The Bangko Sentral ng Pilipinas (BSP) wishes to state that Section 48 of Republic Act No. 7653 (otherwise known as The New Central Bank Act) explicitly provides in Section 48 that the 'Peso' is the unit of monetary value in the Philippines.
Since 1965, however, Filipino words, including the term 'Piso', have been used in the banknotes and coins issued by the BSP with a view of upholding our national language.1
Aside from the use of Filipino words in our Philippine currency, the New Generation Currency (NGC) Banknote Series features iconic natural wonders, heritage sites and Filipinos who played significant role in shaping Philippine history, while the NGC Coin Series highlights endemic flora and national heroes.
The commemoration of the 122nd death anniversary of Gat Jose Rizal, who is prominently featured in the 1-Piso NGC coin, is a timely reminder of the economic and cultural value of the Philippine currency.
1 Section 6 of Article XIV of the 1987 Philippine Constitution provides that the national language of the Philippines is Filipino.
Source: Bangko Sentral ng Pilipinas (BSP)