50 Piso White border

The Marcos/Calalang and Marcos/Licaros signature combinations place this note squarely in the early years of the Bangko Sentral series, before Martial Law reshaped Philippine institutional life in 1972. Gregorio Licaros succeeded Andres Calalang as Central Bank Governor in 1970, so the two signature variants bracket a narrow two-year window — useful for dating purposes even when no specific issue date is recorded on a specimen.

Thomas De La Rue's Manila contracts during this period were occasionally subject to shipping delays, and some consignments arrived with minor registration variance across the border printing. Worth examining closely on any example claimed to be particularly fine.