Japan declared the Philippines independent on 14 October 1943 and established a puppet government under Jose P. Laurel as president... The Rizal monument peso notes and later Southern Development Bank issues were continued under the Laurel regime, but a series was also planned in the name of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines). This issue was printed in the Tagalog language of the islands and bore a bust of Jose Rizal.

The 100 Piso notes were prepared but never issued; a fair number are available.  The 10 Piso notes were designed and at least a few printed, but only specimens are known... The notes are dated 29 February 1944 in the text, the date of the applicable law. The signature is of Finance Minister Antonio de las Alas.

- World War II Remembered - pg. 775