100 Pesos

El Banco Español Filipino was the oldest Western-style bank in the Philippines, and by 1904 it was operating in increasingly uncomfortable territory — American colonial administration had taken hold following the 1898 Treaty of Paris, and the bank's Spanish charter sat awkwardly under a new sovereign. This note was issued just two years before the institution was formally reconstituted as the Bank of the Philippine Islands in 1906, making the series among the last to carry the original Spanish-era name.

Barclay & Fry operated from Hackney in London and handled security printing for several colonial currency clients during this period, though they are less frequently cited than contemporaries like Bradbury Wilkinson or De La Rue.