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5 Pesos

Issuer Philippine National Bank (Iloilo Currency Committee)
Year 1941
Type Local banknote
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Obverse lettering PHILIPPINE NATIONAL BANK EMERGENCY CIRCULATING NOTE OF 1941 ISSUED BY AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND FIVE PESOS IN LAWFUL CURRENCY OF THE PHILIPPINES ILOILO CURRENCY COMMITTEE SERIES OF 1941
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Reverse lettering PHILIPPINE NATIONAL BANK ILOILO CITY PHILIPPINES DEC 30, 1941 FIVE PESOS EMERGENCY CIRCULATING NOTE 1941
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Comments

The Iloilo Currency Committee notes were emergency issues authorized in December 1941 following the Japanese invasion, when the Philippine National Bank's Manila operations were effectively cut off. Iloilo, on Panay Island, remained temporarily beyond Japanese control, and local authorities printed these notes to keep commerce functioning in the interim. The currency committee arrangement was improvised — PNB authorization gave it a veneer of legitimacy, but the practical issuing authority was entirely local.

The series is scarce. Japanese forces reached Panay by April 1942, and most remaining notes were destroyed or abandoned rather than formally redeemed.

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