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Sample of Goods brought via Manila Galleon in Acapulco. The natives already had a great economy and were considered one of the economic centers in Asia when the Spanish colonized and unified the islands.
Their economy grew even further when the Spanish government inaugurated the Manila Galleon trade system. Trading ships, settlers  and military reinforcements  made voyages once or twice per year across the Pacific Ocean from the port of Acapulco in Mexico to Manila in the Philippines.
Both cities were part of the then Province of New Spain. This trade made the city of Manila one of the major global cities in the world, improving the growth of the Philippine economy in the succeeding years.
Trade also introduced foodstuffs such as maizetomatoespotatoeschili pepperschocolate and pineapples from Mexico and Peru. Tobaccofirst domesticated in Latin-America, and then introduced to the Philippines, became an important cash crop for Filipinos.
The Philippines also became the distribution center of silver mined in the Americas, which was in high demand in Asia, during the period. Nevertheless, it didn't affect the economy of the islands. The Basque-based company was granted a monopoly on the importation of Chinese and Indian goods into the Philippines, as well as the shipping of the goods directly to Spain via the Cape of Good Hope.
Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. December Learn how and when to remove this template message Calle Escolta, the economic center of 19th century Manila.
This resulted in the Philippines being governed directly by the King of Spain and the Captaincy General of the Philippines while the Pacific islands of Northern Mariana IslandsGuamMicronesia and Palau was governed by the Real Audiencia of Manila and was part of the Philippine territorial governance.
It made the economy of the Philippines grow further as people saw the rise of opportunities. Agriculture remained the largest contributor to economy, being the largest producer of coffee in Asia as well as a large produce of tobacco.
The industrialization of Europe created great demands for raw materials from the colonies, bringing with it investment and wealth, although this was very unevenly distributed.
Governor-General Basco had opened the Philippines to this trade. Previously, the Philippines was seen as a trading post for international trade but in the nineteenth century it was developed both as a source of raw materials and as a market for manufactured goods.
The economy of the Philippines rose rapidly and its local industries developed to satisfy the rising demands of an industrializing Europe.
A small flow of European immigrants came with the opening of the Suez Canal, which cut the travel time between Europe and the Philippines by half.
New ideas about government and society, which the friars and colonial authorities found dangerous, quickly found their way into the Philippines, notably through the Freemasons, who along with others, spread the ideals of the American, French and other revolutions, including Spanish liberalism.
In the Royal Company of the Philippines was abolished, and free trade was formally recognized. With its excellent harbor, Manila became an open port for Asian, European, and North American traders. European merchants alongside the Chinese immigrants opened stores selling goods from all parts of the world.
In additional ports were opened to foreign commerce, and by the late nineteenth century three crops—tobacco, abaca, and sugar—dominated Philippine exports.
First Philippine Republic — [ edit ] The economy of the Philippines during the insurgency of the First Philippine Republic remained the same throughout its early years but was halted due to the break out of the Philippine—American War.
December Learn how and when to remove this template message Manila in the s When the Americans defeated the first Philippine Republic and made the Philippines a showcase territory of the United Statesthe country saw a redevelopment under the American system.
Economy as well was re-developed. The Philippines saw the growth of the economy once again after the war as the Americans built new public schools, transportation, reform system, boutiques, offices and civic buildings. When the Great Depression happened in the United States, the Philippines on the other hand wasn't affected.
Instead, the US relied on the Philippine economy throughout the depression era.
Commonwealth Era —45 [ edit ] This section does not cite any sources. December Learn how and when to remove this template message s Manila overlooking the Pasig River and Manila Central Post Office When the United States granted the Philippines commonwealth status, the country enjoyed a rapid growth of prosperity.
Tourism, industry, and agriculture were among the largest contributors to the economy. Products included abaca a species of banana Janssencoconuts and coconut oil, sugar, and timber.
Numerous other crops and livestock were grown for local consumption by the Filipino people. Manila became one of the most visited cities in Asia alongside Hong Kong.
Manila was considered to be the most beautiful city in Asia.for thou shalt judge the people righteously, and govern the nations upon earth.
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Humorous Wedding Speech by a. Dr. Lemma W. Senbet, the William E. Mayer Chair Professor of Finance at the University of Maryland, College Park has returned to the United States after five years leading the African Economic Research Consortium (AERC), based in Nairobi, Kenya.
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