The currency of the Philippines is the Philippine peso (PHP), written with the symbol ₱ and divided into 100 sentimo. Issued by the Bangko Sentral ng Pilipinas, the peso is legal tender across all 7,000-plus islands of the archipelago and the everyday money used by more than 115 million Filipinos. As of 2026, one US dollar trades for roughly 56 pesos, though the rate floats daily on the open market.
The Peso and Its Subunit
The full name is the Philippine peso, but locals call it piso in Filipino. Each peso is split into 100 smaller units called sentimo (centavos in older usage). The ISO 4217 code is PHP, and the ₱ sign is a capital P crossed by two horizontal strokes, introduced to give the currency a distinct national mark. While prices are still occasionally quoted in centavos, inflation has made the smallest coins largely symbolic in daily life. The peso is one of the longest-serving currency names in Asia, a direct descendant of the silver coins that circulated in the islands for centuries.
Who Issues and Manages the Money
The peso is issued and regulated by the Bangko Sentral ng Pilipinas (BSP), the country's central bank, which took over monetary authority in 1993 from its predecessor, the Central Bank of the Philippines established in 1949. The BSP sets interest rates, manages foreign reserves, and controls the printing of banknotes and minting of coins through its security plant. It also designs each new currency series, deciding which heroes, presidents, and landmarks appear on the notes. The peso floats freely, meaning its value against the dollar, euro, and other currencies shifts with trade, remittances, and global market sentiment rather than a fixed government rate.
A History Rooted in Colonial Trade
The peso traces its lineage to the Spanish silver real de a ocho, the famous "piece of eight" that flowed through Manila during the centuries-long galleon trade between Asia and the Americas. After three centuries of Spanish rule, the islands briefly used the US dollar during the American colonial period before the modern Philippine peso was formally established in 1903, pegged to the dollar. The currency survived Japanese-issued occupation money during World War II, gained full independence alongside the nation in 1946, and has been redesigned several times since. The most significant modern overhaul came with the New Generation Currency series launched in 2010, which added stronger anti-counterfeiting features and brighter imagery celebrating Filipino heritage and natural wonders.
Banknotes and Coins in Circulation
Philippine banknotes come in six main denominations, each a different color and honoring national figures, with the reverse showcasing landscapes and UNESCO World Heritage Sites:
- ₱1,000 — blue, featuring World War II resistance heroes Josefa Llanes Escoda, Vicente Lim, and Jose Abad Santos.
- ₱500 — yellow, featuring Benigno and Corazon Aquino.
- ₱200 — green, featuring President Diosdado Macapagal.
- ₱100 — purple, featuring President Manuel Roxas.
- ₱50 — red, featuring President Sergio Osmeña.
- ₱20 — orange, featuring President Manuel L. Quezon (now issued mainly as a coin).
Coins circulate in 1, 5, 10, and 20 peso pieces, plus small sentimo denominations. In 2022 the BSP began rolling out polymer (plastic) banknotes, starting with the ₱1,000, to make notes more durable, hygienic, and harder to counterfeit than traditional paper.
Using Pesos as a Traveler
Cash remains essential in the Philippines, particularly outside Metro Manila and in rural island areas where card terminals are scarce. ATMs are common in cities but often charge withdrawal fees for foreign cards and cap each transaction. The mobile wallet GCash has become enormously popular — widely accepted even at small neighborhood sari-sari stores — making digital payments increasingly normal. US dollars are easy to exchange at malls, banks, and licensed money changers, which usually offer better rates than airports. Carry plenty of small bills and coins for jeepneys, tricycles, market stalls, and local food, since vendors rarely break large notes. Remittances sent home by millions of overseas Filipino workers are one of the biggest drivers of demand for the peso, helping support the wider economy. To explore more about the country behind the currency, see our philippines country guide.
Frequently Asked Questions
What is the symbol for the Philippine peso?
The peso uses the symbol ₱, a capital letter P with two horizontal lines through it. Its international ISO code is PHP, and amounts are often written as PHP 500 or ₱500.
How many pesos equal one US dollar?
As of 2026, one US dollar is worth approximately 56 Philippine pesos. Because the peso floats on the open market, the exact rate changes daily with trade flows, remittances, and global conditions.
Can I use US dollars directly in the Philippines?
Generally no — the peso is the only legal tender for everyday purchases. However, dollars are easy to exchange at banks, malls, and money changers, and some hotels or tour operators may quote prices in dollars for foreign visitors.
Is the Philippines a cashless country?
Not yet, though digital payments are growing fast. Mobile wallets like GCash and Maya are widely used in cities, but cash is still king in markets, rural towns, and for transport, so travelers should always carry physical pesos.