20 Pesos

The Philippine National Bank's Iloilo branch issued its own emergency currency in 1942 following the Japanese invasion, when normal banking channels had collapsed and the Commonwealth government was in retreat. These provincial emergency notes were authorized under circumstances of extreme urgency — printed locally with whatever materials were available, which is why paper quality and impression consistency vary so widely across surviving examples.

Iloilo City on Panay Island fell to Japanese forces in April 1942. Notes issued before or around that date carry an uncomfortable ambiguity: it is not always possible to determine whether a given example circulated under Filipino or Japanese occupation administration.