10 Centavos

Emergency currency boards proliferated across the Philippines during the Japanese occupation, as the Japanese Military Administration's peso notes failed to command confidence and small change effectively vanished from circulation. Local municipalities, cooperatives, and private enterprises were permitted — or simply took it upon themselves — to issue fractional emergency notes to keep retail commerce moving. The Clarin Emergency Board was one of dozens of such local issuers operating in the Visayas region.

Guerrilla currency and municipal scrip from this period vary wildly in survival rates. Notes from smaller Visayan communities were often printed on whatever paper was available and rarely survived the war intact.