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An Informal Promissory Note is commonly used in the Philippines for documenting personal loans, small business transactions, or other situations where parties prefer a simpler alternative to formal bank documentation. This document type is recognized under Philippine law, particularly through the Civil Code and Negotiable Instruments Law, providing a balance between legal enforceability and accessibility. It's typically used for transactions between individuals, family members, or small businesses where there's a need to document a debt obligation without the complexity of formal loan agreements. The document includes essential information such as the loan amount, payment terms, interest rate (if any), and party details. While informal, it still creates a legally binding obligation when properly executed, making it a practical choice for straightforward lending arrangements in the Philippine context.

1. Date: The date when the promissory note is executed

2. Maker Information: Full legal name and address of the person promising to pay (maker)

3. Payee Information: Full legal name and address of the person to whom payment is promised (payee)

4. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in both numbers and words

5. Payment Terms: Specific details about when and how the payment will be made, including due date or installment schedule

6. Interest Rate: The agreed-upon interest rate, if any, expressed as an annual percentage

7. Signature Block: Space for maker's signature, printed name, and date of signing