2 Pesos

Municipal emergency notes from the Japanese occupation of the Philippines are among the most historically loaded pieces of Philippine paper money. When the Japanese Military Administration flooded the archipelago with its own occupation currency — quickly derided as "Mickey Mouse money" for its worthlessness — local governments in Samar and elsewhere began issuing their own guerrilla or municipal scrip to maintain basic commerce in areas where resistance was active or Japanese control was thin.

Oras, on the northeastern coast of Samar, was precisely the kind of isolated municipality where central supply of any usable currency was unreliable. Whether this note circulated openly or was suppressed under Japanese pressure is not documented with certainty for this specific issuer.