Iloilo is the largest province on Panay, occupying the southeast part of the island and also including the nearby island of Gulmaras.  President Quezon set up temporary headquarters in Iloilo early in 1942.

Notes were issued from 1941 to 1944 by the Philippine National Bank, and each series was fairly complete. Printing quality is uniformly good for just about all Iloilo notes.

*As an (unrelated) side note: Iloilo is the sister city to my city (Stockton, California). Just thought that was an interesting piece of trivia.