10 Pesos

The Iloilo Currency Committee was one of several provincial emergency bodies that sprang up in the Philippines following the Japanese invasion in late 1941 and early 1942, issuing locally produced notes when the official banking system collapsed and the occupying forces cut off supply lines. The Philippine National Bank's Iloilo branch provided institutional backing in name, but these were improvised instruments — printed under extreme duress with whatever materials were available locally.

Iloilo City fell to Japanese forces in April 1942. Notes issued in the weeks and months before that fall circulated briefly and chaotically; afterward, Japanese military currency became the mandated medium of exchange, and the committee scrip was rendered worthless. Surviving examples are genuinely scarce, partly because holders had every reason to destroy them once the occupation began.