Watch List notes:

Philippines: Highly rare set with 3 unlisted Archive Photographic proofs for 2 Pesos back proof with stamp on reverse "DLR-Studio Photographed 4 DEC 1953" PCGS graded 65 Gem New, 10 Pesos front proof with stamp on reverse "DLR-Studio Photographed 3 DEC 1953" PCGS Graded 65 Gem New and 500 Pesos front proof with stamp on reverse "DLR-Studio Photographed 2 DEC 1953" PCGS graded 64 Very Choice New. Highly Rare set! (3 pcs.)
[taxed under margin system]