Commonwealth of the Philippines
After the War in the Philippines the Commonwealth was restored and a one-year transitional period in preparation for independence began. Elections followed in April 1946 with Manuel Roxas winning as the first president of the independent Republic of the Philippines and Elpidio Quirino winning as vice-president. In spite of the years of Japanese occupation, the Philippines became independent exactly as scheduled a decade before, on July 4, 1946.
History of Philippine money
Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the "República Filipina" (Philippine Republic) under General Emilio Aguinaldo issued its own coins and paper currency backed by the country’s natural resources. The coins were the first to use the name "centavo" for the subdivision of the peso. The island of Panay also issued revolutionary coinage. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist.