Intended to be of equal value to the pre-war Philippine notes, the Japanese-issued 100 pesos was initially the highest denomination during the occupation. Inflation, scarcity of commodities, and continued local resistance all contributed to the utter devaluation of the Japanese Invasion Money (JIM), thus the moniker of “Mickey-Mouse Money”. Allied forces also made counterfeits of Japanese notes, resulting in more certificates than the treasury had to support.