Some facts about the Philippine peso include that it is a decimal system of currency, meaning that each unit is made up of 10 smaller units, and that the peso is denoted by a unique symbol, which is a “P” with two horizontal strike-through lines. Even though centavos – the equivalent of the U.S. dollar cent – exist, the low value of these coins makes them irrelevant for daily business transactions.
The Philippine peso currency is made up of eight bank notes. Each one of these bills, which includes designations from five up to 100 pesos, includes a unique color palette and front-side depictions of different historical Philippine figures such as Benigno Ninoy S. Aquino Jr., Chief Justice Jose Abad Santos and Josefa Llanes Escoda. Different emblematic images appear on the back of the peso bills, including pictures of the Barosoain Church, the Philippine flag and the Malacanang Palace.
The Philippine mint creates a variety of coins, ranging from the almost useless centavo, which equates to one hundredth of a peso, to 10 peso coins.
As of 2009, the central bank began to issue a new series of Philippine peso bills. These bills are part of an ongoing attempt to bring the Philippine peso banknotes up to par with international currency safety and durability standards.