Global COE Hi-Stat Discussion Paper Series 303

Research Unit for Statisticaland Empirical Analysis in Social Sciences (Hi-Stat)

A Brief Overview of the Monetary and Foreign Exchange
Control Policy in the Philippines: 1898－2010

Hi-Stat Discussion Paper

Yoshiko Nagano

September 2023

Preliminary; not for quotation
This discussion paper is prepared for “A Study Workshop on the Quantitative Macro Economic History of thePhilippines, 1900-2010”. This international workshop is supported by the 2022 research grant from the Japan
Center for Economic Research (JCER).

Hi-Stat

Institute of Economic Research
Hitotsubashi University
2-1 Naka, Kunitatchi Tokyo, 186-8603 Japan
https://gcoe.ier.hit-u.ac.jp

A Brief Overview of the Monetary and Foreign Exchange Control Policyin the Philippines: 1898－2010

Yoshiko Nagano
Kanagawa University, Yokohama<ynagano@s3.dion.ne.jp>1Introduction
This paper provides an overview of the changes in the currency system andforeign exchange control policies of the Philippines during three distinct periods: theAmerican colonial period (1898-1941), the Japanese occupation period (1942-45), andthe post-independence period (1946-2020).

American Colonial Period: 1898－1941
The currency and foreign exchange control policies during the American colonial
period can be divided into two distinct periods: (1) the gold exchange standard period
from 1903 to 1934, and (2) the dollar exchange standard period from 1935 to 1941.
Table 1 illustrates the fluctuations in the exchange rate between the peso and the U.S.
dollar from the late 1830s, during the final years of the Spanish colonial period, throughthe American colonial period (Nagano [2010]; Nagano [2015]).

Gold Exchange Standard:1903-1934
According to Edwin W. Kemmerer’s Modern Currency Reform (1916), fivedifferent currencies were in circulation at the outset of the U.S. occupation of thePhilippines: (1) Mexican pesos, mostly smuggled into the Philippines; (2) Alfonsino
pesos that were minted in Spain as Philippine currency under a Royal Decree of 1897;(3) silver coins of 50, 20, and 10 centavos; (4) various coins including Spanish pesos,
silver coins from Spanish America (in addition to the abovementioned Mexican pesos),and copper coins from Spain and other countries; and (5) bank notes issued by the
Banco Español Filipino in Manila. At the end of the 19th century the supply of currency
was so limited that all the above currencies circulated in the Philippines at value
substantially higher tan that of the peso in Mexico (1).
One primary policy of American rule in the Philippines was the establishment of acolonial government with political and administrative autonomy. Another was themaintenance of a self-reliant financial system. While the U.S. government consistently
allocated military funding for stationing its army and navy in the Philippines, the U.S.
Congress never approved any funding assistance for the Philippine government. To

2operate the colonial government within these budgetary constraints, the United States
initially focused on stabilizing the exchange rate between the U.S. dollar and the various
monies circulating in the Philippines. The Philippine government first attempted tomaintain a rate of two Mexican pesos to one dollar in American gold. However, it faced
the difficulties due to the political stability in China following the Boxer Rebellion in
1900.
In 1903, the U.S. Congress passed the Philippine Coinage Act, which introduced
a new currency system in the Philippines. This system involved the issuance of silver
coins that were based on a gold coin denomination pegged to the U.S. dollar.
Concurrently, the Philippine government enacted the Philippine Gold Standard Act,
which established two currency reserves known as the Gold Standard Fund and theSilver Certificate Reserve, a reserve for silver certificates issued by the Insular
Treasurer.
However, in 1918, the Philippine Legislature revised the currency laws in
response to the shortfall in the Gold Standard Fund and the changing role of the Silver
Certificate Reserve. The new law merged the two currency reserves into one, called theCurrency Reserve Fund, with most of the funds being deposited in the New Yorkagency of the Philippine National Bank. Mismanagement of the fund resulted in a
scarcity of currency reserves. After World War I, there was a significant decline in theprices of essential goods, and the inflation of currency and credit due to the economic
boom during the war led to a severe monetary crisis in the Philippines. Table 1
illustrates how the devaluation of the peso occurred with the decrease in the prices ofexport commodities in 1921.
The currency law underwent two revisions in 1921-1922, resulting in theseparation of the Currency Reserve fund into the Gold Standard Fund and the Treasury
Certificate Fund. After five years of confusion caused by the 1918 revision of the Act,
the Philippine currency system returned to its original gold exchange standard.
However, under the reconstructed system, the Gold Standard Fund never regained its
role in maintaining the peso's parity. With a renewed focus on the circulation ofTreasury certificates, the significance of the Treasury Certificate Fund grew. In thiscontext, the reconstructed gold exchange standard became heavily reliant on thestrength of the U.S. dollar in international exchange markets, effectively functioning as
a de facto dollar standard.
Dollar Exchange Standard: 1935-1941

