5 Pesos

The Philippine National Bank branches at Iloilo and several other regional centers issued emergency guerrilla currency after the Japanese occupation severed normal banking operations in 1942. These provincial notes were produced locally under improvised conditions — paper stock, printing quality, and security features varied considerably depending on what materials were actually available at the time of printing.

Iloilo branch issues are among the more documented of the Philippine wartime emergency series, but genuine examples still show wide variation in ink consistency and impression depth. Forgeries, both wartime Japanese counterfeits and later fabrications, are a known problem across the P#S300-range issues.