<P> The Philippine peso is derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the Americas and Southeast Asia during the 17th and 18th centuries, through its use in the Spanish colonies and even in the United States and Canada . </P> <P> The Philippine peso was established on 1 May 1852, when the Banco Español - Filipino de Isabel II (now the Bank of the Philippine Islands) introduced notes denominated in pesos fuertes ("strong pesos", written "PF"), until 17 October 1854, when a royal decree confirmed the by - laws of the Banco Español - Filipino . 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 two pesos). Coin production commenced in 1861 and, in 1864, the Philippines decimalised, dividing the peso into 100 centimos de peso, with the peso equal to 226 ⁄ 7 grains of gold . In 1886, Philippine colonial authorities began gradually phasing - out all Mexican coins in circulation in the islands, citing that Mexican coins were by then of lesser value than coins produced in Manila . As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated . Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar . The name of the currency remained unchanged despite the 1896 Philippine Revolution and the subsequent declaration of independence in 1898 . </P> <Table> <Tr> <Th> Countries </Th> <Th> Currency </Th> <Th> ISO 4217 code </Th> </Tr> <Tr> <Td> Argentina </Td> <Td> Argentine peso </Td> <Td> ARS </Td> </Tr> <Tr> <Td> Chile </Td> <Td> Chilean peso </Td> <Td> CLP </Td> </Tr> <Tr> <Td> Colombia </Td> <Td> Colombian peso </Td> <Td> COP </Td> </Tr> <Tr> <Td> Cuba </Td> <Td> peso; Cuban convertible peso </Td> <Td> CUP; CUC </Td> </Tr> <Tr> <Td> Dominican Republic </Td> <Td> Dominican peso </Td> <Td> DOP </Td> </Tr> <Tr> <Td> Mexico </Td> <Td> Mexican peso </Td> <Td> MXN </Td> </Tr> <Tr> <Td> Philippines </Td> <Td> Philippine peso </Td> <Td> PHP </Td> </Tr> <Tr> <Td> Uruguay </Td> <Td> Uruguayan peso </Td> <Td> UYU </Td> </Tr> </Table> <Tr> <Th> Countries </Th> <Th> Currency </Th> <Th> ISO 4217 code </Th> </Tr>

The peso is the national currency of mexico puerto rico and peru