first 500 pesos presented 50% redemption for amounts between 500 and 1,000 pesos 30% redemption for amounts between 1,000 and 10,000 pesos 15% redemption for amounts in excess of 10,000 pesos Counterfeit emergency circulating notes were excluded from being exchanged. A period of four months was allowed for the exchange of the emergency circulating notes for the post-war Philippine Commonwealth notes, which satisfied those needing to exchange the guerrilla currency following the surrender. Types Apayao Apayao was one of the sub-provinces which comprised the Mountain Province during World War II. In the remote sub-province of Apayao, Deputy Governor Milton Ayochok assumed, the authority granted by President Manuel L. Quezon to print emergency currency. On September 11, 1942, the Apayao Provincial Board authorized the printing of currency to provide for the budget for fiscal year 1942–1943. A Currency Committee was formed composed of Deputy Governor Ayochok as chairman, with Deputy Treasurer M. Medina and Deputy Auditor F.A. Enciso as members. First Issue (1942) The First Issue was printed from hand-engraved plates. Records state that a total of ₱105,495 was issued. Printing probably took place at Kabugao, its provincial capital in conjunction with the printing of the Cagayan fourth issue. Second Issue (1943) The Second Issue was produced by mimeograph. Official records of this issue were captured by the Japanese. Known serial numbers would indicate that this issue equaled or possibly exceeded the previous issue and was probably intended for the fiscal year 1943–1944 budget. Bohol On May 22, 1942, Japanese occupation forces established garrisons at Tagbilaran, the provincial capital, and Guindulman where they operated manganese mines. On January 9, 1943, resistance officers and provincial officials who had not surrendered established a "free" government with Conrado D. Marapao as governor. Eventually its jurisdiction was established over 34 of the 35 municipalities. Just prior to the surrender, President Quezon had authorized Bohol to issue ₱150,000 in emergency currency. This authority was the basis for printing currency to finance the free government and the resistance force. The Currency Board consisted of Provincial Auditor Dalmatio Ramos as chairman, with Provincial Fiscal José C. Borromeo and Acting Provincial Treasurer Doreteo Toledo as members. In June 1943, radio contact was established with President Quezon, who authorised an additional ₱200,000. In September, President Quezon authorised an additional ₱1 million. The printing took place in the town of Carmen. Notes were printed in black on manila paper of varying