10 Pesos

The Iloilo Currency Committee was one of several regional emergency bodies that issued guerrilla currency during the Japanese occupation of the Philippines. These notes circulated in Iloilo province under the authority of the Philippine National Bank as part of a broader effort to maintain a functioning local economy outside Japanese-controlled financial channels — possession alone was enough to draw serious reprisals from occupation forces.

Printed locally under wartime conditions, the paper and ink quality varies considerably across the series. S314 issues are known to show significant foxing and fragility along fold lines, a direct consequence of the materials available in occupied Panay.