According to World War II Remembered, the Series 66 - "Victory" overprint notes were carried by Allied forces when they landed on Leyte Island on 20 October 1944. After the war when the Central Bank of the Philippines took responsibility, an additional overprint was added to remainder notes - see  Home>PM>PHL>117  for examples of these notes.

Some notes have an oval stamp which was from an organization called the Japanese War Claimants Association of the Philippines, Inc. (JAPWANCAP.)  After liberation thousands of Japanese Invasion Money (JIM) notes existed and the organization organized the holders of these notes in an attempt to have them redeemed. After a futile attempt at redemption from the Japanese government, an attempt was made to have the USA redeem them.

Word War II Remembered identifies three different types of JAPWANCAP stamps but they did not indicate specific catalog numbers for each type of stamp.

The legitimacy of JAPWANCAP had been questioned by the USA, Japanese and Philippine governments and no claims were ever paid. Because of the large number of JIM notes held their market prices remain relatively low today.
 

COUNTERFEITS

The 1 Peso shown above, SB.2224bq, P.106b Block PH is a USA military counterfeit. The differences are as follows:
 

COUNTERFEIT	GENUINE
Veins below third (bottom) ball run together	Veins below third (bottom) ball  are separated

Other counterfeits exist and are defined in the Schwan-Boling catalog.

JAPWANCAP certificate courtesy of Mr. James Marcum of Philippine Currency During World War II

CL1   We gratefully acknowledge CL1 for these images.

DC    We gratefully acknowledge Don Cleveland for these images.

JM   We gratefully acknowledge Mr. James Marcum of Philippine Currency During World War II for the JAPWANCAP certificate image.