America gained it's power in philippines at the beginning of 20th century after defeating Spain, who ruled in Philippines since 16th century. Philippines was under U.S. occupation till it got independence from USA on 4th July, 1946.
During the second world war, Japan attacked on Philippines and occupied some of their territories. Japan also attacked on USA at Pearl Harbour, which forced USA to jump in the war. Before that they had refrained from to take part in war. USA joined the Allies and later attacked with nuclear bombs on Nagasaki and Hiroshima cities of Japan, which literally brought an end to the war, with the victory of Allies.
To commemorate this victory, USA government of Philippines issued the victory series currency notes with overprinted word "VICTORY" on it. All denominations of notes had these words on it for that single year. If you see the obverse side carefully, it represents a 1 dollar note of USA. Figure 1 in oval design, blue seal on the left side, picture of local hero (Apolinario Mabini in this case) on right side and promise to pay silver pesos are the similar features between the two.
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