5 Pesos

Cagayan's wartime emergency notes were issued under Japanese occupation after the fall of the Philippines in early 1942, when provincial and municipal governments were authorized — or simply compelled — to produce their own currency to keep local economies functioning. The revenue stamp applied to this note was a makeshift authentication measure, a signal of how improvised the entire issuing apparatus had become.

Guerrilla and Japanese-backed currencies circulated simultaneously across Luzon during this period, creating genuine confusion about which notes held any practical value. Provincial issues from Cagayan are among the more elusive Philippine emergency notes to find with the revenue stamp intact and legible.