As a result, the Philippines experienced a relatively smooth transition after the3reform of the U.S. currency system during the global depression in the 1930s. In April
1933, the United States suspended the convertibility of paper currency, effectively
withdrawing from the gold standard. Subsequently, in January 1934, the United States
implemented the Gold Reserve Act, allowing for the establishment of a new parity forthe dollar and a 40% devaluation. This marked the beginning of the managed currency
system in the United States. In response to these measures, the Philippine government
also devalued the peso by approximately 40%, while maintaining the official exchange
rate of one dollar for two pesos as before.
In March 1935, prior to the establishment of the Philippine Commonwealth, Act
No. 4199 was enacted to reform the regulations governing the currency system. Under
the new currency regulations, the value of the Philippine peso was no longer directly
linked to gold. Instead, to exchange Philippine pesos for gold, they had to be first
converted into US dollars. To facilitate this exchange, the new Exchange Standard Fundwas established. Consequently, the Philippine peso transitioned to a dollar exchange
standard, whereby its unit of value was determined in relation to the US dollar.

Japanese Occupation Period: 1942-45
After the outbreak of war between Japan and the United States in December
1941, the Japanese military launched an invasion of Southeast Asia, leading to theestablishment of Japanese military rule in the Philippines from January 1942. The
economic policy of Japan towards Southeast Asia under military rule was determined by
the Nanpo Keizai Taisaku Yoko (The Outline for Southern Economic Measures) in
December 1941 (2).
Upon occupying the Philippines, the Japanese military implemented a policy of
introducing military notes that were equivalent to the local currency, the peso. Initially,
these military notes were issued from the Manila branch of the Bank of Taiwan.
Subsequently, in March 1942, the Southern Development Bank (Nanpo Kaihatu Kinko)
was established under the law enacted in February of the same year. Starting from Julyof that year, the treasury took over the issuance of military notes, and from April 1943
onwards, they were replaced by Southern Development Bank Notes (Shimazaki [1989],
chapters 6-7; Romualdez [1962]). However, military notes were not backed by Japan's
official currency, the yen, at a fixed exchange rate. They were merely inconvertible
currency without exchangeability with the yen and were not supported by a currency
reserve fund (Hartendorp [1958] pp. 74-76, 610-612).

4Thus, the notes issued under the Japanese military administration and the Southern
Development Bank were derogatorily referred to as "Mickey Mouse" currency in thePhilippines. These notes not only lacked trustworthiness in terms of their value but werealso plagued by rampant counterfeiting. Although the local currency, the peso, officiallyceased to circulate within approximately a year, it continued to persist in the black
market. The combination of wartime supply shortages and deteriorating war conditions
resulted in accelerated inflation after September-October 1944, leading to economic
turmoil and social distress (Banyai [1974]; Romualdez [1962]). Tables 2-4 exhibit thesignificant fluctuations in the peso's real exchange rate against the US dollar and theManila price index during this period.

Independence Period: 1946-2020
The monetary and foreign exchange control policy of the independent Philippines
after World War II can be divided into two distinctive periods: (1) the era of fixedexchange rates under the IMF regime from 1946 to 1969, and (2) the era of floatingexchange rates under the IMF regime from 1970 to 2020. Table 5 illustrates thefluctuations in the peso-to-US dollar exchange rate from 1946 to 2020.

