adopted Filipino language on banknotes

In 1967, the Central Bank of the Philippines (CBP) adopted the Filipino language on its Pilipino Banknote Series, using the name Bangko Sentral ng Pilipinas.

1967: Introduction of Pilipino-language coin series

In 1967, the Pilipino-language coin series was introduced with the peso and centavo renamed into piso and sentimo.

1969: Adoption of Filipino language terminology on banknotes

In 1969, banknotes followed suit by adopting Filipino language terminology, renaming peso to piso.

1969: Introduction of the Pilipino Series of notes

In 1969, the Pilipino Series of notes was introduced in denominations of 1, 5, 10, 20, 50 and 100 piso.

1970: End of decontrol era and further devaluation

By 1970, at the end of the decontrol era, another devaluation to ₱6.43 per dollar was needed.

1970: Start of the "managed float system"

From 1970, the CBP initiated a "managed float system" without fixed parity commitments versus the dollar.

1970: Currency Devaluation

In 1970, the Philippine peso was devalued again to ₱6.43 against the U.S. dollar.

1971: Alleged Mintage of Rizal-themed One-Peso Coin

In 1971, there was an alleged mintage of one-peso coin that was said to bear the design of the novel Noli Me Tángere by Jose Rizal on the reverse.

1972: Reintroduction of the 1-piso coin

In 1972, the 1-piso coin was reintroduced.

1973: Introduction of the Ang Bagong Lipunan Series

In 1973, the Ang Bagong Lipunan Series was introduced, which included 2-piso notes.

1975: Introduction of the Ang Bagong Lipunan Series

In 1975, the Ang Bagong Lipunan Series was introduced, which included coins of various metal compositions and denominations.

August 1983: Confidence crisis in the Ferdinand Marcos administration

In August 1983, a confidence crisis in the Ferdinand Marcos administration led to capital flight among investors.

1983: Introduction of the Flora and Fauna Series

In 1983, the Flora and Fauna Series was introduced, which included coins of various metal compositions and denominations.

1985: CBP issued the New Design Series

In 1985, the Central Bank of the Philippines (CBP) issued the New Design Series of banknotes.

February 1986: Exchange rate increase due to capital flight

Between August 1983 and February 1986, a capital flight nearly doubled the exchange rate from ₱11 to ₱20 per dollar.

1987: Introduction of 500-piso notes

In 1987, the 500-piso notes were introduced as part of the New Design Series.

1991: Reduction of coin sizes

From 1991 to 1994, the sizes of coins from 25-sentimo to 2-piso were reduced under the Improved Flora and Fauna Series.

1991: Introduction of 1000-piso notes

In 1991, the 1000-piso notes were introduced for the first time.

June 14, 1993: New Central Bank Act (Republic Act No 7653)

On June 14, 1993, the New Central Bank Act (Republic Act No 7653) replaced the old CBP with a new Bangko Sentral ng Pilipinas mandated explicitly to maintain price stability.

July 3, 1993: Establishment of Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) was established on July 3, 1993, as the Philippines' central bank.

1993: Philippine peso traded versus the U.S. dollar

From 1993, the Philippine peso traded versus the U.S. dollar in a range of ₱24–46.

1993: Reestablishment of BSP

In 1993, the Bangko Sentral ng Pilipinas (BSP) was reestablished, replacing the old CBP.

1993: Renaming to BSP Series

In 1993, the New Design Series was renamed the BSP Series due to the re-establishment of the Bangko Sentral ng Pilipinas.

1994: Introduction of nickel-brass 5-piso coin

From 1991 to 1994, a new nickel-brass 5-piso coin was introduced.

June 1995: 5-peso note printing stopped

The 5-peso note from the New Design/BSP Series banknotes were printed until June 1995.

1995: Introduction of the New Design coin series

In 1995, the New Design coin series was introduced with the aim of replacing and demonetizing all previously issued coin series.

January 3, 1998: Target demonetization of previously issued coin series

On January 3, 1998, the aim was to demonetize all previously issued coin series with the New Design coin series.

1999: Philippine peso traded versus the U.S. dollar

Until 1999, the Philippine peso traded versus the U.S. dollar in a range of ₱24–46.

2000: Philippine peso traded versus the U.S. dollar

From 2000, the Philippine peso traded versus the U.S. dollar in a range of ₱40–56.

2000: Addition of bimetallic 10-piso coin

In 2000, the bimetallic 10-piso coin was added to the New Design coin series.

July 2001: 10-peso note printing stopped

The 10-peso note from the New Design/BSP Series banknotes were printed until July 2001.

2002: Release of 200-piso notes

In 2002, after the CBP was re-established as the Bangko Sentral ng Pilipinas (BSP), the 200-piso notes were released.

2003: Change in coin composition

In 2003, the composition of the 25-sentimo and 1-piso coins was changed to brass-plated steel and nickel-plated steel, respectively.

2005: Printing error on 100-peso notes

In 2005, about 78 million 100-peso notes were printed with President Gloria Macapagal Arroyo's surname misspelled as "Arrovo".

