5 Centavos Blue

Apayao was one of several sub-provinces in the Mountain Province of northern Luzon that issued emergency guerrilla currency during the Japanese occupation. These locally produced notes filled the vacuum left when official Philippine Commonwealth currency was either hoarded, destroyed, or declared worthless by the occupying administration. The S100-series Apayao notes are among the more obscure Philippine emergency issues — documentation on their precise printing and authorization chain is thin, which is characteristic of guerrilla currency produced under wartime improvisation rather than formal banking infrastructure.

The S102 specifically is rarely encountered in any grade.