Fixed Exchange Rates: 1946-1969
During this period several significant events took place in the Philippines. In
September 1945, the Japanese military surrendered to the American forces, marking theend of the Japanese occupation in the Philippines. The Philippine Commonwealthgovernment, which had sought refuge in the United States during the Japanese retreat,
returned to Manila in February 1945 and commence preparations for independence.
Towards the end of that year, the Commonwealth Act No. 699 was enacted, establishing
an official exchange rate of 1 dollar to 2 pesos for the Philippine currency and leading to
the country's membership in the IMF ("Commonwealth Act No. 699" [1945]).
After gaining independence in July 1946, the Philippines entered into a trade
agreement with the United States based on the Bell Trade Act. Under this agreement,
any modifications to the peso-to-dollar exchange rate, suspension of convertibility, andrestrictions on capital transfers to the United States required the approval of the U.S.
President. In 1948, the Central Bank Act was enacted, which maintained the exchange
rate of 1 dollar to 2 pesos established under Commonwealth Act No. 699. The following

5year, the Central Bank of the Philippines commenced its operations and implemented
foreign exchange controls ("Republic Act No. 265” [1948]; Cuaderno [1952]; Jenkins[1954], p.68; Hartendorp [1958] chapter XXI).
The foreign exchange control policy of the Central Bank in the 1950s was closely
linked to the import substitution industrialization policy. In the Philippines, the first
Import Control Act was enacted in 1948, but comprehensive import controls were not
implemented until the enactment of the New Import Control Act in 1950. Under this law
and its subsequent amendment in the following year, the Import Control Board wasestablished as the implementing agency for import controls. However, due to frequentcorruption in the allocation of import quotas, the Import Control Act of 1951 expired in
1953, and thereafter, import controls were maintained through the Central Bank's
foreign exchange controls (Hartendorp [1958] chapter XXIV; Golay [1961], pp.163171; Baldwin [1975], chapter 2).
In 1955, the Laurel-Langley Agreement, which amended the Bell Trade Act, wassigned, granting the Philippines currency sovereignty once again, independent from theUnited States (Golay [1955]; Golay [1956]). However, during this period, conflictsarose between the traditional primary export sector and the industrially developed sector
under protectionist policies within the Philippines. Additionally, the country faced agrowing deficit in the balance of payments due to the stagnation of industrialization
policies (3).
The Central Bank implemented a gradual abolition of foreign exchange and importcontrol policies from 1960 to 1962. This included liberalization and a devaluation of thepeso, from 1 dollar to 2 pesos to 3.9 pesos. Subsequently, in 1967, the Investment
Incentives Act was enacted, followed by the Export Processing Zone Act in 1969. These
acts introduced new development policies aimed at advancing import substitution
industrialization and promoting the export of industrial products. However, startingfrom 1963, imports surged and trade conditions deteriorated within the framework ofliberalization, leading to a severe foreign currency crisis by the end of 1969. This crisis
marked the second significant crisis after World War II (Hartendorp [1958] pp.481-499;
Roxas [1962]; Emery [1963] Baldwin [1975], chapters 3-4).
Floating Exchange Rates: 1970-2020
The Philippine government implemented an economic stabilization plan throughnegotiations with the IMF. In February 1970, the peso transitioned to a floating rate
system, leading to a significant drop in the exchange rate by the end of the same year to
1 dollar to 6.4 pesos. The subsequent fluctuations in the peso's exchange rate can be

