25 Pesos

The Tesoro de las Islas Filipinas operated as the colonial treasury under Spanish administration, issuing notes backed by the revenues of the archipelago rather than by any peninsular banking institution. By 1877, Philippine fiscal infrastructure was still largely autonomous from Madrid in practical terms — the treasury handled customs receipts, tobacco monopoly income, and government disbursements locally, which made these notes instruments of colonial finance rather than conventional bank currency.

Three-signature authentication was deliberately cumbersome, requiring sign-off from the Director General, Contador General, and Central Treasurer simultaneously. That requirement limited forgery risk but also slowed issuance considerably.