The outbreak of World War II caused serious disturbances in the Philippine monetary system. Two kinds of notes circulated in the country during this period.

The Japanese Occupation

(1942 - 1945)

Japanese Government-issued Philippine Fiat Peso

or Japanese Peso

The currencies were released in surplus. These were practically worthless that the people called these Mickey Mouse Money (similar to play money). Since the money were almost invaluable, the people can be seen carrying suitcases or bayong overflowing with the Japanese peso -it entailed one to pay bags of money for a piece of bread.

1000 Peso Bill

500 Peso Bill

100 Peso Bill

10 Peso Bill

5 Peso Bill

1 Peso Bill

50 Centavo Bill

10 Centavo Bill

5 Centavo Bill

1 Centavo Bill

Guerrilla Notes orResistance Currencies

Issued by different provinces and municipalities. Then President Jose P. Laurel outlawed the possession of guerilla notes, and those found having one were sanctioned by the Philippine government in-exile, and were later freed after WWII.

10 Centavo Bill

50 Centavo Bill

1 Peso Bill

2 Peso Bill

1o Peso Bill

20 PesoBill

100 Peso Bill