6analyzed in the context of three financial crises: the Philippine government's debt
default crisis in 1983, the Asian Financial Crisis of 1997-1998, and the Global Financial
Crisis of 2007-2010.
As shown in Table 5, the exchange rate in the 1970s fluctuated around 1 dollar to
6-7 pesos. However, after the second oil crisis in 1979-1980, the economic situation
deteriorated. The political and economic crisis escalated, especially after theassassination of former Senator Benigno Aquino Jr. in August 1983, leading to thePhilippine government defaulting on its debts. Furthermore, with the collapse of the
Marcos regime due to a political upheaval in February 1986, the exchange rate
plummeted to around 1 dollar to 20 pesos. Under the newly established Corazon Aquino
administration, the economy continued to struggle, and the exchange rate gradually
declined (Lim [1992]; Houben [1997]; Bautista [2003]）.
The Philippine government implemented policies to address unemployment issues
and generate foreign currency for debt repayment by promoting overseas employment.
Additionally, in the 2000s, the government actively fostered the business process
outsourcing (BPO) industry, which encompassed call centers and software development,
resulting in a significant expansion of employment opportunities for college graduatesand other individuals in the country. After the Asian financial crisis of 1997-1998, theexchange rate fell to around 1 dollar to 40-50 pesos, but amidst changes in the industrial
structure, the exchange rate has remained at approximately the same level since the
Global Financial Crisis in 2007-2010 (Gochoco-Bautista and Canlas [2003]; Vidal[2003]; Hernandez and Montiel [2003]; Guinigunodo [2010]).

Notes:(1) For detailed information on the Philippine currency system during this period, refer
to Kemmerer [1916, pp. 249-253] and Lumba [2022, chapter 2].
(2) To understand the overall picture of Japanese military administration in thePhilippines, see Ikehata and Jose [1999].
(3) For an in-depth analysis of the controversies surrounding the central bank's
exchange and import regulations during this period, consult Wolters [2012] andTakagi [2016, chapters 4-5].
References:
Baldwin, Robert E. [1975] Foreign Trade Regimes & Economic Development:
The Philippines, New York and London: Columbia University Press.

