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I. Introduction|

Philippine peso is another peso denominated currency that serves as the national currency of the Republic of Philippines as the name suggests. Peso is the currency unit that was founded in Spain for the first time and got spread and popular with the country extending its reign by establishing new colonies all over the world during colonization era. The currency unit is still in circulation as it forms the national currencies of a few other countries, most important among them being Argentina and Mexico.Philippine peso or also called "piso" in Filipino language is the official currency of the country since 1852. The currency is denoted as P, ₧, PHP or PhP in the daily usage though the official symbol for it is a P with two horizontal lines striking through but it faces a problem of lack of font support. The ISO 4217 code defines the currency code of Philippine peso to be PHP and the numeric code as 608. The subunit of the currency is known as "centavo" in English and "sentimo" in Filipino.| Overview|

Philippines is counted among the newly industrializing nations of the world i.e. these countries have not yet reached the status of developed countries economically but still have developed more than the other developing countries. In other words, newly industrializing countries are the best among developing nations and Philippines is also provided with this title. Purchase power parity wise, Philippines is ranked 24th largest economy in the world and is also listed in the "Next Eleven" by Goldman Sachs investment bank. The agriculture sector and also the service sector dominated by BPO industries contribute maximum to the GDP of the country.The currency aptly supports the growth of this exceedingly promising nation and helps it to move closer towards the first world countries’ level. In 2005, the currency was even sanctioned as the best performing currency of Asia. But one problem Philippine peso has been facing ever since is its...
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