Characteristic of philippine currency?

The Philippine currency is called peso (or piso to the natives). Before the introduction of the national currency, trade was conducted by using materials, animals and land to strike deals with other traders.

• History of the Peso

The peso was brought over by the Spanish settlers in the late 16th century. However, there were other types of currency and coins circulating at a similar time, which made things very confusing for a while. This was later rectified by the implementation of the decimal system which made it possible to convert the value of the different currencies and make trade fairer for all sides.

• Introduction of notes

Notes were introduced to the Philippine currency during World War II by Japanese occupation. This was not a smooth introduction with many notes being printed illegally. This led to hyperinflation and affected the Philippine economy for some time to come.

• Increased security

Due to the continued fraud and illegal printing of money, the Philippine government and national bank recently revised all coins and notes. They have been replaced by more sophisticated notes which have added security strips that are almost impossible to replicate without their machines.

As with the global economy, the Philippine economy is currently experiencing rather uncertain times. However, the recent increase in overseas trade and the rise of electronics building has helped to keep the economy afloat.