1 Peso

Negros Occidental operated in near-total economic isolation after Japanese forces cut off the island from Manila's banking infrastructure in late 1941. The Philippine National Bank's Bacolod branch issued these emergency guerrilla notes to maintain a functioning local economy — they were never sanctioned by any central authority but circulated with widespread public acceptance because there was simply nothing else.

The S-prefix in the Pick reference denotes a provincial or emergency issue. Negros produced some of the more organized wartime currency in the archipelago, backed informally by local sugar revenues and the cooperative infrastructure of the sugar haciendas.