Danielle Kate Roan Ugay Monetary Policy Blk3

BSBA FM 2 October 19, 2022

TASK 3
Video Reflection: How the Philippine peso evolved through the years

After watching the video of How the Philippine peso evolved through the
years, I gained the knowledge of the history of Philippine money as well as the
factors that have shaped it into what it is today.
People were already trading products and services with each other and
those in nearby regions even before the Philippines became the name of the
nation in which we currently reside. They accomplished this through "barter
trade”. But before that, the system of the action or system of exchanging goods
or services without using money or barter were most likely used Since there were
no concept about currency or banknotes at that time.
According to the Banko Sentral Deputy director of corporate office I have
learned also in the video that the Philippines have been colonized by Many huge
Countries such as Spain then the American followed by the Japanese Period. By
the time the Japanese Colonized the Philippines they introduced their own
currency but they produced so much without a backing because when you
produce a currency you have to back it up like Gold or silver.
The Japanese keeps on producing money without a stop and that is one
huge factor because there is already a huge amount of inflation rate. So the
Bangko Sentral Ng Pilipinas (BSP) was established on 1949, they decided to
continue what was already established as their series and continue producing
their own afterwards.
From barter trade to banknotes exchange, I discover how money has
transformed through the course of history while revisiting the origins of the
Philippine peso and how it has reflected the nation across the year.