The amount of money that flows between the United States and the Philippines regularly is considerable. In 2016, more than U.S. $10.53 billion made its way from the U.S. to the Philippines as remittances, and around U.S. $74 million was sent in the other direction. Trade of goods and services between both countries accounted for around U.S. $27 billion in the same year.
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The U.S. dollar has served as the official currency of the United States since 1792. Its use as a primary currency is also found in other places such as the Caribbean, the Federated States of Micronesia, two British Overseas Territories, the British Virgin Islands, Turks and Caicos Islands, Ecuador, and El Salvador.
Some of the places where the U.S. dollar is used alongside other currencies include Zimbabwe, Liberia, Panama, Belize, Myanmar, and Cambodia. Some of the countries that still peg their currencies to the U.S. dollar include the Bahamas, United Arab Emirates, Oman, and Djibouti.
The U.S. dollar has remained the world’s most traded currency for some time. In April 2016, its share of the international forex market turnover exceeded 87%. It is estimated that around U.S. $5.1 trillion passes through the forex market each day. The U.S. dollar is also the world’s most preferred reserve currency.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Philippine peso was originally introduced in 1852, to replace the Spanish dollar, and it managed to survive colonialism and war. As a former American colony, the Philippines used English text on its currency until 1967. After shifting to the Filipino language, the use of the term “piso” has become prevalent. The ISO 4217 standard has referred to the country’s currency as piso since 2017.
The “₱” symbol used to denote the Philippine peso is unique to the Philippines. Other countries that use the peso still use the “$” symbol.
|Sub unit||Centavo or sentimo|
|Bank notes||PHP 20, PHP 50, PHP 100, PHP 500, PHP 1,000|
|Coins||1c, 5c, 10c, 25c, PHP 1, PHP 5, PHP 10|
U.S. Dollar / Philippine Peso Historical Rates
The Philippine peso, in its current form, started trading shortly after the country’s independence from the United States in 1946. The Philippine government established Bangko Sentral ng Pilipinas, the country’s first central bank, in 1949. The central bank pegged the Philippine peso to the U.S. dollar at the rate of ₱2 = $1 initially, only to abandon it soon after.
The peso has been a free floating currency since 1965. In 1965, the peso traded at around ₱3.6 against the U.S. dollar. By 1984, it devalued considerably and was trading at around ₱18 against the U.S. dollar. The 1997 Asian financial crisis saw the Philippine peso devalue even more. From ₱26.376 to the dollar in June 1997, it got to ₱43.10 by January 1998. It breached the ₱50 to the dollar mark in 2001. By October 2004, it traded at more than ₱56 to the dollar.
The global financial crisis resulted in the Philippine peso gaining value from late 2008 to early 2013. In March 2013, the peso traded at ₱40.645 against the U.S. dollar. However, the U.S. economy was soon on its road to recovery, and the peso began to weaken after that. It has been on an almost steady downward trend since.
USD/PHP in the last five years
|U.S. $1 =|
|1 July, 2013||PHP 43.450|
|1 July, 2014||PHP 43.615|
|1 July, 2015||PHP 45.675|
|1 July, 2016||PHP 47.015|
|1 July, 2017||PHP 50.459|
USD/PHP in the last five months
|U.S. $1 =|
|1 March, 2018||PHP 52.171|
|1 April, 2018||PHP 51.654|
|1 May, 2018||PHP 52.565|
|1 June, 2018||PHP 53.350|
|1 July, 2018||PHP 53.087|
What Affects USD/PHP Rates?
The Philippine peso generates interest in the forex market because the Philippines is regarded as one of the fastest growing economies in the world. The country’s GDP in 2018 stood at around U.S. $400 billion, putting it in the top 35 economies globally. A recovering export industry is providing the much needed boost to the country’s economy, which may well have a positive impact on its currency.
The Philippine government believes that a weak peso is good for the country’s economy – reflective of a widening trade deficit that has come around because of increased wealth. The price of crude oil also plays a role in the strength of the country’s currency and economy, given that its energy requirements depend on imports.
Other factors that may affect the USD/PHP currency pair include foreign investment into the Philippines, the country’s national debt, as well as any policy changes initiated by the U.S. Federal Reserve.
If you send money from the United States to the Philippines or the other way around, take a look at the existing USD/PHP exchange rate. Then, compare it with the rate your bank has to offer as well as with rates provided by some of the leading overseas money transfer companies.