Philippine Peso(redirected from Philippines peso)
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The currency of the Philippines. While its origins date to 1852, the modern peso came into being following the independence of the Philippines in the 1940s. It was originally pegged to silver and gold, but overprinting and hoarding of currency caused it to become a floating currency in 1964. Since independence, the government of the Philippines has consistently devalued the peso in order to reduce the nation's debt in domestic terms. This has made it a weak currency.