2 Pesos

The Philippine National Bank's regional emergency notes issued from Iloilo City in 1941 represent one of the more administratively fragmented episodes in Philippine currency history. As Japanese forces advanced through the archipelago following December 1941, provincial branches were authorized to issue their own emergency currency rather than allow cash reserves to fall into enemy hands — a decision made at the branch level, not Manila.

The Iloilo branch issues are distinguishable from contemporaneous Visayan emergency notes by their specific authorization signatures. Survivors are genuinely scarce; the combination of wartime destruction, deliberate burning of reserves, and the general chaos of the Japanese occupation saw most of this paper eliminated before 1942 was out.