Centavos refers to the monetary unit of the Philippines that is equivalent to one hundredth of a peso. The symbol used for centavos is "₱". The Philippines began using centavos as their currency after they became a Spanish colony. The first centavo was introduced in 1864 and was made of silver. Over the years, the design and composition of the centavos have changed. Currently, there are coins in circulation with denominations of 1, 5, 10 and 25 centavos. However, due to inflation, the value of centavos has significantly decreased over the years, making them less useful in day-to-day transactions.
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