The Central Bank of the Philippines began operation in 1949, shortly after the return visit of American General Douglas MacArthur. Here is the uncut ( vertical pair ) version of this special banknote commemorating the 40th Anniversary of the Central Bank.

The obverse portrait depicts Emilio Aguinaldo, USA backed revolutionary leader of the Filipinos, along with cannon and declaration. The reverse shows a 'hats off salute' to the announcement of independence, by Aguinaldo on June 12, 1898.

These 5 Piso uncut banknotes are in uncirculated condition.