Timeline

• 1828-1837
• Counterstamping of Spanish Dollars:
  - 13.10.1828: Local ordinance, attempted at obliterating the legend of the trade coins (stamp: "Manila 1828/1830"); effective immediately
  - 27.10.1832: Local ordinance, changed the stamp due to technical difficulties (stamp: "F. 7^O" monogram of king Ferdinand VII.); effective immediately
  - 31.03.1837: Local ordinance, changed the stamp for the new monarch (stamp: "Y. II" monogram of queen Isabella II.); effective immediately.

Timeline

• 01.08.1851
• Charter for the "Spanish Bank of the Philippines (of Isabella II)" with the authority to issue paper money; effective upon constitution of the bank on 11.09.1851.
  - 01.05.1852: Start of paper money issuance, denominated in "Peso"
  - 03.09.1869: The name of queen Isabella II was dropped from the bank's name.
• 17.01.1857
• Royal ordinance on the creation of the Philippine Peso as decimal currency; effective 21.04.1857
• 10.05.1857
• Royal proclamation on the legal tender status of Spanish silver coins in the standards of 1772 (at Peso = 8 Reals "de plata") and 1848 (at Peso = 20 Reals "de vellón") as well as Latin American silver coins in the standard of 1772 (at Peso = 8 Reals) and on the issuance of gold coins of 4, 2, 1 Pesos in the standard of 1772 (at Peso = ½ Escudo); effective immediately
  - 28.07.1861: Start of issuance of the Philippine gold coins by Royal proclamation.
• 05.03.1862
• Royal ordinance on the issuance of silver subsidiary coins of 50, 20, 10 Cents; effective immediately
• 04.04.1862
• Government decree on the withdrawal and demonetization of the Latin American gold coins; effective 30.09.1862
• 08.05.1865
• Royal ordinance on the adoption of the Spanish coinage reform of 26.06.1864, the Escudo became the nominal unit of account; effective 01.07.1865
• 23.03.1869
• Government ordinance on the adoption of the Spanish currency reform of 19.10.1868; effective 01.07.1870 (accounting) and 01.01.1871 (coinage). Rating:
  - 4 Pesos (gold) = 20.37 Spanish Pesetas; 1 Peso (silver) = 5.51 Spanish Pesetas.
• 10.07.1874
• Government decree on the restoration of the Peso "fuerte" as Philippine currency unit; effective 01.07.1874 (retroactive)
• 24.07.1876
• Government (treasury) decree on the legal tender status of Mexican (Latin American) silver coins the restoration of the Peso "fuerte" as Philippine currency unit; effective 01.07.1874 (retroactive)
  - 28.03.1877: Royal ordinance, revoked the legal tender status of the Mexican coinage; effective immediately
• 18.01.1880
• Royal ordinance on the issuance of Philippine subsidiary coins in silver and bronze and on the adoption of the metrical units; effective 01.07.1880:
  - 22.11.1880: Government decree on the issuance of silver subsidiary coins of 50, 20, 10 Cents and of gold coins of 4, 2, 1 Pesos (in the standard of 1857); effective immediately
  - 17.04.1897: Royal decree on the issuance of a Peso coin in the specifications of the Spanish 5 Pesetas coin; effective immediately.

Valuation Regimes

• 1857-1903
• Metallic currency based on circulating gold and silver coins. Base weight was the Castilian mark / 8 Onzas / 8 Octavos / 72 Granos at 230.047 grams. After 1884, gold coins disappeared from the market, giving way to an effective silver currency.

