1 Peso

The Philippine National Bank's Iloilo branch issues occupy an unusual corner of wartime Philippine currency. When Japanese forces advanced through the islands in late 1941 and early 1942, several regional branches issued their own emergency notes independently, without coordination from Manila — which had already fallen. The Iloilo issues were among the last produced before Japanese occupation of Panay in April 1942 forced a halt.

Locally printed under severe material constraints, these notes show considerable variation in paper quality and impression consistency across surviving examples. The S-prefix Pick numbers signal their status as siege or emergency issues rather than central bank production.