PHILIPPINE NATIONAL BANK CIRCULATING
NOTE
THE PHILIPPINE NATIONAL BANK
WILL PAY THE BEARER ON DEMAND
ONE PESO
IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS
ISSUE UNDER THE PROVISIONS OF ACT NUMBER 2612 AS AMENDED BY ACTS
2747 AND 2938 OF THE PHILIPPINE LEGISTATURE
Reverse lettering
ONE PESO
PHILIPINE NATIONAL BANK
CIRCULATING NOTE
THIS NOTE IS RECEIVABLE BY THE PHILIPPINE GOVERMENT IN PAYMENT OF
ALL TAXES DUES OR OTHER CLAIMS DUE OR OWING TO SAID GOVERNMENT AND
IS EXEMPT FROM ALL TAXES