Timeline

• 06.09.1901
• Law [No. 222] of the Philippine Commission on the creation of the "Bureau of the Insular Treasury" within the Department of Finance and Justice; effective upon the constitution of the bureau on 21.09.1901
  - 26.10.1905: Law [No. 1407] on the reconstitution and name change into "Philippine Treasury"; effective 01.11.1905.
• 02.03.1903
• United States Law [Philippine Coinage Act, No. 137] on the pegging of the Philippine Peso to the US Dollar (in silver) and the issuance of subsidiary coins; effective immediately
• 01.08.1903
• Start of currency exchange:
  - 01.08.1903: Start of issuance of the new coins
  - 31.12.1903: Demonetization of the Mexican silver coins at a rate of 1 US Dollar = 2 Philippine Pesos = 2.30 Mexican Pesos.
• 10.10.1903
• Law [Gold Standard Act, No. 938] on the establishment of the Gold Standard Fund as currency board within the Philippine Treasury; effective upon constitution of the fund on 23.10.1903
  - 06.05.1918: Law [No. 2776] on the transformation of the Gold Standard Fund into the Currency Reserve Fund (including the Silver Certificate Reserve); effective 16.08.1918
  - 13.06.1922: Law [No. 3058] on the re-establishment of the Gold Standard Fund (separation from the Silver Certificate Reserve); effective 01.01.1923
  - 16.03.1935: Law [No. 4199] on the reconstitution of the Gold Standard Fund and name change into Exchange Standard Fund; effective 20.03.1935 (by proclamation [No. 779]).
• 12.10.1907
• Law [No. 1790] on the renewal of the charter of the Spanish Bank of the Philippines including issuance privilege for paper money; effective 01.01.1908
  - 01.01.1912: Name change into "Bank of the Philippine Islands".
• 1913-1942
• Use of metallic tokens for state leprosaries:
  - around 1913: Issuance of small change substitutes for the leprosary Culión island (near Palawan), founded 27.10.1902
  - around 1926: Distribution of the Culión tokens to the San Lázaro Hospital in Manila
  - around 1942: Demonetization of the metallic tokens under the Japanese occupation.
• 04.02.1916
• Law [No. 2612] on the establishment of the "Philippine National Bank" as state-owned commercial bank with issuance privilege for paper money; effective upon constitution of the bank on 01.05.1916 (?)
• 1942-1945
• Japanese occupation:
  - 03.01.1942: Japanese military ordinance on the introduction of the Japanese Military Yen; effective immediately
  - Paper money was denominated "Peso" and was on par with the Japanese Yen, corresponding to a devaluation by -53.1%; the Philippine currency (and initially U.S. currency, as well) remained in circulation
  - 18.11.1944: Presidential decree [Executive Order, No. 25] on the demonetization of the Japanese occupation currency without compensation in the liberated territories; effective 01.02.1945 (retroactive, after the liberation of Manila on 05.03.1945).
  - Post-war claims were converted using the so-called "Ballantyne Scale" which took into account the depreciation of the Japanese Military Yen against the Philippine Peso from 1 : 1 (January 1942) to 1 : 120 (January 1945).
• 25.09.1946
• Ordinance [No. 22] on the creation of a schafft einen provisorischen Währungsausschuss zum Umtausch der Geldzeichen der verschiedenen Widerstandsgruppen; tritt sofort in Kraft
• 15.06.1948
• Law [Central Bank Act, Nr. 265] on the creation of a central bank; efffective upon constitution of the bank on 01.01.1949.
  - 14.06.1993: Law [New Central Bank Act, No. 7653] on the reconstitution of the central bank and name change into "Bangko Sentral ng Pilipinas"; effective 01.07.1993.
• 03.01.1949
• Start of currency exchange:
  - 03.01.1949: Start of issuance of the post-independence currency, the former currency was not demonetized
  - ??.??.1967: Start of issuance of subsidiary coins with denomination "Sentimo" (instead of "Centavo"), banknotes denominated in "Piso" (instead of "Peso") followed in 1969. The legal currency name was not changed.

Valuation Regimes

• 1903-1962
• Fixed rate against US Dollar. Suspended during the Japanese occupation, and resumed after the war. The official rate became inoperative in 1960.
• 1962-1965
• Variable rate
• 1965-1970
• Fixed rate against US Dollar
• 1970-
• Variable rate. Between June 1983 and October 1984, the exchange rate was fixed with two intervening devaluations. On 03.10.1984, the variable exchange rate regime was resumed.