100 Pesos

The Philippine peso was pegged at two to the dollar when this note was issued, a rate the Central Bank had inherited from the pre-war Commonwealth period and would defend — with increasingly aggressive exchange controls — until the peso's effective devaluation in 1962. The 100-peso denomination was the highest value circulating note in the 1949 series, which made it primarily an instrument of large commercial transactions and government finance rather than everyday retail use.

Thomas De La Rue's involvement here reflects the Quirino administration's preference for established Commonwealth-era suppliers over American security printers, a quiet political signal in an otherwise unremarkable contract.