20 Pesos

The Commonwealth of the Philippines issued this note under its own Treasury authority, but the Bureau of Engraving and Printing in Washington handled production — an arrangement that reflected the islands' transitional political status following the 1935 constitution, which established the Commonwealth as a stepping stone toward full independence scheduled for 1946. That independence was already in serious doubt by the time these notes reached Manila; Japanese forces landed at Luzon in December 1941, just months after this series was issued.

Much of the 1941 currency stock was destroyed by retreating American and Filipino forces to prevent capture. Notes that survived did so largely outside normal banking channels.