August 2006: 1-peso coin size similarity to UAE dirham

By August 2006, it became publicly known that the 1-peso coin has the same size as the 1 United Arab Emirates dirham coin.

2007: Conceptualization of New Generation Currency Series

From 2007 to 2010, the New Generation Currency Series was conceptualized.

2007: Demonetization process of New Design Series began

In 2007, the Bangko Sentral ng Pilipinas (BSP) began the 12-year demonetization process of the New Design Series, starting with the New Generation Currency (NGC) project.

2009: Philippine peso traded versus the U.S. dollar

Until 2009, the Philippine peso traded versus the U.S. dollar in a range of ₱40–56.

November 2010: NDS co-existed with NGC banknotes

From November 2010 to August 2, 2019 the New Design Series (NDS) co-existed with New Generation Currency (NGC) banknotes.

November 2010: First Batch of New Generation Currency Series Printed

In November 2010, the first batch of the New Generation Currency Series was printed.

November 2010: Start of print run for New Generation Currency Series

In November 2010, the print run for the New Generation Currency Series began.

December 16, 2010: Release of New Generation Currency Series to the public

On December 16, 2010, banknotes printed within the first batch of the New Generation Currency Series were released to the public, three years after the project and process for NDS demonetization were started.

2010: Vending Machine Fraud in the UAE

As of 2010, 1 peso is only worth 0.08 dirhams, leading to vending machine fraud in the UAE due to the similar size of the 1-peso coin and the 1 UAE dirham coin.

2010: Philippine peso traded versus the U.S. dollar

From 2010, the Philippine peso traded versus the U.S. dollar in a range of ₱40–54.

2010: Errors discovered on New Generation series banknotes

In 2010, several errors were discovered on banknotes of the New Generation series, including the exclusion of Batanes from the Philippine map and mislocation of certain landmarks.

2010: Incorrect scientific names printed in New Generation Currency Series

In the 2010 New Generation Currency Series, scientific names of species were printed incorrectly.

2012: 20 and 1000 peso note printing stopped

The 20 and 1000 peso notes from the New Design/BSP Series banknotes were printed until 2012.

2013: Printing of Select New Design/BSP Series Banknotes Ceased

In 2013, the 50, 100, 200 and 500 peso notes printing were stopped for the New Design/BSP Series banknotes.

December 31, 2015: NDS notes no longer legal tender

The New Design Series (NDS) banknotes were legal tender until December 31, 2015.

January 1, 2016: Main NDS banknotes were no longer legal tender

The main New Design Series (NDS) banknotes were no longer legal tender since January 1, 2016.

February 2016: Circulation of new 100-peso notes with stronger mauve color

By February 2016, the BSP started to circulate new 100-peso notes which were modified to have a stronger mauve or violet color to distinguish from the 1000-peso bank note.

November 30, 2017: Introduction of the New Generation Currency Series

On November 30, 2017, the New Generation Currency Series was introduced, consisting of various denominations.

December 2017: Misprinted 100 peso banknote issued

In December 2017, a 100 peso banknote which had no face of Manuel A. Roxas and no electrotype 100 was issued due to a rare misprint.

2017: Reported Sale of Alleged 1971 Rizal-Themed One-Peso Coin

In 2017, a one-peso coin allegedly minted in 1971, bearing the design of Noli Me Tángere, was reported to be sold for up to ₱1,000,000, but the BSP stated they did not release any coin of the said design.

2017: Correction of Scientific Names in NGC Series

In 2017, the incorrect scientific names of species printed in the 2010 New Generation Currency Series were addressed in revisions.

January 3, 2018: Demonetization of main NDS banknotes

On January 3, 2018, the main New Design Series (NDS) banknotes were demonetized.

June 2018: Fake ₱10,000 note circulated on Facebook

In June 2018, a Facebook page posted a ₱10,000 note with a portrait of President Ramon Magsaysay on the front. The Bangko Sentral ng Pilipinas clarified that it was fake.

August 2, 2019: Demonetization of NDS/BSP series overall

On August 2, 2019, the New Design Series/BSP series was demonetized overall with the 2,000 and 100,000 peso commemorative banknotes.

December 2019: Introduction of 20-piso coin and modified 5-piso coin

In December 2019, the bimetallic plated-steel 20-piso coin was introduced, together with a modified nine-sided 5-piso coin.

2019: Introduction of 20-piso coin

In 2019, Bangko Sentral ng Pilipinas (BSP) introduced a 20-piso coin that will eventually replace the 20-piso note.

2019: Philippine peso traded versus the U.S. dollar

Until 2019, the Philippine peso traded versus the U.S. dollar in a range of ₱40–54.

July 2022: Rejection of folded ₱1,000 polymer banknote

In July 2022, a Facebook user complained that SM Supermalls rejected a slightly folded ₱1,000 banknote (polymer variant), but SM Supermalls and the BSP later clarified that folded polymer notes were acceptable.

April 2025: Value of previous peso definition

As of April 2025, the previous 1903–1934 definition of a peso as 12.9 grains of 0.9 gold (or 0.0241875 XAU) is now worth ₱4,206.088 based on gold prices.

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