This document provides a history of money in the Philippines from pre-Hispanic times to modern day. It describes the evolution from barter systems to early gold and bead currencies. Spanish colonization introduced Mexican pesos and coins minted in Manila. The American period established the peso tied to the US dollar. The Japanese occupation saw war notes. Independence brought new designs celebrating Filipino culture and landmarks.

2. HISTORY OF PHILIPPINE MONEY
•PHILIPPINE MONEY–MULTI-COLORED THREADS WOVEN INTO THE FABRIC
OF OUR SOCIAL, POLITICAL AND ECONOMIC LIFE. FROM ITS EARLY BEAD-
LIKE FORM TO THE PAPER NOTES AND COINS THAT WE KNOW TODAY, OUR
MONEY HAS BEEN A CONSTANT REMINDER OF OUR JOURNEY THROUGH
CENTURIES AS A PEOPLE RELATING WITH ONE ANOTHER AND WITH OTHER
PEOPLES OF THE WORLD.

3. PRE-HISPANIC ERA
•TRADE AMONG THE EARLY FILIPINOS AND WITH TRADERS FROM
THE NEIGHBORING ISLANDS WAS CONDUCTED THROUGH
BARTER.
•THE INCONVENIENCE OF BARTER LATER LED TO THE USE OF
SOME OBJECTS AS MEDIUM OF EXCHANGE. GOLD, WHICH WAS
PLENTIFUL IN MANY PARTS OF THE ISLANDS, INVARIABLY
FOUND ITS WAY INTO THESE OBJECTS THAT INCLUDED THE
PILONCITOS, SMALL BEAD-LIKEB GOLD BITS CONSIDERED BY
THE LOCAL NUMISMATISTS AS THE EARLIEST COIN OF THE
ANCIENT FILIPINOS, AND GOLD BARTER RINGS.

4. SPANISH ERA (1521-1897)
•THREE HUNDRED YEARS OF SPANISH RULE LEFT MANY
INDELIBLE IMPRINTS ON PHILIPPINE NUMISMATICS. AT
THE END OF THE SPANISH REGIME, PHILIPPINE MONEY
WAS A MULTIPLICITY OF CURRENCIES THAT INCLUDED
MEXICAN PESOS, ALFONSINO PESOS AND COPPER
COINS OF OTHER CURRENCIES.

5. •THE FIRST SPANISH COIN USED IN OUR COUNTRY BORE THE FACE OF QUEEN
ISABELA OF SPAIN. THE BRONZE COIN WITH LITTLE KNOWN VALUE WAS
KNOWN HILIS KAMAY.
•THE BARILLA, A CRUDE BRONZE OR COPPER COIN WORTH ABOUT ONE
CENTAVO, WAS THE FIRST COIN STRUCK IN THE COUNTRY.
•THE SILVER DOS MUNDOS OR PILLAR DOLLAR IS CONSIDERED ONE OF THE
WORLD’S MOST BEAUTIFUL COINS.
•THE COBS OR MACUQUINAS OF COLONIAL MINTS WERE THE EARLIEST
COINS BROUGHT IN BY THE GALLEONS FROM MEXICO AND OTHER SPANISH
COLONIES.

6. •COINS FROM OTHER SPANISH COLONIES ALSO REACHED THE
PHILIPPINES AND WERE COUNTERSTAMPED. GOLD COINS WITH
THE PORTRAIT OF QUEEN ISABELA WERE MINTED IN MANILA.
•SILVER PESOS WITH THE PROFILE OF YOUNG ALFONSO XIII WERE
THE LAST COINS MINTED IN SPAIN. THE PESOS FUERTES, ISSUED
BY THE COUNTRY’S FIRST BANK, THE EL BANCO ESPANOL FILIPINO
DE ISABEL II, WERE THE FIRST PAPER MONEY CIRCULATED IN THE
COUNTRY.

7. REVOLUTIONARY PERIOD (1898-1899)
•ASSERTING ITS INDEPENDENCE, THE
PHILIPPINE REPUBLIC OF 1898 UNDER
GENERAL EMILIO AGUINALDO ISSUED ITS
OWN COINS AND PAPER CURRENCY
BACKED BY THE COUNTRY’S NATURAL
RESOURCES.

8. •ONE PESO AND FIVE PESO NOTES PRINTED AS REPUBLIKA FILIPINA PAPEL
MONEDA DE UN PESO AND CINCO PESOS WERE FREELY CIRCULATED. 2
CENTIMOS DE PESO COPPER WERE ALSO ISSUED IN 1899.

