1 Peso

The Iloilo Currency Committee was one of several provincial emergency currency bodies that formed across the Philippine islands in late 1941 and early 1942, after the Japanese invasion severed normal banking operations and the supply of official Philippine Commonwealth currency dried up. These committees operated under improvised authority, issuing notes to keep local commerce functioning in the absence of any centrally managed monetary system.

The Philippine National Bank's name appears on this note not because the bank directed its production, but because PNB branch personnel were typically involved in the administrative machinery of these local committees. Actual printing was done with whatever materials were available in Iloilo at the time — quality and consistency vary considerably across the series.