7

Banyai, Richard A. [1974] Money and Banking in China and Southeast Asia during
the Japanese Military Occupation, 1937-1945, Taipei: Tai Wan Enterprises Co.
Bautista, Romeo M. [2003] Exchange Rate Policy in Philippine Development,
Philippine Institute for Development Studies, Research Paper Series No. 2003-01.
Castro, Amado [1972] “The Central Bank of the Philippines: The First Twenty Years,”
Philippine Review of Economics, Vol. 9, No.2.
“Commonwealth Act No. 699: An Act to Provide for the Participation of theCommonwealth of the Philippines in the International Monetary Fund” [1945].
Cuaderno, M. [1952] “Bell Trade Act and the Philippine Economy,” Pacific Affairs,Vol. 25, No.4.
Emery, Robert F. [1963] “The Successful Philippine Decontrol and Devaluation,”
Asian Survey, Vol. 3, No.6.
Gochoco-Bautista, Maria Socorro, and Dante Canlas [2003] “Monetary and Exchange
Rate Policy,” IN The Philippine Economy: Development. Polices, and Challenges,edited by Arsenio M. Balisacan and Hal Hill, Quezon City: Ateneo de Manila
University Press.
Golay, Frank H. [1955] “Consequences of the Philippine Trade Act,” Pacific Affairs,
Vol .28, No.1.
_______ [1956] The Revised United States-Philippine Trade Agreement of 1955,
Department of Far Eastern Studies, Cornell University, Data Paper No. 23.
_______ [1961] The Philippines: Public Policy and National Economic Development,
Ithaca: Cornell University Press.
Guinigunodo, Diwa C. [2010] “The Impact of the Global Financial Crisis on thePhilippine Financial System: An Assessment,” IN The Global Crisis and Financial
Intermediation in Emerging Market Economies edited by Bank for International
Settlements, BIS Papers Vol. 54.
_______ [2011] “The Impact of the Global Financial Crisis on the Philippine Financial
System: An Assessment,” IN Capital Flows, Commodity Price Movements andForeign Exchange Intervention edited by Bank for International Settlements, BIS
Papers Vol. 57.
Hartendorp, A.V. H. [1958] History of Industry and Trade of the Philippines, Manila:
American Chamber of Commerce of the Philippines.
_______ [1961] History of Industry and Trade of the Philippines: The Magsaysay
Admnistration, Manila: Philippine Education Company.
Hernandez, Leonardo, and Peter J. Montiel [2003] “Post-Crisis Exchange Rate Policy inFive Asian Countries: Filling in the ‘Hollow Middle’?” Journal of the Japanese and8International Economics, Vol. 17, No.3.
Houben, Aerdt C.F. J. [1997] Exchange Rate Policy and Monetary Strategy Options in
the Philippines: The Search for Stability and Sustainability, IMF Paper on Policy
Analysis and Assessment (PPAA/97/4).
Ikehata, Setuho and Ricardo Trota Jose eds. [1999] The Philippines under Japan:
Occupation Policy and Reaction, Quezon City: Ateneo de Manila University Press.
Jenkins, Shirley [1954] American Economic Policy toward the Philippines, Stanford:
Stanford University Press.
Kemmerer, E. Walter [1916] Modern Currency Reform: A History and Discussion of
Recent Currency Reforms in India, Port Rico, Philippine Islands, Strait Settlements
and Mexico, New York: MacMillan Co.
Lim, Joseph Y. [1992] A Study of Philippines Exchange Rate Policies, Philippine
Institute for Development Studies, Working Paper Series No. 92-09.
Lumba, Allan E.S. [2022] Monetary Authorities: Capitalism and Decolonization in theAmerican Colonial Philippines, Durham and London: Duke University Press.
Nagano, Yoshiko [2010] “The Philippine Currency System during the American Colonial
Period: Transformation from the Gold Exchange Standard to the Dollar ExchangeStandard,” International Journal of Asian Studies, Vol.7, No.1.
_______ [2015] State and Finance in the Philippines, 1898-1941: The Mismanagementof an American Colony, Singapore: NUS Press and Quezon City: Ateneo de Manila
University.
“Republic Act No. 265: Act Establishing the Central Bank of the Philippines” [1948].
Romualdez, Eduardo Z. [1962] “Financial Problems Created by the War,” Journal of
History, Vol. 10, No. 4.
Roxas, Sixto K. [1962] “Decontrol in the Philippines,” Philippine Studies, Vol. 10, No. 2.
Shimazaki, Kyuya [1989] Yen no Shinryakushi: Yen Kawasehoni-sedo no Keiseikatei(A History of Yen Aggression: The Formation Process of the Yen Exchange Standard
System), Tokyo: Nihon Keizai Hyoronsha.
Takagi, Yusuke [2016] Central Banking as State Building: Policymakers and Their
Nationalism in the Philippines, 1933-1964, Singapore: NUS Press and Quezon City:
Ateneo de Manila University.
van der Eng, Pierre [1993] The Silver Standard and Asia’s Integration into the World
Economy, 1850-1914, Economic History of Southeast Asia Project, Research Schoolof Pacific Studies, Australian National University. Working Paper No. 175.
Vidal, Olivia A. [2003] “Money Demand and the Philippine Economy,” IN Money &Banking in the Philippines: Perspectives from Bangko Sentral ng Pilipinas, Manila:

9

Bangko Sentral ng Pilipinas.
Wolters, W.G. [2012] “Decolonizing Money: Central Banks in the Philippines andIndonesia,” IN Beyond Empire and Nation: The Decolonization of African andAsian Societies, 1930s-1960s, edited by Els Bogaerts and Remco Raben, Leiden:
KITLV Press.

10Table 1 Foreign Exchchage Rates of Pesos per US Dollar: 1831-1941
Pesos per USYeardollar
1831

