Answer:
The term "Peninsulares" refers to Spanish nationals who emigrated to the colonies in Latin America as children. Those who were born on the Iberian Peninsula, which encompasses Spain and Portugal, are referred to as "Peninsulares". These people represented the highest social class in the colonies and were in positions of authority.
Several Peninsulares were sent by Spain to manage the colonies throughout the colonial era, and they frequently held the top posts in the government, the church, and the military. They were seen as having more privileges and rights than "Criollos," the people who were born in the colonies.
Peninsulares' descendants now make up a tiny fraction of South America's population—roughly 1% of the total.