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During World War II, the Japanese issued Military Gumpyo Pesos (PHJ) at par with the Philippine Peso which continued to circulate; however, Philippine forces had withdrawn into the jungle, and issued their own Guerilla Pesos (PHG), redeemable in paper Pesos after the war was over. The Japanese made use of the Guerilla Pesos punishable by death, but since this would have led to the collapse of the Philippine economy, local Japanese authorities acquiesced and often allowed the Guerilla Pesos to circulate. During the war, the Japanese Military peso depreciated relative to the Commonwealth Peso with the conversion rate declining from 1.25 PHJ = 1 PHP by May 15, 1943 to 1.44:1 in June 1943, 20:1 in July 1944 and 120:1 in January 1945. The Ballantyne Scale was adopted by the Congress of the Philippines in 1945 to calculate these conversion rates.

After World War II, the Philippines gained its independence and adopted the Peso after gaining independence. The Piso replaced the Peso in 1962, and is divisible into 100 Sentimos (Centavos).

The occupying Japanese government issued Fiat currencyin several denominations known as Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republicunder Jose P. Laureloutlawed possession of guerrilla currency and declared a monopolyon the issuance of money and anyone found to possess guerrilla notes could be arrested.

Due to the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation. The Filipinos called the fiat peso, "Mickey Mouse" money, due to the fact that it was similar to play money and next to worthless. Many survivors of the war tell stories of going to the market laden with suitcases or "bayong" (native bags made of woven bamboo strips) overflowing with the Japanese-issued bills. 75 Mickey Mousepesos, or about 35 U.S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos

During World War II, the Japanese issued Military Gumpyo Pesos (PHJ) at par with the Philippine Peso which continued to circulate; however, Philippine forces had withdrawn into the jungle, and issued their own Guerilla Pesos (PHG), redeemable in paper Pesos after the war was over. The Japanese made use of the Guerilla Pesos punishable by death, but since this would have led to the collapse of the Philippine economy, local Japanese authorities acquiesced and often allowed the Guerilla Pesos to circulate. During the war, the Japanese Military peso depreciated relative to the Commonwealth Peso with the conversion rate declining from 1.25 PHJ = 1 PHP by May 15, 1943 to 1.44:1 in June 1943, 20:1 in July 1944 and 120:1 in January 1945. The Ballantyne Scale was adopted by the Congress of the Philippines in 1945 to calculate these conversion rates.

After World War II, the Philippines gained its independence and adopted the Peso after gaining independence. The Piso replaced the Peso in 1962, and is divisible into 100 Sentimos (Centavos).

The occupying Japanese government issued fiat currencyin several denominations known as Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republicunder Jose P. Laureloutlawed possession of guerrilla currency and declared a monopolyon the issuance of money and anyone found to possess guerrilla notes could be arrested.

Due to the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation. The Filipinos called the fiat peso, "Mickey Mouse" money, due to the fact that it was similar to play money and next to worthless. Many survivors of the war tell stories of going to the market laden with suitcases or "bayong" (native bags made of woven bamboo strips) overflowing with the Japanese-issued bills. 75 Mickey Mousepesos, or about 35 U.S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos

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Q: What is the Philippine currency during World War 2?
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