9. THE AMERICAN PERIOD (1900-1941)
•THE AMERICANS INSTITUTED A MONETARY SYSTEM FOR
THE PHILIPPINE BASED ON GOLD AND PEGGED THE
PHILIPPINE PESO TO THE AMERICAN DOLLAR AT THE
RATIO OF 2:1. THE US CONGRESS APPROVED THE
COINAGE ACT FOR THE PHILIPPINES IN 1903.

10. • THE COINS ISSUED UNDER THE SYSTEM BORE THE DESIGNS OF FILIPINO ENGRAVER AND ARTIST,
MELECIO FIGUEROA.
• COINS IN DENOMINATION OF ONE-HALF CENTAVO TO ONE PESO WERE MINTED. THE RENAMING
OF EL BANCO ESPANOL FILIPINO TO BANK OF THE PHILIPPINE ISLANDS IN 1912 PAVED THE WAY
FOR THE USE OF ENGLISH FROM SPANISH IN ALL NOTES AND COINS ISSUED UP TO 1933.
• BEGINNING MAY 1918, TREASURY CERTIFICATES REPLACED THE SILVER CERTIFICATES SERIES,
AND A ONE-PESO NOTE WAS ADDED.

11. THE JAPANESE OCCUPATION (1942-1945)
• THE OUTBREAK OF WORLD WAR II CAUSED SERIOUS DISTURBANCES
IN THE PHILIPPINE MONETARY SYSTEM. TWO KINDS OF NOTES
CIRCULATED IN THE COUNTRY DURING THIS PERIOD.
• THE JAPANESE OCCUPATION FORCES ISSUED WAR NOTES IN BIG
DENOMINATIONS. PROVINCES AND MUNICIPALITIES, ON THE OTHER
HAND, ISSUED THEIR OWN GUERRILLA NOTES OR RESISTANCE
CURRENCIES, MOST OF WHICH WERE SANCTIONED BY THE PHILIPPINE
GOVERNMENT IN-EXILE, AND PARTIALLY REDEEMED AFTER THE WAR.

12. THE PHILIPPINE REPUBLIC
•A NATION IN COMMAND OF ITS DESTINY IS THE MESSAGE REFLECTED IN THE EVOLUTION
OF PHILIPPINE MONEY UNDER THE PHILIPPINE REPUBLIC. HAVING GAINED
INDEPENDENCE FROM THE UNITED STATES FOLLOWING THE END OF WORLD WAR II, THE
COUNTRY USED AS CURRENCY OLD TREASURY CERTIFICATES OVERPRINTED WITH THE
WORD “VICTORY”.

13. •WITH THE ESTABLISHMENT OF THE CENTRAL BANK OF THE PHILIPPINES IN 1949, THE FIRST
CURRENCIES ISSUED WERE THE ENGLISH SERIES NOTES PRINTED BY THE THOMAS DE LA RUE & CO.,
LTD. IN ENGLAND AND THE COINS MINTED AT THE US BUREAU OF MINT.
•THE FILIPINAZATION OF THE REPUBLIC COINS AND PAPER MONEY BEGAN IN THE LATE 60’S AND IS
CARRIED THROUGH TO THE PRESENT. IN THE 70’S, THE ANG BAGONG LIPUNAN (ABL) SERIES NOTES
WERE CIRCULATED, WHICH WERE PRINTED AT THE SECURITY PRINTING PLANT STARTING 1978.
•A NEW WAVE OF CHANGE SWEPT THROUGH THE PHILIPPINE COINAGE SYSTEM WITH THE FLORA
AND FAUNA COINS INITIALLY ISSUED IN 1983. THESE SERIES FEATURED NATIONAL HEROES AND
SPECIES OF FLORA AND FAUNA. THE NEW DESIGN SERIES OF BANKNOTES ISSUED IN 1985 REPLACED
THE ABL SERIES. TEN YEARS LATER, A NEW SET OF COINS AND NOTES WERE ISSUED CARRYING THE
LOGO OF THE BANGKO SENTRAL NG PILIPINAS.

