Philippines WWII Guerrilla Currency 1944 10 Pesos in Folder

During World War II, the Philippines experienced a unique monetary situation with the circulation of “guerrilla money.” As the Japanese forces occupied the country, many Filipino soldiers and civilians joined resistance groups and formed makeshift governments in various provinces. These guerrilla units issued their own currency to sustain their operations and local economies. Known as “guerrilla pesos,” these notes were printed using crude inks and materials, resulting in bills that were easily damaged. The Japanese-sponsored puppet government, the Republica Ng Pilipinas, and the Japanese government itself also issued currencies during this period. Possession of guerrilla currency was deemed illegal by the occupying forces, and those caught with it faced severe punishments, including execution. Despite the risks, these notes played a crucial role in the economic resistance against the Japanese occupation.