10 Pesos

Philippine National Bank's Bacolod branch issued this note under emergency wartime authority in late 1941, as Japanese forces advanced and the established banking system collapsed. Several provincial branches — Cebu, Iloilo, Negros Occidental among them — produced their own emergency currency when regular supply lines from Manila were cut. These provincial PNB issues were authorized locally rather than through the central office, printed on whatever materials were available, and circulated alongside guerrilla currency and Japanese military pesos in a badly fractured monetary environment.

Negros Occidental's sugar economy made Bacolod a significant regional hub, which likely drove demand for a functioning medium of exchange well beyond what barter could sustain.