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| 正面描述 | Printed in red on a fine geometric guilloche underprint, the obverse carries the bold central legend PHILIPPINE NATIONAL BANK / WILL PAY THE BEARER ON DEMAND arched across the centre, with the denomination FIVE PESOS stated below in large serif type. The heading reads EMERGENCY CIRCULATING NOTE OF 1941 / ISSUED BY AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES, and the issuing authority ILOILO CURRENCY COMMITTEE is inscribed at the foot, flanked by three facsimile signatures with their respective titles; the denomination numeral 5 appears in each corner, and serial number and series prefix are printed in the upper and lower left areas. |
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| 背面铭文 | PHILIPPINE NATIONAL BANK Iloilo City, Philippines, Dec. 30, 1941 Five Pesos FIVE PESOS Five Pesos 1941 EMERGENCY CIRCULATING NOTE |
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The Philippine National Bank's provincial branch issues of 1941 are among the more unusual products of wartime financial improvisation in the Pacific. With Japanese forces advancing and Manila's central facilities inaccessible or threatened, several PNB branches were authorized to produce their own emergency notes locally — Iloilo being one of the few that actually followed through before the city fell in April 1941.
Locally printed notes from this period are notably crude by central bank standards, a direct consequence of using whatever commercial printing resources were available in provincial cities. Survivors are scarce; most were redeemed, destroyed, or simply consumed by the chaos of the occupation.