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Last Updated:
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PHILIPPINE GUERILLA NOTE LIST - CLICK HERE
Information:
When the Philippines were attacked by the Japanese on December 8, 1941 (same day as Pearl Harbor, December 7) one of the immediate results was an enormous increase in government expenditures and thus a massive shortage of paper money.
Everyone was dependent on the capital (Manila) for their currency supplies, but with the city under Japanese rule, there was nothing forthcoming. Even President Quezon fled to MacArthur's headquarters on Corregidor and from there (and later from Washington D.C.) created Currency Committees which were authorized to print emergency money.
All emergency currencies issued under this authority was legal tender no matter of where it was printed. The official exchange rate was pegged at 2 Philippine Pesos to One US Dollar. Although this money was outlawed by the Japanese invaders, it none the less circulated. This post-surrender paper money is referred to as 'guerilla' currency (the guerilla movement was led by mostly middle class Filipino officers who were enthusiastically pro - American).
The use of emergency notes was in direct conflict with the Japanese and their attempt to have everyone (in all of the conquered territories) use their issues of currency, commonly referred to as JIM.
DON'T MISS
THE 2 HEROES OF THE PHILIPPINE CAMPAIGN - FRANKLIN DELANO ROOSEVELT & GENERAL DOUGLAS MACARTHUR
Click here for the banknotes of Iloilo featuring a portait of each.