1.03

1837

0.98

1838

0.98

1839

0.96

1840

0.96

1841

0.97

1842

0.98

1843

0.98

1844

0.98

1845

0.98

1846

0.98

1847

0.97

1848

0.98

1849

0.97

1850

0.97

1851

0.95

1852

0.96

1853

0.94

1854

0.94

1855

0.95

1856

0.95

1857

0.94

1858

0.95

1859

0.94

1860

0.94

1861

0.95

1862

0.95

1863

0.95

1864

0.95

1865

0.95

1866

0.95

1867

0.96

1868

0.96

1869

0.96

1870

0.96

1871

0.96

1872

0.96

1873

0.98

1874

1.00

1875

1.02

1876

1.09

1877

1.06

1878

1.10

1879

1.13

1880

1.11

1881

1.12

1882

1.12

1883

1.15

1884

1.14

1885

1.20

1886

1.28

1887

1.30

1888

1.35

1889

1.36

1890

1.22

1891

1.29

1892

1.46

1893

1.63

1894

2.00

1895

1.95

1896

1.88

1897

2.10

1898

2.16

1899

2.12

1900

2.05

1901

2.13

1902

2.41

1903

2.01

1904

2.01

1905

2.01

1906

2.01

1907

2.01

1908

2.01

1909

2.01

1910

2.01

1911

2.01

1912

2.01

1913

2.01

1914

2.01

1915

2.01

1916

2.02

1917

2.01

1918

2.01

1919

2.05

1920

2.11

1921

2.19

1922

2.05

1923

2.01

1924

2.01

1925

2.01

1926

2.01

1927

2.01

1928

2.02

1929

2.00

1930

2.00

1931

2.00

1932

2.00

1933

2.00

1934

2.00

1935

2.00

1936

2.00

1937

2.00

1938

2.00

1939

2.00

1940

2.01

1941

2.01

Sources:
1831-1902:
US Bureau of Census, Census of the Philippine Islands Taken

under the Direction of the Phlippine Commission in the Year 1903,
Washington, DC: Government Printing Office, 1905, Vol. IV, pp. 563,
curriculated from the original data of US dollar per peso.

1903-1941:
Pierre van der Eng,The Silver Standard and Asia's Integration

into the World Economy, 1850-1914, Canberra: Austrarian
National University, Working Paper in Economic History No. 175,
1993, pp. 27-28（Data cited from Statistical Bulletin of the Philippine Islands ,For 1916−22, Data curriculated from George F. Luthringer, The Gold-ExchangeStandard in the Philippines, Princeton: Princeton University Press,
1934, pp. 60, 274-275).

Table 2 Foreign Exchange Rates of Pesos

per US Dollar: 1943-1945
Pesos
Year

Month

per US
dolar

1943 September

3.35

October

11.44

November

33.11

December

30.67

1944 January

33.90

February

39.37

March

40.32

April

41.15

May

84.75

June

136.99July

166.67

August232.56

September

588.24

October

833.33

November

1,250.00

December1945 January

1,250.00
1,428.57

Source:Kyuya Shimazaki, Yen no Shinryakushi: Yen Kawasehoni-sedo

no Keiseikatei (A History of Yen Aggression: The Formation
Process of the Yen Exchange Standard System), Tokyo: Nihon
Keizai Hyoronsha, 1989, p 330, curriculated from the original
data of US dollar per 100 pesos.

Table 3 Whole Sale Price Indices in Manila:
1941-1945

Year

Month
1941 December
1942 March
June

December
1941=100100-

September

186

December

200

1943 March

245

June

247

September

437

December
1944 March

1,196
1,976

June

5,154

September

14,084

December

14,285

1945 March

14,285June-

September-

Source:Same as Table 2, p. 382.

Table 4 Price Indices in Manila: 1942-1945(December 1941＝1.00）

Year

Month

Cost of
Living(1)Treasury
Certificate

Real Estate

SalaryValuesIncomeQuotations

1941 December

1.00

1.00

1.00

1.00

1942

January

1.07

1.00

0.91

0.66

February

1.16

0.99

0.95

0.74

1.02

1.02

0.85

1.18

1.17

0.96

1.28

1.40

0.96

1943

1944

1945年

March

1.29

April

1.36

May

1.43

June

1.57

July

1.70

August1.82

September

1.86

October

1.99

November

2.09

December

2.01

January

2.08

February

2.21

March

2.46

April

2.72

May

2.63

June

2.47

July

2.67

August3.85

September

4.38

1.03
1.08
1.76

October

5.04

November

7.24

December

11.97

2.61
4.50

January

16.09

February

18.91

March

19.75

1.84

1.13
1.22
1.23

3.08

1.28
1.96
2.00

7.00

4.37

2.00

April

25.67

2.11

May

33.63

2.35

June

49.66

July

70.86

August81.55

September

153.87

33.20

16.85

11.00

2.97
3.73
4.17

14.80

5.00

October

215.71

39.00

9.26

November

452.27

56.40

11.90

December

648.8485.00

January951.50112.5037.00

Source:Eduardo Z.Romualdez, "Fiinancial Problems Created by the War,"

Journal of History , Vol.10, No.4 (1962), pp. 461-463.
Note:(1)Based on the family budgets of wage earners with a monthly
income of less than 50 pesos, conducted by the Departmentof Labor in 1938.

