2 Pesos

The Iloilo Currency Committee was one of several provincial emergency bodies that began issuing their own guerrilla currency after the Japanese occupation severed normal banking. These notes were produced locally under wartime conditions — not by a commercial security printer — which accounts for the considerable variation in paper stock and print quality seen across the series. The Philippine National Bank name was retained as a legitimizing device, but effective authority rested with the regional committee.

Counterfeiting by Japanese-backed forces was a known problem with Philippine guerrilla issues, and Iloilo notes were not exempt.