1943 US Philippines National Bank WW2 ILOILO Emergency Note 5, 10, 20, 50 cntvs 

Pre Surrender issue

#S301 - 5 Centavos, Green

#S302 -  10 Centavos, Blue

#S303-  20 Centavos, Red

#S304-  50 Centavos, Yellow

When Japan invaded Panay in 1942, Governor Tomas Confessor and USAFFE forces had already withdrawn to mountain strongholds, but General Wainwright’s surrender disrupted their plans. Many soldiers refused to surrender and regrouped under Lt. Col. Macario Peralta, who soon organized the Government of Free Panay and Romblon as civil governments in nearby provinces fell under Japanese rule. Both the civil and military sectors urgently needed funds, prompting the reactivation of the Iloilo Currency Committee, which began printing emergency notes in early 1943 using two separate presses—Dialosa for military needs and Villalon for civil government currency.

Tensions grew as Peralta’s rising demand for funds led to conflict with Governor Confessor, including a near-violent standoff over control of the printing presses. Despite MacArthur authorizing only limited military currency, Peralta continued printing large amounts, often bypassing civilian oversight and installing his own appointees in key financial positions. Confessor responded by issuing his own small-denomination notes, which Peralta suppressed. By the time printing ended in December 1944 on President Osmeña’s orders, over ₱43 million had been produced—more than triple what Peralta was authorized to issue—highlighting the chaotic but determined efforts to sustain governance and resistance during the occupation.

ON GRADING

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