The Philippine peso is the official currency of the Philippines, divided into 100 centavos. Banknotes range from 20 to 1000 pesos, and coins include 1, 5, 10, 20 pesos, and 1, 5, 10, 25 centavos. The peso, derived from the Spanish peso, became the official currency in 1949 after the Philippines gained independence, and the Central Bank of the Philippines was established. The peso is symbolized by ₱, representing the original peso or dollar sign. To distinguish it, Filipinos use the "₱" symbol instead of other countries' dollar signs.