The term "peso" refers to the currency used in several countries, primarily in Latin America and the Philippines. It is derived from the Spanish word for "weight" and has been in use since the Spanish colonial period. Different countries have their own versions of the peso, such as the Mexican peso and the Philippine peso, each with its own exchange rate and value. The peso is typically subdivided into 100 smaller units called centavos. The symbol for the peso is often represented as "$" or "₱" for the Philippine peso. The currency is used for everyday transactions, including buying goods and services, and is an essential part of the economies in the countries that use it.