14. VICTORY SERIES

15. ENGLISH SERIES
(QUIRINO ERA)•

16. BAGONG LIPUNAN
SERIES (MARCOS
ERA)

17. NEW DESIGN SERIES (CORY
AQUINO ERA)

18. NEW GENERATION SERIES

19. • MALACAÑAN PALACE CAN BE SEEN AT THE FRONT SIDE OF ₱20 BILL, TOGETHER WITH MANUEL L. QUEZON
(THE SECOND PRESIDENT OF THE PHILIPPINES) AND THE DECLARATION OF FILIPINO AS THE NATIONAL
LANGUAGE.

20. • THE BANAUE RICE TERRACES CAN BE SEEN AT THE BACK OF ₱20 BILL, TOGETHER WITH PARADOXURUS
HERMAPHRODITUS PHILIPPINENSIS OR PALM CIVET (MUSANG OR ALAMID IN THE PHILIPPINES) AND
CORDILLERAS WEAVE DESIGN.

21. • THE LEYTE LANDING MEMORIAL PARK CAN BE SEEN AT THE FACE OF ₱50 BILL, TOGETHER WITH SERGIO
OSMEÑA (THE FOURTH PRESIDENT OF THE PHILIPPINES) AND THE FIRST PHILIPPINE ASSEMBLY.

22. • TAAL LAKE AND TAAL VOLCANO CAN BE SEEN AT THE REVERSE SIDE OF ₱50 BILL ALONG WITH CARANX
IGNOBILIS OR MALIPUTO (A LARGE TYPE OF FISHES INHABITING TAAL LAKE), AND BATANGAS
EMBROIDERY DESIGN.

23. • ALTHOUGH THE INDEPENDENCE GRANDSTAND DOES NOT ALREADY EXIST IN ITS ORIGINAL LOCATION, THE
DECLARATION OF THE PHILIPPINE INDEPENDENCE IN 1946 AS SHOWN IN THE FRONT SIDE OF ₱100 WILL
BE REMEMBERED AS HELD IN LUNETA. ALONG WITH THE DECLARATION OF THE PHILIPPINE INDEPENDENCE,
ARE MANUEL A. ROXAS (THE FIFTH PRESIDENT OF THE PHILIPPINES) AND THE OLD BSP BUILDING IN
INTRAMUROS.

24. • MAYON VOLCANO CAN BE SEEN AT THE BACK OF ₱100 BILL, ALONG WITH A RHINCODON TYPUS (WHALE
SHARK OR BUTANDING), AND BICOL TEXTILE DESIGN.

25. • THE IMAGES OF AGUINALDO SHRINE IN CAVITE AND BARASOAIN CHURCH IN BULACAN ARE BOTH
SHOWN AT THE FACE OF ₱200 BILL, ALONG WITH DIOSDADO P. MACAPAGAL (THE NINTH PRESIDENT OF
THE PHILIPPINES) AND THE EDSA PEOPLE POWER IN 2001.

26. • THE CHOCOLATE HILLS IN BOHOL CAN BE SEEN AT THE REVERSE SIDE OF ₱200 BILL, ALONG WITH THE
PHILIPPINE TARSIER, AND VISAYAS WEAVE DESIGN.

27. • THE MONUMENT OF NINOY CAN BE SEEN
AT THE FRONT SIDE OF ₱500 BILL,
TOGETHER WITH HIS WIFE AND FORMER
PRESIDENT CORAZON C. AQUINO, AND
THE EDSA PEOPLE POWER OF 1986.

28. • THE PUERTO PRINCESA SUBTERRANEAN
UNDERGROUND RIVER CAN BE SEEN AT THE
BACK SIDE OF ₱500 BILL, ALONG WITH THE
BLUE-NAPED PARROT (TANYGNATHUS
LUCIONENSIS) AND THE CLOTH DESIGN
IN SOUTHERN PHILIPPINES.

29. • PHILIPPINE 1,000 PESO BILL: WAR HEROES: JOSEFA LLANES ESCODA, JOSE ABAD SANTOS AND VICENTE
LIM * CENTENNIAL OF PHILIPPINEINDEPENDENCE 1998 * MEDAL OF HONOR * SEAL OF THE REPUBLIC OF
THE PHILIPPINES

30. • TUBBATAHA REEFS NATURAL
PARK CAN BE SEEN AT THE REVERSE
SIDE OF ₱1,000 BILL, ALONG
WITH THE SOUTH SEA PEARL
(PINCTADA MAXIMA) AND THE
MINDANAO DESIGN FOR TINALAK OR
IKAT-DYED ABACA.