PHP to XAF

PHP - Philippine Piso (₱)

The Philippine peso is the official currency of Philippines. It is commonly depicted by the symbol ₱. Written abbreviations include: PhP, Php, P$, or P. The official currency code for the peso is PHP.

The Peso is the foreign currency of the Philippines. It's subdivided into one hundred centavos. Prior to 1967, English was used on all notes and coins, hence the term “peso” was used as the name of the currency in the Philippines. When Filipino was introduced as a written language, the term used on notes and coins became “piso”.

The Philippine Peso is the currency in Philippines (PH, PHL). The symbol for PHP can be written P. The Philippine Peso is divided into 100 centavos. The exchange rate for the Philippine Peso was last updated on Today from The International Monetary Fund. The PHP conversion factor has 6 significant digits.

Economy

• The Philippines is estimated to be the 45th largest economy in the world, with a GDP of USD$216 billion (2011). Major exports includes semiconductors and other electrical components, transport equipment, clothing, copper and petroleum products and fruits.
• In recent times, the Philippines has been transitioning from a agricultural-based economy to one that increasingly relies on services and manufacturing. Agriculture now only accounts for roughly 30% of the workforce and about 14% of GDP.
• The economy of the Philippines was the second largest in East Asia after World War II. However the economy stagnated until the 1990s, based on economic policies and political volatility, and other Asian countries surpassed the Philippines in terms of GDP growth.
• In the 1990s, a new program of economic liberalization was introduced, leading to economic recovery until the 1997 Asian Financial Crisis.

History

• Prior to the introduction of a formal currency, trade in the Philippines was performed using a barter system, and later on “piloncitos” (small pieces of gold) and gold barter rings.
• The Spanish introduced coins to the Philippines when they colonized the country in 1521. However, the coins used by Filipino people were minted in various Spanish countries around the world, leading to major inconsistencies in purity and weight.
• In 1861, the first mint was established in order to standardized coinage.
• After the Philippines gained independence in 1898, the country’s first local currency was introduced, replacing the Spanish-Filipino Peso.
• The United States captured the Philippines in 1901, and established a new unit of currency that was pegged to exactly half of a US Dollar in 1903.
• During World War II, the Philippines was occupied by Japan, and new notes were introduced yet again.
• The Central Bank of the Philippines was established in 1949, leading to the reintroduction of a formal Filipino currency.

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XAF - Central African CFA Franc (XAF)

Central African CFA Franc

The CFA Franc BEAC is pegged to the Euro at 1 Euro = 655.957 XAF. It is the currency for six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

The Central African CFA is the currency in Cameroon (CM, CMR), Central African Republic (CF, CAF), Chad (TD, TCD), Congo (CG, COG), Equatorial Guinea (GQ, GNQ), and Gabon (GA, GAB). The Central African CFA is also known as Communaute Financiere Africaine BEAC Francs. The symbol for XAF can be written CFAF. The Central African CFA is divided into 100 centimes. The exchange rate for the Central African CFA was last updated on Today from The International Monetary Fund. The XAF conversion factor has 6 significant digits.

Economy

• Cameroon is one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports—petroleum, cocoa, coffee, and cotton—in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per-capita GDP fell by more than 60% from 1986 to 1994.
• The Central African Republic (CAR) is classified as one of the world's least developed countries, with an estimated annual per capita income of $700 (2009).
• Landlocked Chad's economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, such as the herding of livestock.
• The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing.
• Equatorial Guinea‘s GDP has forestry, farming, and fishing as major components. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished the potential for agriculture-led growth.
• Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP and 80% of exports. Oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997. The 1998 fall-off in oil prices had a negative impact on government revenues and the economy. Gabon public expenditures from the years of significant oil revenues were not spent well.

History

• BEAC stands for Banque des Etats de l'Afrique Centrale.
• The CFA Franc BEAC was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African Franc. The equatorial African colonies and territories using the CFA Franc BEAC were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.
• The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA Franc in 1984, replacing the Equatorial Guinean Ekwele at a rate of 1 Franc = 4 Bipkwele.
• In 1948, coins were issued for use in all colonies (except French Cameroon) in denominations of 1 and 2 CFA Franc BEAC. This was the last minting of a 2-franc coin for nearly 50 years.
• In 1958, 5-, 10- and 25-franc coins were minted (and used in French Cameroon). These coins bore the name of Cameroon, as well as the États de l'Afrique Equatorial.
• In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc coins in 1966. Since 1971, 100-franc coins were issued by individual states. In 1976, cupro-nickel 500 francs coins were introduced.
• Since 1985, coins have also been issued by individual states. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.
• When the CFA Franc BEAC was introduced, notes issued by the Caisse Centrale de la France d'Outre-Mer ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1,000 Francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 Francs, followed by those of 500 Francs in 1949, and 5,000 Francs in 1952.

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