1 Peso

The Philippine National Bank's Iloilo branch issued this emergency note in 1941 under wartime emergency currency provisions, part of a broader decentralized effort to keep money circulating across the archipelago as Japanese invasion became increasingly likely. Branch-issued PNB notes from this period are distinct instruments — authorized locally, printed locally, and redeemable locally, which is why the issuing city appears prominently on the face rather than Manila.

Most Iloilo branch issues were rapidly pulled from circulation or destroyed following the Japanese occupation of Panay in April 1942, making survivors genuinely uncommon.