Complex sentence: The country's monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine peso was on the exchange standard using the United States dollar, which was backed by 100 percent gold reserve, as the standard currency.
Split into simpler sentences: The country's monetary system then was administered by the Department of Finance and the National Treasury. The Philippines was on the exchange standard using the US dollar, which was backed by 100 percent gold reserve, as the standard currency.