16.25

Table 5 Foreign Exchchage Rates of Pesos per US Dollar: 1946-2020
Pesos per US dollar
Year
Official Rate

Free Market
Rate

Pesos per US dollar
ExportImport

1946

2.00

1947

2.00

1948

2.00

1949

2.00

2.16

1950

2.00

2.95

1951

2.00

3.25

1952

2.00

2.82

1953

2.00

2.85

1954

2.00

2.98

1955

2.00

2.99

1956

2.00

3.24

1957

2.00

3.44

1958

2.00

3.39

1959

2.00

4.02

1960

2.02

3.53

1961

2.02

3.85

1962

3.73

3.88

1963

3.91

3.94

1964

3.91

3.91

1965

3.91

4.01

1966

3.90

3.98

1967

3.90

4.10

1968

3.90

4.26

1969

3.90

4.95

1970

5.90

6.69

1971

6.43

7.01

1972

6.67

7.03

1973

6.76

7.20

6.7

6.8

1974

6.79

7.14

6.8

6.8

1975

7.25

7.90

7.2

7.3

1976

7.44

7.91

7.4

7.5

1977

7.40

7.80

7.4

7.5

1978

7.37

7.86

7.3

7.4

1979

7.38

7.97

7.3

7.4

1980

7.51

8.04

7.5

7.6

1981

7.90

8.30

7.9

8.0

1982

8.54

9.08

8.5

8.6

1983

11.11

14.27

11.1

11.2

1984

16.70

19.78

16.6

16.8

1985

18.61

18.80

18.6

18.9

1986

20.39

20.95

20.4

20.4

1987

20.57

23.17

20.6

20.6

1988

21.09

21.1

21.1

1989

21.74

21.7

21.7

1990

24.31

24.2

24.4

1991

27.48

27.3

27.3

1992

25.51

25.3

25.3

1993

27.12

26.7

27.3

1994

26.42

26.2

26.8

1995

25.71

25.5

26.0

1996

26.22

26.1

26.5

1997

29.47

29.3

29.8

1998

40.89

40.6

41.3

1999

39.09

38.8

39.5

2000

44.19

43.7

44.5

2001

50.99

50.7

51.6

2002

51.60

51.2

52.1

2003

54.20

53.8

54.7

2004

56.04

55.8

56.8

2005

55.09

54.8

55.3

2006

51.31

51.1

51.6

2007

46.15

46.0

46.3

2008

44.32

44.2

44.8

2009

47.68

47.3

48.1

2010

45.11

44.9

45.4

2011

43.31

43.1

43.6

2012

42.23

42.0

42.5

2013

42.45

42.4

42.9

2014

44.40

44.2

44.7

2015

45.50

45.2

45.7

2016

47.49

47.4

47.9

2017

50.40

50.2

50.7

2018

52.66

52.6

53.1

2019

51.80

51.5

52.0

2020

49.62

49.4

49.9

Sources:
1. Official Rate
1946-49：
Pierre van der Eng, The Silver Standard and Asia's Integration

into the World Economy, 1850-1914, Canberra: Austrarian
National University, Working Paper in Economic History No. 175,
1993, p. 29（Data cited from Pick's Currency Book ).
1950 -2017：

IMF International Financial Statistics Yearbook.
2018-2020:
Central Bank of the Philippines, Annual Report Vol. II, Statistical Bulletin.
2. Free Market Ratevan der Eng, The Silver Standard..., p. 29 and the 2017 ﬁle of van der Eng）
（Data cited from Pick's Currency Yearbook and World Currency Yearbook）.
3．Foreign exchange rates by export and import

Philippine Statistical Yearbook .