20 Pesos

The Negros Emergency Currency Board was one of several provincial authorities that issued guerrilla currency in the Philippines during the Japanese occupation. These notes were produced under active wartime conditions on whatever materials were available locally — paper quality and printing consistency vary considerably within the series, and genuine examples often show the irregularities that come with improvised production rather than a central mint.

Japanese forces treated possession of guerrilla currency as a serious offense, which shaped how these notes circulated: passed quickly, often hidden, rarely accumulated in quantity by any single holder. Survival rates are uneven across denominations.