20 Pesos

El Banco Español Filipino — despite the name — was still operating under American colonial administration by 1908, having survived the transition from Spanish to American rule after 1898. The Bureau of Engraving and Printing in Washington took over production of the bank's notes during this period, replacing earlier European printing arrangements. The bank itself would be reorganized and renamed the Bank of the Philippine Islands in 1912, making this series among the last to carry the old colonial-era name.

The P#3 designation places this among a small series. Given the bank's imminent restructuring, surviving circulated examples are not common — institutional changeovers rarely encouraged careful preservation of the predecessor's paper.