5 Pesos

Issued under Japanese military occupation of the Philippines, this note was part of a deliberate currency strategy to displace the Philippine Commonwealth peso and finance the occupation without drawing on Japanese reserves. The "Japanese Government" label was a fiction of convenience — actual oversight ran through the Japanese Military Administration, and the notes had no backing whatsoever. Filipinos quickly dubbed the entire occupation currency series "Mickey Mouse money," a name that stuck as hyperinflation accelerated toward the war's end.

By 1944, a single egg cost several pesos in this currency. The P#107A designation distinguishes a signature or serial variety within the broader 1942 five-peso issue.