50 Centavos

The Province of Iloilo issued this note under Japanese occupation, when the puppet Philippine Executive Commission and later the Second Philippine Republic had collapsed local banking infrastructure entirely. Provincial and municipal governments across the Visayas resorted to emergency guerrilla or civilian scrip to keep local economies functioning — Iloilo's issues fall into this chaotic category of wartime necessity currency, authorized at the local level rather than by any central monetary authority.

Survival rates for Iloilo provincial scrip are uneven. Much was deliberately destroyed after liberation to prevent Japanese forces from exploiting remaining stocks.