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The Japanese government-issued Philippine peso was a form of fiat money issued in the Philippines by the Japanese government during World War II as part of its occupation of the archipelago. The first issue in 1942 had notes valued at 1, 5, 10 and 50 centavos, and 1, 5 and 10 pesos. A new series of peso denominations were issued in 1943, and hyperinflation resulted in a further issue in 1944, with the higher value notes of 100 and 500 pesos being added.
This picture shows the obverse (top) and reverse (bottom) sides of a 1000-peso note that was issued in 1945, shortly before the country was liberated by Allied troops. The banknote is in the National Numismatic Collection of the Smithsonian Institution's National Museum of American History.Banknote credit: Empire of Japan; photographed by Andrew Shiva