1 Peso

The Cebu Currency Committee notes were emergency issues produced under Japanese occupation pressure, authorized by local Philippine government bodies attempting to maintain a functioning economy after the fall of Manila. The Philippine National Bank's Cebu branch had limited printing resources, and these wartime provincially-issued pesos circulated alongside Japanese military scrip — the two competing side by side in a market that trusted neither.

The April 1945 printing date places this note in the final weeks before Cebu City's liberation by American forces, meaning many examples from this print run saw almost no genuine commercial use before the emergency authorization lapsed.