The currency used in the Philippines is the Philippine peso, abbreviated as PHP. The peso has been the official currency since the Philippines gained independence from the United States, replacing the Philippine dollar. It is subdivided into 100 centavos, and its symbol is "₱." The Central Bank of the Philippines is responsible for issuing and regulating the currency, which comes in various denominations. The peso plays a crucial role in the Philippines' economy, facilitating trade, investment, and everyday transactions for the Filipino people.