In 1936, the Manila, PI mint, a branch mint of the US Mint in Philadelphia, struck a set of commemorative coins - one 50 Centavos design and two One Peso designs - to mark the transition of the Philippines from a US territory to a US commonwealth.
The coins were primarily struck for collectors rather than circulation; they were sold by the Manila Mint for $3.13 per set (plus postage) for years after (i.e., sold for more than face value).
Some US-based dealers secured the sets and sold them stateside to collectors; in 1936, commemorative coin collecting was very popular in the US (the bubble was about to burst, however) and some dealers believed these sets would be quickly purchased by US collectors due to the US territory/commonwealth connection - unfortunately for them, sales were not robust.
In 1936, the term non-circulating legal tender (NCLT) had not yet been created so it can't officially be applied to your coin. Your 1936 50 centavos was a legal tender coin of the Philippines that could circulate alongside other 50 centavos coins, but that was not the intent of the piece and the majority were not placed into circulation.
Let me know if that answers your question.
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