2 Pesos

The Iloilo Currency Committee was one of several improvisational local bodies that sprang up across the Philippine archipelago in the weeks following the Japanese invasion of December 1941. With Manila banks inaccessible and the Commonwealth peso supply disrupted, provincial authorities in Panay issued their own emergency currency to keep commerce functioning. The Philippine National Bank provided nominal institutional backing, but printing was strictly local — rough stock, minimal security features, and whatever presses were available.

These Iloilo emergency notes circulated only briefly before Japanese occupation authorities suppressed them in favor of the Military Peso. Survivors tend to show hard use.