Indistinct duplex ties 2c, 16c and 5c overprints (N1, N3, N4), most likely that of NAGA, directed to LEGASPI, ALBAY for censorship and April 5 registry handstamp applied. 

Commercial or philatelic? These are the facts to consider: 23c total franking on a small envelope. The envelope size will qualify it for 5c Single First Class Rate (increased from 2c to 5c on September 1, 1942), the 16c for Registry Fee (valid up to April 30, 1943). In effect, the proper rate is 21c. 

Therefore the 2c overpayment is for decoration only. The cover is addressed to JOSE LIM, a name found on many philatelic covers.

What make this cover attractive admittedly is the 3-color franking. Postal history purist will however frown on over franked covers. Setting all these aside, this is one damn beautiful cover. The postmarks are clear even for the NAGA cds, which more often is very poorly struck. 

This cover could have been more superb if struck with the very elusive black Legaspi censor mark.