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  1. Join Date
    Feb 2008
    Posts
    14,181
    #1
    Matatawa na lang kayo kung pano binaboy ng gobyerno yung pera by printing to pay the debt...

    [SIZE=3]History (of the Philippine Peso)[/SIZE]

    The Philippine peso derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the Americas and South-East Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the US and Canada.

    Peso fuerte

    The Philippine peso was established on May 1, 1852, when the Banco Español-Filipino de Isabel II a (now the Bank of the Philippine Islands) introduced notes denominated in pesos fuertes ("strong pesos", written as "PF"). Until October 17, 1854, when a royal decree confirmed Banco Español-Filipino's by-laws, the notes were in limited circulation and were usually used for bank transactions. The peso replaced the real at a rate of 8 reales = 1 peso. Until 1886, the peso circulated alongside Mexican coins, some of which were still denominated in reales and escudos (worth 2 pesos).

    Coin production commenced in 1861 and, in 1864, the Philippines decimalized, dividing the peso into 100 centimos de peso. The peso was equal to 226⁄7 grains of gold. In 1886, Philippine colonial authorities started the gradual phase-out of all Mexican coins in circulation in the Philippines, citing that Mexican coins were by then of lesser value than the coins minted in Manila.

    Revolutionary Period

    Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the República Filipina (Philippine Republic) under General Emilio Aguinaldo issued its own coins and paper currency backed by the country’s natural resources. The coins were the first to use the name centavo for the subdivision of the peso. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist.

    American Colonial Period

    After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act (March 3, 1903), which fixed the weight and fineness of Philippine coins. The peso was defined as being equal to exactly half the gold content of the U.S. dollar. The peso was confirmed as being subdivided into 100 centavos.

    Second World War

    In 1942, the Japanese occupiers introduced notes for use in the Philippines. Emergency circulating notes (also termed "guerrilla pesos") were also issued by banks and local governments, using crude inks and materials, which were redeemable in silver pesos after the end of the war. The Japanese-sponsored Second Philippine Republic under Jose P. Laurel outlawed possession of guerrilla currency and declared a monopoly on the issuance of money and anyone found to possess guerrilla notes could be arrested. Because of the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation.

    U.S. and Philippine forces continued printing Philippine pesos, so that, from October 1944, all earlier issues except for the emergency guerrilla notes were considered illegal and were no longer legal tender.

    Independence

    Republic Act No. 265 created the Central Bank of the Philippines (CBP, now the Bangko Sentral ng Pilipinas) on January 3, 1949, in which was vested the power of administering the banking & credit system of the country. Under the act, all powers in the printing and mintage of Philippine currency was vested in the CBP, taking away the rights of the banks such as Bank of the Philippine Islands and the Philippine National Bank to issue currency.

    In 1967, the language used on all coins and banknotes was changed to Pilipino. As a consequence, the wordings of the currency changed from centavo and peso to sentimo and piso.

    In a repeat of Japanese wartime monetary policy, the government defaulted on its promises to redeem its banknotes in silver or gold coin while promising to maintain the two-to-one peso to dollar parity. This decision, compounded with the deliberate overprinting of fiat banknotes, resulted in the peso dropping in value by almost 300% against the US dollar within the first three hours of opening day. The government effort to maintain the peg devastated the gold, silver and dollar reserves of the country.

    By 1964, the bullion value of the old silver pesos was worth almost twelve times their face value and were being hoarded by Filipinos rather than being surrendered to the government at face value. In desperation, then-President Diosdado Macapagal demonetized the old silver coins and floated the currency. The peso has been a floating currency ever since, which means that the currency is a physical representation of the domestic debt and whose value directly tied to people's perception of the stability of the current regime and its ability to repay the debt.

    From the opening of the Bangko Sentral ng Pilipinas in 1949, successive governments have continued to devalue the currency in order to lower the accumulated domestic debt in real terms, which in December 2005 reached PHP 4.02 trillion. Many Filipinos perceive the peso's value in relation to the US dollar and tend to blame whatever regime is in power for the worsening exchange rate.

