It's not real mahogany but a wood called Lauan. It's used for plywood etc. It's not very well respected for building guitars. It's stringy, doesn't work very well and any number of other things that I've heard it called, but then again, I've never used it. It was also used at one time as a replacement for mahogany in boatbuilding but deteriorates much faster than the real thing. Sources say that Lauan is not nearly as plentiful as it was due to uncontrolled clearcutting and that Meranti and other species are now called Phillipine mahogany from places like Maylasia and Indonesia. Here's one link http://en.wikipedia.org/wiki/Philippine_mahogany

Google it and you'll find many others.