5 Pesos

The Iloilo Currency Committee was one of several regional emergency bodies that issued guerrilla currency in the Philippines during Japanese occupation, operating largely outside formal military command structures. These notes were produced locally under difficult wartime conditions — paper stocks were inconsistent, and printing equipment was whatever could be commandeered or hidden from Japanese authorities.

The Philippine National Bank's name on guerrilla issues is partly administrative fiction: the bank itself was under Japanese control in Manila by this point, and regional committees invoked it as a legitimizing authority rather than as an operational one. Survival rates for Iloilo issues are uneven; notes that circulated in liberated zones often show heavy use, while others were hoarded or buried and surfaced decades later in fragile condition.