When the American liberation forces arrived in 1944, they brought the currency called the Victory Series No. 66. With the creation of the Central Bank of the Philippines in 1949, came the issuance of the English Series. They were in denominations 1, 2, 5, 10, 20, 50, 100, 200 and 500 pesos; all bearing portraits of Filipino heroes on the obverse, vignettes in Philippine history on the reverse, and worded in English language. On the other hand, all denominations of the Victory Series No. 66 were overprinted with “Central Bank of the Philippines” on the reverse side, and remained legal tender until July 30, 1964.
The two highest denominations of the English Series were later withdrawn from circulation on December 31, 1957, pursuant to R.A. No. 1516. Only notes of 1 up to 50 pesos continued to be printed until 1961.
Small-denomination notes were also printed from 1951 through 1957 (5-, 10-, 20- and 50-centavos) to replace the US-Filipinas metallic coins. In 1955, the Half-Peso note of bigger dimensions also went into circulation. On January 5, 1970, these small notes ceased to be legal tender. Pursuant to Presidential Decree No. 378, all banknotes of the English Series were considered demonetized after February 28, 1974.
reference from and images by bsp.gov.ph