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    Summarize The Evolution of The Philippine Money Considering The Following Era Pre-Hispanic Era

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    Mark Esteves
    During the pre-Hispanic era, barter trading was common and items like shells, pearls, and gold served as currency since the Philippines lacked traditional money. In the Spanish era, the real de ocho and peso fuerte were introduced as official currencies. During the revolutionary period, the Katipunan and Philippine government issued paper money and coins. In the American period, the US dollar replaced the Spanish peso and the Central Bank of the Philippines was established in 1949 with the peso as the official currency. Under Japanese occupation, the Japanese-Philippine peso and military currency were used before returning to the Philippine peso post-war. The Bangko Sentral ng Philippines was founded in 1999 and the peso remains the

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    Summarize The Evolution of The Philippine Money Considering The Following Era Pre-Hispanic Era

    Uploaded by

    Mark Esteves
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    During the pre-Hispanic era, barter trading was common and items like shells, pearls, and gold served as currency since the Philippines lacked traditional money. In the Spanish era, the real de ocho and peso fuerte were introduced as official currencies. During the revolutionary period, the Katipunan and Philippine government issued paper money and coins. In the American period, the US dollar replaced the Spanish peso and the Central Bank of the Philippines was established in 1949 with the peso as the official currency. Under Japanese occupation, the Japanese-Philippine peso and military currency were used before returning to the Philippine peso post-war. The Bangko Sentral ng Philippines was founded in 1999 and the peso remains the

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    During the pre-Hispanic era, barter trading was common and items like shells, pearls, and gold served as currency since the Philippines lacked traditional money. In the Spanish era, the real de ocho and peso fuerte were introduced as official currencies. During the revolutionary period, the Katipunan and Philippine government issued paper money and coins. In the American period, the US dollar replaced the Spanish peso and the Central Bank of the Philippines was established in 1949 with the peso as the official currency. Under Japanese occupation, the Japanese-Philippine peso and military currency were used before returning to the Philippine peso post-war. The Bangko Sentral ng Philippines was founded in 1999 and the peso remains the

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    Summarize The Evolution of The Philippine Money Considering The Following Era Pre-Hispanic Era

    Uploaded by

    Mark Esteves
    During the pre-Hispanic era, barter trading was common and items like shells, pearls, and gold served as currency since the Philippines lacked traditional money. In the Spanish era, the real de ocho and peso fuerte were introduced as official currencies. During the revolutionary period, the Katipunan and Philippine government issued paper money and coins. In the American period, the US dollar replaced the Spanish peso and the Central Bank of the Philippines was established in 1949 with the peso as the official currency. Under Japanese occupation, the Japanese-Philippine peso and military currency were used before returning to the Philippine peso post-war. The Bangko Sentral ng Philippines was founded in 1999 and the peso remains the

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Summarize the evolution of the Philippine Money considering the

    following era

    Pre-Hispanic Era Barter trading was the primary mode of trade in pre-
    Hispanic Philippines. This was performed by exchanging
    products and services with other members of the same
    community. Yet, because early Filipinos did not have
    traditional money, they utilized a variety of things as
    currency, such as shells, pearls, and gold. These objects
    served as currency because of their recognized value, their
    rarity, and their durability. As a result, before the arrival of
    the Spanish in the 16th century, gold was the most often
    utilized form of money in the Philippines.

    Spanish Era In the 16th century, the Spaniards established their type of
    currency known as the Real de an Ocho, or Pieces of Eight.
    This was followed in 1864 by the introduction of the Peso
    Fuerte, a silver-based currency. In 1898, the Spanish
    government adopted and issued the Philippine peso. Since
    then, the Philippine peso has served as the country's
    official currency.

    Revolutionary Period During the Philippine Revolution, the Katipunan issued


    their form of paper currency known as the “Kataas-taasang
    Piso”. These notes were later replaced by coins and paper
    money issued by the Philippine government during the
    American period. Several coins were also made and
    distributed around the country by revolutionaries during
    the insurgency. They featured coins issued by Emilio
    Aguinaldo and Andres Bonifacio, as well as Malolos
    Republic coinage.

    American Period In 1903, the US dollar replaced the Spanish silver peso,
    which was initially linked at two pesos to one American
    dollar. The Central Bank of the Philippines was created in
    1949, and the Filipino peso was declared as the country's
    currency. The peso was initially fixed at 2 pesos to 1 US
    dollar, but in 1966 it was revalued to a floating rate of 4.3
    pesos to 1 US dollar. The Philippine peso was again
    revalued in 1993, with an exchange rate of 26 pesos to one
    US dollar.

    Japanese Occupation The Japanese adopted the Japanese-Philippine peso


    during the Japanese occupation of the Philippines, which
    was initially tied to the US dollar. The Japanese-Philippine
    peso was gradually depreciated and replaced by a new
    currency known as the Japanese Military Currency. This
    money was only used for official transactions and could
    not be exchanged for other currencies. The Japanese
    military currency was replaced by the Philippine peso after
    the war.

    Philippine Republic The Bangko Sentral ng Philippines was established in


    1999, and the New Philippine Peso was called the
    Philippine Peso. It is now tied to the US currency at 50
    pesos to one US dollar. The Philippine Peso is now the
    world's eighth most traded currency, accounting for
    around 1.5% of worldwide foreign exchange transactions.

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