5 Pesos

The Provincial Board of Cagayan issued its own emergency currency in 1942 following the Japanese invasion, which had severed the Philippines from its normal monetary supply. Provincial governments across Luzon were authorized to print guerrilla or emergency notes precisely because the established banking system had collapsed under occupation. Cagayan's series was among dozens of such provincial issues, each essentially backed by nothing more than local administrative authority and the expectation of eventual Commonwealth redemption.

Redemption did occur after liberation — the Philippine government honored most recognized provincial emergency issues, which is partly why surviving circulated examples are less common than one might expect.