20 Pesos

The Central Bank of the Philippines was only established in 1949, replacing the pre-war Philippine National Bank note issues and severing the currency's direct tie to the US dollar peg that had governed Philippine monetary policy since American colonial administration. This series, printed by Thomas De La Rue across a span of nearly two decades, bridges the immediate post-independence period through the Macapagal administration — a long run that produced considerable variation in signatures across the series.

Signature combinations are the primary collecting variable here. At least seven distinct pairs of Governor and Treasurer signatures appear across P#137, and the earlier combinations — particularly those from the Cuaderno governorship — carry a meaningful premium over later issues.