20 Centavos

Provincial emergency currency issued during the Japanese occupation of the Philippines, when the military-issued "Mickey Mouse" peso had so thoroughly collapsed in purchasing power that local governments, guerrilla units, and municipal authorities began printing their own scrip to sustain basic commerce. Iloilo Province on Panay Island was among the more organized issuers, producing a range of denominations backed by whatever local authority could still enforce acceptance.

The 1944 date places this note in the occupation's final phase, when American forces were already advancing through the Pacific. Many Philippine provincial emergency notes were deliberately destroyed before liberation to prevent Japanese reprisals against communities caught holding resistance-linked currency.