PROHIBITING THE CIRCULATION OF THE
PHILIPPINE NATIONAL BANK EMERGENCY
May 7, 1942
Since January, 1942, the Phil-American Army ordered the different branches or agencies of the Philippine National Bank in the Visayan provinces to issue Philippine National Bank Emergency Circulation Notes for the purpose of using them in the purchase of military supplies and of creating economic confusion and disturbance. For this reason, the circulation of said emergency notes is declared illegal and their acceptance absolutely prohibited.
Inasmuch as these emergency notes were issued for the use of the enemy and considering the nature thereof and the purpose for which they were issued, it is hereby proclaimed that these notes are enemy military notes and consequently they are declared as having no monetary value whatsoever.
COMMANDER-IN-CHIEF OF THE
IMPERIAL JAPANESE FORCES IN THE
Source: Office of the Solicitor General Library