In 1941 the island of Panay was divided into three provinces: Antique, Capiz and Iloilo. When the Japanese occupied Panay, the provincial officials of Antique and Capiz remained in office as Japanese puppets.
In Iloilo, however, Provincial overnor Tomas Confessor never surrendered. On August 13, 1942 he issued a Proclamation establishing his aithority over the free areas of both Antique and Capiz in a government of Free Panay. To heed the free government in the Capiz area, Confessor appointed Cornelio Villareal as Supervising Deputy Governor.
In 1943 Supervising Deputy Governor Villareal authorized the issuance of small denomination notes to provide small change. A Currency Committee was named consisting of Deputy Provincial Treasurer Severino Gonzales as Chairman, with Deputy Provincial Auditor Miguel Reynaldo and Deputy Provincial Fiscal Roman Martinez as Members.
The issue consisted of two denominations, backed up by large denomination Iloilo emergency notes held in the Provincial Treasury. The 50 Centavos notes were printed on manila paper. The 1 Peso notes were printed on leftover 1941 electoral census forms. The facsimile signature of Treasurer Gonzales is stamped on the back.
Some 500,000 pesos were reportedly issued, buit that figure seems grossly exaggerated.
From Catalogue:
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