5 Pesos

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.