5 Pesos

The Iloilo Currency Committee was one of several regional emergency bodies that sprang up across the Philippine islands in the weeks following the Japanese invasion of December 1941. With normal banking suspended and the Philippine National Bank unable to function under occupation conditions, local authorities improvised — printing scrip on whatever paper stock was available, using printing equipment not designed for currency production.

Iloilo City on Panay island fell to Japanese forces in April 1942. Notes issued before that date carry a different political weight than those circulated clandestinely afterward under the guerrilla administration, and the overlap in dating makes attribution genuinely difficult. Paper quality and ink consistency vary considerably across the series.