Public Act No. 2612 was enacted on February 4, 1916, an act creating the Philippine National Bank (PNB), and as amended by
Public Act No. 2747 of 1918 and Public Act No. 2938 of 1921. In May 1916 it was incorporated, and formally established on July 22, 1916 with Henry Parker Willis as its first president.
World War I brought economic instability in many areas of the world, as a result of this, many hoarded their silver coin, making coins for circulation scarce in the Philippines. To solve this the Philippine National Bank (PNB) authorized the local printing and issuing of Emergency Circulating Notes of 1917, under the provisions of Act No. 2612 of the Philippine legislature enacted on February 4, 1916.
Philippine National Bank (PNB) initially issued 50 Centavos and 1 Peso on September 1917, because this does not meet demand, Philippine National Bank (PNB) issued again 50 Centavos and 1 Pesos on November 1917, but this time with the addition of 10 Centavos and 20 Centavos. A Total of ₱ 4,500,000 were issued for this series.