VEF to PHP

VEF - Venezuelan Bolívar (Bs.)
PHP - Philippine Piso ()
1 VEF1 PHP

Currency conversion rates from VEF to PHP

VEFPHP
1 VEF1 PHP
5 VEF5 PHP
10 VEF10 PHP
20 VEF20 PHP
50 VEF50 PHP
100 VEF100 PHP
250 VEF250 PHP
500 VEF500 PHP
1000 VEF1000 PHP
2000 VEF2000 PHP
5000 VEF5000 PHP
10000 VEF10000 PHP
PHPVEF
1 PHP1 VEF
5 PHP5 VEF
10 PHP10 VEF
20 PHP20 VEF
50 PHP50 VEF
100 PHP100 VEF
250 PHP250 VEF
500 PHP500 VEF
1000 PHP1000 VEF
2000 PHP2000 VEF
5000 PHP5000 VEF
10000 PHP10000 VEF

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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VEF - Venezuelan Bolívar (Bs.)

Venezuelan Bolívar

The Bolívar Fuerte has been the official currency of Venezuela since January 1, 2008. It is subdivided into 100 céntimos and replaced the Bolivar at the rate of Bs.F. 1 = Bs. 1,000 due to inflation.

The Venezuelan Bolivar Fuerte is the currency in Venezuela (VE, VEN). The Venezuelan Bolivar Fuerte is also known as Bolivars, and Bolívar. The symbol for VEF can be written Bs. F. The Venezuelan Bolivar Fuerte is divided into 100 centimos. The exchange rate for the Venezuelan Bolivar Fuerte was last updated on August 23, 2018 from Bloomberg. The VEF conversion factor has 4 significant digits.

Economy

  • The economy of Venezuela is largely based on the petroleum sector, which accounts for roughly a third of the GDP, around 80% of total exports, and more than half of government operating revenues.
  • Venezuela is the fifth-largest member of OPEC by oil production.
  • From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants.
  • During the collapse of oil prices in the 1980s the economy contracted. With high oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007, but was expected to shrink by 2.9% in 2009 and further in 2010.
  • Venezuela has one of the highest inflation rates in the world, averaging 29.1% in 2010, according to the CIA world fact book.

History

  • The Bolivar was adopted by the monetary law of 1879, replacing the short-lived venezolano at a rate of 5 Bolivares = 1 Venezolano.
  • Initially, the Bolívar was on the silver standard, equal to 4.5 g fine silver, following the principles of the Latin monetary union. The monetary law of 1887 made the gold Bolívar unlimited legal tender, and the gold standard came into full operation in 1910.
  • Venezuela went off the gold standard in 1930, and in the 1934 the Bolívar exchange rate was fixed in terms of the US Dollar at a rate of 3.914 Bolivares = 1 USD.
  • In 1937, it was revalued to 3.18 Bolivares = 1 USD, a rate which lasted until 1941.
  • Until February 18, 1983, now called Black Friday by many Venezuelans, the Bolívar had been the most stable and internationally accepted currency.

More information about VEF - Venezuelan Bolívar (Bs.)