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Services, Currency and Banking

pesos equal, Philippine National Bank, Philippine Stock Exchange, Bangko Sentral ng Pilipinas, centavos

The unit of currency is the Philippine peso, which is divided into 100 centavos (44.19 pesos equal U.S.$1; 2000 average). The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) serves as the country’s monetary authority. It has sole control of the credit and monetary supply. Other financial institutions include commercial banks and private development banks. The country’s largest commercial bank is the Philippine National Bank. The banking industry includes domestically owned banks as well as a limited number of foreign banks. The Philippine Stock Exchange is located in Makati, a suburb of Manila.



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pesos equal, Philippine National Bank, Philippine Stock Exchange, Bangko Sentral ng Pilipinas, centavos, sole control, owned banks, Philippine peso, unit of currency, Central Bank, Makati, commercial banks, banking industry, Philippines, credit, financial institutions, average

 
 

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