5 Pesos

The Iloilo Currency Committee notes of 1942 are among the more unusual wartime emergency issues in Philippine numismatic history. When Japanese forces advanced through the islands in early 1942, provincial officials and local branches of the Philippine National Bank scrambled to produce emergency currency before occupation cut off access to Manila. The Iloilo issues were printed locally under improvised conditions, with limited materials — which accounts for the inconsistent paper stocks and variable print quality seen across the series.

Genuine examples were in circulation for a matter of weeks before Iloilo fell. Survival rate is low, and forgeries contemporary to the period are documented.