10 Pesos

The Philippine National Bank's regional emergency issues of 1941 are among the most historically compressed objects in Philippine numismatics. When Japanese forces advanced following the Pearl Harbor attacks in December 1941, provincial branches were authorized to produce emergency currency to keep commerce functioning as Manila's financial infrastructure collapsed. The Iloilo branch was among those that acted.

Printed locally under wartime pressure, these notes were produced without the security printing infrastructure of a national facility. Paper quality and printing consistency vary considerably across surviving examples — not a grading observation but a production fact.

Iloilo City fell to Japanese forces on 16 April 1942, ending circulation of this series.