5 Pesos

The Negros Emergency Currency Board was one of several provincial currency bodies established in the occupied Philippines after the Japanese invasion forced local administrations to improvise their own monetary systems. Negros Occidental, cut off from Manila and running on a war economy, needed something — anything — that could function as a medium of exchange without relying on the Japanese Military Administration's own occupation pesos, which were deeply distrusted.

By 1944, these emergency issues were under real pressure. The Japanese were tightening their grip on the island, and notes produced this late in the occupation carried genuine risk for those who printed, distributed, or simply held them.