20 Centavos

Cagayan's provincial emergency notes were authorized under the Philippine Commonwealth's wartime currency decrees, which permitted local governments to issue their own scrip after the Japanese occupation severed normal banking operations across Luzon. The Province of Cagayan, in the far northeast of the island, had enough administrative continuity in 1942 to organize and print its own denominations — a situation that did not last.

Japanese military authorities systematically suppressed Commonwealth scrip issues as their occupation consolidated. Many Cagayan notes were destroyed or hidden, which accounts for the genuine scarcity of low-denomination survivors from this series today.