2 Pesos

The Mindanao Emergency Currency Board was one of several provincial and regional bodies that issued guerrilla currency in the Philippines during the Japanese occupation. These notes were produced under extraordinarily difficult conditions — limited paper stocks, improvised printing equipment, and constant threat of discovery — to sustain civilian commerce and pay guerrilla forces operating against Japanese-held territory.

The three-signature arrangement involving Pagana, Sagun, and Barbasa reflects the board's administrative structure, where multiple officials co-signed to establish legitimacy for an authority that lacked a central bank's resources. Mindanao guerrilla issues are among the more varied of the Philippine emergency types, with paper quality and printing consistency shifting noticeably between batches.

Notes that passed through active circulation on Mindanao before liberation in 1945 often show characteristic fold damage along the horizontal center — a product of how they were carried and stored in the field.