2 Pesos

The Philippine National Bank's Iloilo branch began issuing emergency guerrilla currency shortly after the Japanese occupation of Manila in early 1942 forced provincial branches to act independently. Iloilo City, on Panay Island, remained temporarily under Filipino administration before Japanese forces landed in April 1942, giving the branch a narrow operational window to authorize and distribute these notes locally.

Printed under improvised conditions rather than by any established security printer, the S312 series is regionally specific — the "S" prefix in the Pick catalog denoting provisional or emergency status. Paper quality and print registration vary considerably across surviving examples, a direct consequence of the circumstances under which they were produced.