2 Pesos Emergency Script of the Philippines

Apayao was among the most isolated of the Mountain Province sub-divisions when Japanese forces occupied the Philippines in 1942. Cut off from Manila and the collapsed Commonwealth banking system, local governments across the Cordillera issued their own emergency currency to keep commerce moving — Apayao's series being among the rarer survivals from that network.

These guerrilla-era notes were printed on whatever paper was available locally, which accounts for the significant variation in stock quality seen across the series. The Pick S125 designation places this within the broader Philippine emergency issues documented by Shafer and Shafer, though Apayao examples surface far less frequently at auction than those from larger provincial issuers like Cebu or Iloilo.