Proclamation
PROHIBITING THE CIRCULATION OF THE
PHILIPPINE NATIONAL BANK EMERGENCY
CIRCULATION NOTES
May 7, 1942
Since January, 1942, the Phil-American Army ordered
the different branches or agencies of the Philippine National Bank in the
Visayan provinces to issue Philippine National Bank Emergency Circulation Notes
for the purpose of using them in the purchase of military supplies and of
creating economic confusion and disturbance. For this reason, the circulation of
said emergency notes is declared illegal and their acceptance absolutely
prohibited.
Inasmuch as these emergency notes were issued for the
use of the enemy and considering the nature thereof and the purpose for which
they were issued, it is hereby proclaimed that these notes are enemy military
notes and consequently they are declared as having no monetary value whatsoever.
COMMANDER-IN-CHIEF OF THE
IMPERIAL
JAPANESE FORCES IN THE
PHILIPPINES