2 Pesos

The Iloilo Currency Committee notes of 1944 were emergency guerrilla issues, authorized locally as Japanese occupation forces controlled Manila and rendered official Commonwealth currency increasingly difficult to obtain or trust. The Philippine National Bank's nominal involvement gave these notes a degree of institutional credibility, but production was essentially a provincial wartime improvisation — printed locally in Iloilo, Panay, under conditions far removed from any central banking infrastructure.

Survival rates vary sharply depending on how close a given cache came to Japanese seizure operations, which actively targeted guerrilla currency as a way of disrupting resistance supply lines.