2 Pesos

The Philippine National Bank operated a network of emergency agency notes during the Japanese occupation, with provincial branches issuing their own paper when central supply lines collapsed. The Misamis Occidental Agency sat in northern Mindanao — a region that remained under Filipino and American guerrilla pressure well into the occupation — and its notes circulated in genuinely contested territory, not simply under Japanese administrative control.

Most Mindanao emergency issues were produced on whatever paper was locally available, which accounts for the significant variation in stock quality across surviving examples of this series. S577 is among the less common Misamis agency denominations.