On December 20th, 1941, President Quezon suspended Commonwealth Act 303, which forbid paying workers with company-issued money. He did this to allow the mining and sugar operations to continue throughout the Philippines during the occupation as money could not be readily distributed to remote areas. The Masbate Consolidated Mining Company is the only know firm to print notes under this authorization. They printed 50 centavos, 1 Peso, and 5 Pesos notes These notes were printed in the end of December 1941, making them the first issue of Guerrilla notes under authorization of President Quezon during WWII in the Philippines.
Guerrilla Money
A history of WWII Philippines currency
