5 Pesos

Apayao was one of several sub-provinces in the Mountain Province of northern Luzon that issued emergency guerrilla currency after the Japanese occupation disrupted the Philippine Commonwealth's financial infrastructure in 1942. These local issues were sanctioned by provincial or sub-provincial governments operating under extreme duress, often with whatever paper and printing equipment could be salvaged or improvised.

The S-prefix in the Pick reference places this squarely in the wartime Philippine provincial emergency series — a category notorious for poor survival rates, since many were deliberately destroyed by guerrillas to prevent capture, or simply deteriorated in the Philippine humidity before the liberation.