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Philippines is one of the industrializing nations that are yet to reach the developed countries status economically, but are more developed than many other developing countries. Philippines rank the 24th largest economy and are in the list of the ‘Next Eleven’ by the Goldman investment bank. The service and agriculture sector are here dominated by BPO industries and contribute their best to the GDP of Philippines. The Philippines peso is supporting the growth and helping to go closed towards the level of the first countries. In fact, the currency in 2005 was the best currency of Asia in performance.
The Philippines peso is the currency registered in the Guinness world record for 100000 peso banknote and was the largest legal tender note in its size. The width of the Philippines peso measured 8.5 inches and its length 14 inches. The 2000 peso was circulated in limited issue but was rarely used. The banknotes that were frequently used were P20, 50, 100, 200, 500 and 1000. All these notes come in uniform sizes and different colors are used that help in distinguishing the notes from each other.
Bank notes & coins
The 20 peso note is orange in color, the 50 peso in red, 100 peso in violet, 200 peso in green, 500 peso in yellow and 1000 peso in blue as major color. The 5 and 10 peso notes are viewed as legal tender and are minted as coinage. All these notes have important personalities of the nation depicted in the front and backside of the bank notes. These images relate the achievements and the events of the nation. 20 peso note has the portrait of the commonwealth first president, Manuel L Quezon and on the reverse side the Malacanan Palace, the 50 peso note has the second commonwealth president on the front side and on the reverse side is the national museum, and all the other notes also have prominent figures relating to the Philippines history.
The coinage also has equal importance and is in face values such as 5, 10, 25 centavos, 1, 5 and 10 pesos. However, the 1 centavo coins were not in use now, but coins have face values on the front side with the mint year marked and the backside on the coins have the official logo. The coins have different colors such as 5 & 10 centavo coin are in copper red, 25 centavo in yellow, 1 peso in Grayish, 5 peso in pale yellow and 10 peso in white yellow.