Summary
Highlights
The Philippine peso has undergone significant transformations throughout history, reflecting the nation's political, cultural, and historical journey. From humble beginnings as barter tokens to modern banknotes, the currency tells a rich story of the Philippines.
Before Spanish colonization, early indigenous tribes engaged in barter trade with neighboring countries. Cowry shells served as an early form of currency, followed by piloncitos, gold coins with Javanese script, possibly referencing 'Ma-i,' a pre-colonial name for the islands mentioned in Chinese and Bruneian historical records.
During Spanish occupation, foreign coins like 'cobs' and 'dos mundos' (Mexican Pillar Dollars) became prevalent. The 'barilla' was the first coin struck in the Philippines. The first bank in Southeast Asia, El Banco Español Filipino de Isabel II, was established in 1851 and gained the right to print the first Philippine peso.
Following the Declaration of Independence in 1898, the First Philippine Republic issued its own two-centavo coins and revolutionary notes. However, this currency was short-lived. During American rule, the Philippine Coinage Act of 1903 established a new Philippine Peso valued at half a US dollar, and El Banco Español Filipino became the Bank of the Philippine Islands (BPI).
The Japanese occupation introduced 'Guerrilla notes' as resistance currency and 'war notes,' which Filipinos called 'Mickey Mouse money' due to their low value and lack of reserves, leading to severe inflation. The American liberation brought 'Victory Series No. 66' currency.
The Central Bank of the Philippines (now BSP) was established in 1949, taking over currency issuance. The 'English Series' featuring Filipino heroes and historical vignettes was printed. In 1969, the 'Pilipino Series' marked the 'Filipinization' of currency, using Filipino language and intricate designs.
During Martial Law in 1973, the 'Ang Bagong Lipunan' series was issued, celebrating national reforms with vibrant colors and cultural designs. After Martial Law, the BSP developed the 'New Design Series' in 1985, depicting national heroes and political leaders, including Benigno Aquino, Jr. and later Gloria Macapagal-Arroyo.
The 'New Generation Currency' (NGC) series introduced updated designs and enhanced security features, including images of the Tubbataha Reefs Natural Park. In 2022, the 1000-peso polymer banknote was circulated, the Philippines' first polymer currency, renowned for its durability and anti-counterfeiting properties, as recognized by the International Banknote Society.
The BSP also issues commemorative currencies, like the 100,000-peso Centennial banknote, recognized as the world's largest legal tender note at the time. The decision to include or remove individuals on currency has often sparked controversy, highlighting the profound cultural and historical significance attributed to these depictions.
Philippine currency serves not only as a medium of exchange but also as a tangible representation of the nation's collective story, historical milestones, and cultural identity. The images on banknotes and coins contribute to remembering and honoring heroes and presidents, solidifying their place in the national consciousness.