The lowdown on the Philippine peso
Economical Influences and the Philippine Peso
When Queen Isabella II approved the creation of the Casa de Moneda de Manila and a proper monetary system in 1857, it had been a long time coming for the Philippines. The Spanish colonial period had seen pesos from around the world flood into the country, causing confusion with their different weights and values.
The system remained until the Philippines gained independence in 1898 that the Spanish-Filipino peso was replaced with the Filipino peso, confirming the country’s new sense of freedom. After being taken over by the United States in 1901, the currency was changed to equal exactly half a US dollar, and it wasn’t until 1949 that the Central Bank of the Philippines was established and the Philippine peso made its comeback.
Today, the Philippine peso can be found in an eye-catching range of colourful banknotes, which bear the images of everyone from the former president, Manuel L. Quezon, to Josefa Llanes Escoda, otherwise known as the ‘Florence Nightingale of the Philippines’.
Available in 20, 50, 100, 200, 500 and 1,000 denominations, the flip-side features striking images depicting some of the Philippines’ most majestic wildlife and natural beauty. The 500 peso note is particularly fetching, displaying an image of a Blue-Naped Parrot set against a backdrop of the Puerto Princesa Subterranean River National Park.
With reports in 2016 confirming the country to be showing the strongest economic growth in Asia during 2016 at 7.1%, things are looking financially positive for the people of the Philippines.
Philippine Peso Historical Market Exchange Rate
Although the Philippine peso has seen some fluctuations during the last five years, it has remained relatively stable.1
Beginning April 2014 the New Zealand dollar was buying around 38.65 PHP; almost a year later on 27th February of 2015 the NZD was buying around 33.22 PHP.1
The Philippine peso improved slightly over the next few months, and by late September 2015 1 New Zealand dollar would get you approximately 29.56 PHP.1
By the end of January 2017 that figure has soared back up with 1 NZD converting to approximately 36.12 Philippine pesos. (1) Staying mostly stable throughout 2017, by 20th November the NZD was buying 34.56066 PHP.1
2018 saw the PHP drop to around 38.66 PHP to 1 NZD on February 17th; before recovering somewhat to around 34.88 PHP to 1 NZD on 26th October.1
Learn more about the PHP before you travel to the Philippines and create a currency rate alert so we can notify you when it hits the rate you want.
Exchange rates last updated Friday, 14 August 2020 4:00:39 p.m. NZST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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*Data correct as of 6 November 2018.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex NZ Limted arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.