The country's monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine peso was on the exchange standard using the United States dollar, which was backed by 100 percent gold reserve, as the standard currency.
The country's monetary system then was administered by the Department of Finance. The country's monetary system then was administered by the Department of the National Treasury. The Philippine peso was on the exchange standard. This was as the standard currency. This exchange standard was using the United States dollar. The United States dollar was backed by 100 percent gold reserve.