Effects of Tobacco Monopoly in the Philippines
The tobacco monopoly lasted exactly a hundred years. It was abolished in 1882. True to Basco’s expectations, the tobacco monopoly increased the income of the government. It gave the government a net profit of P500,000 in 1808. In subsequent years the net profits soared, reaching $3,000,000 in 1881. Another beneficial effect of the tobacco monopoly More...
Philippine History: The Fall of Bataan, Death March and Guerrilla War
After MacArthur’s escape, the situation in Bataan grew extremely grim. Lieutenant General Jonathan M. Wainwright succeeded him as commander of the USAFFE, by then officially USIP (United States Forces in the More...
The Tobacco Monopoly in the Philippines
The tobacco monopoly was established by Governor-General Basco on March 1, 1782 to increase the government income. The cultivation of tobacco under government control was henceforth confined to the Cagayan Valley, More...
The Founding of Banks in the Philippines
Banking institutions are an index to a modern nation’s material progress. The earliest banks to open in the Philippines were the Obras Pias, which gave loans to merchants at high rates of interest. In 1841 More...
Economic Society of Friends of the Country
Governor-General Basco founded the Economic Society of Friends of the Country to carry out his general economic plan. It was inaugurated in Manila on May 6, 1781, with Ciriaco Gonzales Carvajal as its first president. The More...
What Were the Effects of the Galleon Trade?
The galleon trade, which lasted more than two centuries (1593-1815), had both good and bad effects, or shall we say advantages and disadvantages to the Filipino people and the Philippine economy that time. Disadvantages More...
How Did the Galleon Trade Come to an End?
Since the beginning of the galleon trade, merchants from Cadiz and Seville continually protested against its restrictions. As a government monopoly, it seriously hampered the growth of the Philippine overseas commerce. The More...
The Galleon Trade
An important government trading monopoly between Mexico and Manila under the supervision of officials in the Philippines appointed by the king of Spain was the galleon trade. The galleons were the property of the More...
The Introduction of New Plants, Animals and New Industries in the Philippines
Spain greatly enriched the flora and fauna of the Philippines. The early Spanish missionaries and colonizers introduced beans, cacao, coffee, maguey, peanut, pineapple, and other economic plants into the Philippines. More...
The Economic Life of Filipinos During Spanish Regime
Since the start of their colonization of the Philippines, the Spaniards tried to improve the economic life of the Philippines. They promulgated laws to encourage agriculture, such as those providing for (1) the More...
