During World War 2, the Philippine monetary system was seriously disrupted as two kinds of notes circulated in the country. The currencies were released in surplus and deemed practically worthless, nicknamed "Mickey Mouse Money." As the money had almost no value, people had to carry overflowing suitcases or bags to pay for basic goods like bread with the devalued Japanese peso. Separately issued provincial and municipal notes were later outlawed by President Jose P. Laurel, though those bearing guerilla notes sanctioned by the exiled Philippine government were freed after the war.

1. The outbreak of World War II caused serious disturbances in
the Philippine monetary system. Two kinds of notes
circulated in the country during this period.

2. The currencies were released in surplus. These were
practically worthless that the people called these Mickey
Mouse Money (similar to play money). Since the money were
almost invaluable, the people can be seen carrying suitcases
or bayong overf lowing with the Japanese peso -it entailed one
to pay bags of money for a piece of bread.

13. Issued by different provinces and municipalities. Then
President Jose P. Laurel outlawed the possession of guerilla
notes, and those found having one were sanctioned by the
Philippine government in-exile, and were later freed after
WWII.