10 Centavos

The Philippine National Bank's Iloilo branch began issuing its own emergency currency in late 1941 as Japanese forces advanced through the archipelago and the supply of centrally issued notes became unreliable. These branch-specific emergency notes were printed locally under improvised conditions — Iloilo City had no established security printing facility, which shows in the production quality of surviving examples.

The Iloilo series is among the more localized of the PNB emergency issues, reflecting how fractured the Philippine monetary system became during those final weeks before the Japanese occupation of the Visayas in early 1942.