20 Pesos Orange seal

The Bank of the Philippine Islands was a private chartered bank — not a government institution — yet under American colonial administration it held the right to issue currency backed by a peso-for-peso gold reserve deposit with the Insular Treasurer. This arrangement made BPI notes functionally equivalent to government paper while keeping the bank commercially independent, an unusual hybrid that persisted until the Philippine National Bank absorbed the note-issuing role after 1916.

Two signature combinations are recorded for this series, reflecting personnel changes across nearly a decade of issue. Garcia signed with both Hord and Sendres, suggesting Hord preceded Sendres in the relevant administrative post.