5 Pesos

The Negros Emergency Currency Board was one of several guerrilla currency authorities operating in the Philippine provinces under Japanese occupation. These boards issued notes with the tacit backing of the U.S.-aligned resistance, essentially functioning as a parallel economy to undermine Japanese military scrip. The Negros issues are among the more systematically organized of the Philippine guerrilla series — the Board maintained numbered series and applied formal authorization signatures, which distinguishes them from rougher provincial emergency issues.

Printed locally under wartime constraints, paper quality and ink consistency vary considerably across surviving examples. The 1944 dating places this note in the final, increasingly desperate phase of the occupation, when Japanese enforcement against resistance currency had intensified.