ILOILO Pre surrender Issue:
The Iloilo Currency Committee was created by President Quezon in a telegram dated December 29, 1941 Cenon S. Cervantes, Manager of the Ilioio Branch of the Philippines National Bank was named Chairman, with Provincial Auditor Barolome Fernanadez and Provincial Fiscal Jose Quisumbing, as members.
They were autorized to print 100,000 Pesos in fractional and Peso notes to provide change to ease the coin shortage. But the shortage of small denomination currency notes was equally acute. The committee therefore wend ahead with preparations to print denominations from 5 centavos to 10 Pesos Defensa Press in Iloilo City was engaged to do the printing. On January 27, 1942 printing of 10 Pesos notes began and by February 3, ten thousand notes had been printed the full amount authorized. All of these notes were handsigned, bye each Committee member.
All subsequent printings would have facsimile signatures. The committee telegraphed President Quezon requesting that the amount authorized be increased to 3,000,000 Pesos. When no reply came the committee on its own iniative decided to continue printing due to the urgency of the situation. The printing of 10 Pesos notes was resumed, and that of the 1 Peso began La Editorial Press Bilbagan, a barrio of Santa Barbara we engaged to print 2 and 5 Peso notes. In the meantime President Quezon had arrived in Panay, and not only commended the Committee for its initiative but increased the authorized amount to 5,000,000 Pesos. Later in a telegram dated March 14, Quezon informed Chairman Carvantes,
YOU ARE AUTHORIZED TO PRINT ALL THE CURRENCY NEEDED BY THE ARMY IN PANAY.
Printing operations came to a halt with the Japanese invasion of Iliolo on April 16, 1942 total of 6,551,450 Pesos had been turned over to the Iliolo Branch of the Philippines National Bank 20 centavos notes are known with serial numbers higher then officially recorded. Apparently the Japanese invasion prevented final delivery and how these notes reached circulation is not known. Shortly after the notes were issued there were reports identical serial numbers being found on both the 2 and 10 Pesos notes denominations.
The notes were identical except that one would be legibly clearly printed and have poorer serial numbers. This leads to the possibility that poorly printed and rejected sheets were pilfered, serially numbered outside the plant and placed in circulation.