5 Pesos

The Philippine National Bank's wartime emergency notes, issued from regional branches rather than Manila, were a direct response to the Japanese occupation cutting off central banking functions. The Iloilo branch series was authorized under guerrilla government authority in the Visayas, where provincial officials maintained a fragile civilian administration outside Japanese control.

These locally printed notes are notoriously crude by any production standard — the printing equipment available in Iloilo in 1944 was whatever could be sourced under occupation conditions. Ink bleed and misaligned impressions are the norm, not signs of damage.