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