1 Peso

Cagayan Province issued its own emergency currency in 1942 after the Japanese occupation severed normal financial channels across the Philippine archipelago. Provincial and municipal governments were left largely on their own to fund local administration and pay guerrilla-aligned civil servants — this note belongs to that improvised but officially sanctioned wave of Philippine provincial emergency issues.

The Cagayan series is among the less commonly encountered provincial issues, partly because northern Luzon saw protracted and destructive military action through 1944–45. Many notes were lost, burned, or deliberately destroyed to keep currency out of Japanese hands.