With whom, under what circumstances, and how frequently is it appropriate to use “po” when speaking Tagalog?

Question by Hapapino: With whom, under what circumstances, and how frequently is it appropriate to use “po” when speaking Tagalog?
I know it is used with elders, but is it also used in formal language with contemporaries or younger persons in certain situations (as it might be with “usted” in Spanish)? Also, how much/often should you use it in a given conversation? In every sentence? Every other? Only in greetings and requests? Is that situation/person dependent? I’m just beginning to learn and wish to be respectful as possible (not annoying) to native speakers. Maraming Salamat Po!

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