2 Pesos

Apayao was among the mountain sub-provinces of the Cordillera that issued emergency guerrilla currency during the Japanese occupation of the Philippines. These provincial notes were produced under extraordinary conditions — local officials authorizing scrip on whatever paper was available, backed by nothing more than the promise of a postwar Philippine government that had not yet reclaimed its territory.

The P#S112 series is genuinely rare. Apayao's population and administrative capacity were limited even in peacetime, and the quantity of notes produced was small. Most were redeemed, lost, or destroyed before liberation.