    Compared to the price of gold, the Philippine peso has now lost 99.998% of its original 1903-1949 value. The amount of an old gold one peso coin would be (per definition 12.9 grains of pure gold), would now cost P876 on the international commodities markets. As of October 2005, the Philippine money supply (M1) totalled about 569.2 billion pesos (about US$11.5 billion).

    The local stock market hit a record high in June 1, 2007 while the peso is trading at around the PHP41 level to a US dollar and is currently PHP41.24 as of December 14, 2007, making it Asia's best performing currency so far by sharply appreciating nearly 19%. [2]. Today, June 04, 2008, the PHP is traded at 44.025 per US-Dollar.
    Source:
    http://en.wikipedia.org/wiki/Philippine_peso#History
    Last edited by russpogi; June 26th, 2008 at 04:14 PM. Reason: edited fonts for clarity, added URL or source...

  2. Join Date
    Aug 2007
    Posts
    307
    #2
    Quote Originally Posted by tidus1203 View Post
    Matatawa na lang kayo kung pano binaboy ng gobyerno yung pera by printing to pay the debt...



    Source:
    http://en.wikipedia.org/wiki/Philippine_peso#History
    In desperation, then-President Diosdado Macapagal demonetized the old silver coins and floated the currency. The peso has been a floating currency ever since, which means that the currency is a physical representation of the domestic debt and whose value directly tied to people's perception of the stability of the current regime and its ability to repay the debt.

    it really sucks


    so dun pala nakuha ni PGMA ung mga desperate moves nya :sharky:

  3. Join Date
    Nov 2009
    Posts
    1
    #3
    Tama. When will the Philippines rise from debts.




    Regards,
    Gold
    Last edited by ghosthunter; November 21st, 2009 at 01:18 PM. Reason: weblink removed

  4. Join Date
    Nov 2005
    Posts
    45,927
    #4
    ummm... never

    Philippines’ 10-Month Budget Deficit Climbs to Record (Update2)
    http://www.bloomberg.com/apps/news?p...d=asx491ZyIwN0
    Nov. 18 (Bloomberg) -- The Philippines’ budget deficit climbed to a record in the ten months through October as the government increased spending and revenue faltered, pushing the shortfall beyond the official full-year target.

    A monthly shortfall of 28.5 billion pesos ($610 million) in October widened the 10-month deficit to 266.1 billion pesos, the government said in Manila today, exceeding the 250 billion-peso full-year estimate. Spending increased 12.3 percent in October from a year earlier and revenue dropped 7.6 percent.

    Faltering tax revenue amid the global slowdown has prompted President Gloria Arroyo to sell dollar-denominated bonds overseas three times this year. The Philippines is looking at a worst-case deficit of 300 billion pesos for 2009, Finance Secretary Gary Teves said today, adding that the “likely” budget shortfall is 280 billion pesos.

  5. Join Date
    Sep 2005
    Posts
    940
    #5
    Eto pa history. Since ng ipanganak ako na ang president at that time si Marcos up to kay Ramos pag pumirma sila sa pera natin walang nakalagay na pangalan in print lahat ay signature lang. Pagdating ni Erap doon na nilagay iyong pangalan ng presidente in print. Ano mas gusto ninyo pirma lang or kailangan nakalagay pa iyong name in print?

  6. Join Date
    Feb 2008
    Posts
    14,181
    #6
    Lagay din pangalan parang sa contract name and signature...

  7. Join Date
    Dec 2005
    Posts
    39,162
    #7
    The peso was defined as being equal to exactly half the gold content of the U.S. dollar.

    Ngayon, baryang-barya na lang.....

    8900:painting:

  8. Join Date
    Feb 2008
    Posts
    14,181
    #8
    Yep pati US Dollar barya barya na lang din... Simula umalis ang mundo sa gold standard lahat ng pera walang ginawa kung hindi bumagsak at bumagsak ang halaga... Papel lang kasi at walang kinakahulugan maliban sa pangako ng gobyerno....

History of the Peso