500 Pesos

The Luzon USAFFE Guerrilla Army Forces were among dozens of irregular Philippine units that issued emergency currency after the fall of Bataan and Corregidor in 1942. USAFFE — United States Armed Forces in the Far East — was MacArthur's combined command, and guerrilla units operating under that banner used the name to assert legitimacy against both Japanese occupation scrip and the Filipino civilian population's understandable skepticism about paper promises from fighters in the hills.

Local emergency issues like this were printed on whatever materials were available, often by provincial presses with no security printing capability. At 500 Pesos, this is a high denomination for a guerrilla issue — far more than most Filipinos would handle in ordinary transactions — suggesting it was intended partly for inter-unit or supply procurement use rather than retail commerce.