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| 正面铭文 | 50 CENTAVOS TREASURY CERTIFICATE OF 1944 THE PROVINCE OF ILOILO WILL PAY THE BEARER ON DEMAND ** Fifty Centavos ** IN LAWFUL CURRENCY OF THE PHILIPPINES Countersigned: Actg. Prov. Auditor Actg. Prov. Treasurer |
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| 背面铭文 | THE PROVINCE OF ILOILO FIFTY CENTAVOS PROVINCIAL TREASURY CERTIFICATE Issued by the PROVINCE OF ILOILO Under the Authority of the GOVERNOR OF PANAY AND ROMBLON March 2, 1944 |
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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.