5 Pesos

The Philippine National Bank's wartime emergency notes issued from provincial branches are among the more historically specific pieces of Philippine paper money. The Iloilo City branch issued its own series in 1942 as the Japanese invasion disrupted normal banking operations — these emergency circulating notes were authorized to keep commerce functioning in areas still under, or only recently fallen from, American-Filipino control. Iloilo fell to Japanese forces in April 1942, which puts the window for legitimate issuance of this note extremely tight.

Many of these provincial PNB emergency notes were subsequently declared void by the Japanese occupation authorities, and surviving examples often show heavy circulation from that brief but chaotic period.