1 Peso

The Mindanao Emergency Currency Board was one of several provincial currency authorities that sprang up across the Philippine islands after Japanese forces severed normal banking operations. Mindanao's geography — large, mountainous, and difficult to pacify fully — allowed guerrilla-aligned civilian administrations to function in the interior well into the occupation period, and these boards existed precisely to keep local commerce moving under conditions where prewar Commonwealth pesos were hoarded or simply unavailable.

P#S523 is among the more obscure Mindanao issues. Three signatures rather than the more common two reflects the board structure of this particular authority — Saguin as chairman with two countersigning members, a deliberate redundancy meant to prevent unauthorized emission.