10 Pesos

The Philippine National Bank operated regional emergency currency programs through its provincial branches in the months following the Japanese invasion of December 1941. The Iloilo Branch issues are among the more regionally distinct emergency notes of the Pacific War period — produced locally as the Manila-based banking system collapsed under occupation and the PNB's central operations were effectively severed from the provinces.

Pick S308 is a guerrilla-era provincial issue, printed under duress with whatever materials were available in Iloilo City. Paper quality and ink consistency vary considerably across surviving examples, a direct consequence of wartime supply conditions rather than manufacturing negligence.