5 Centavos

The Mindanao Emergency Currency Board was one of several guerrilla-administered issuing authorities operating in the southern Philippines during the Japanese occupation. These boards functioned under the authority of the Commonwealth government-in-exile and the U.S. Army Forces in the Far East, producing notes to sustain local economies and pay resistance fighters while Japanese military scrip was being imposed as the official currency.

Mindanao's relative geographic fragmentation made it a stronghold for sustained guerrilla activity longer than most Philippine regions — and that same fragmentation produced a proliferation of locally issued emergency notes, many printed on whatever paper was available. Survival rates vary sharply by district and printing run.

Three signatories across Chairman and Member lines is consistent with the board's formal structure, though Saguin's tenure and the board's exact operational period remain only partially documented.