5 Pesos

Negros Occidental issued its own emergency currency almost immediately after Japanese forces occupied the archipelago in late 1941, operating on the assumption — shared by most Philippine provincial governments at the time — that the Commonwealth administration in exile retained legitimate authority. The Nalco Press operation was a genuinely local affair: not a Manila commercial printer but a provincial facility pressed into wartime service, which accounts for the uneven impression quality endemic to the entire S637 series.

These notes circulated alongside Japanese Military Pesos, which the population largely distrusted. Most provincial issues were declared void after liberation; surviving examples often show heavy use from the guerrilla economy they actually served.