At the outbreak of
World War II, the Philippines faced serious monetary problems, specifically, the devaluation of peso. During the
Japanese occupation, the government issued fiat money known as the
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. <ref name="test1">
"Money Matters." (accessed on 18 January 2008)</ref>
Two Notes Released
Two kinds of notes were issued in the country during the first period of Japanese occupation – first, the
war notes released by the Japanese forces; and second, the
guerilla notes or
resistance 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.
Gallery of Japanese-Occupation Denominations
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
References
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