PHILIPPINE ECONOMIC DEVELOPMENT
THE COLONIAL RULE
THE REPUBLIC: 1946-1972
Free choice of
Price is based on Supply and
Our economy has not improved much in terms of the interest of the masses, because of our colonial and primitive agricultural economy. Foreigners control our economy from production to marketing. Our agricultural outputs are not even sufficient to feed our growing population. Hence grinding poverty has not left us. Such situation has been aggravated by our population explosion .
The Philippine became slave of three colonial master:
Spain, United States and Japan.
For more than three centuries we were under Spanish rule, and about half a century under the American Regime.
The Chinese dominated the retail trade business even during the
The Chinese clustered around
Intramuros - which literally means
“city within the walls” – the Spanish colonial capital.
Tondo, Binondo and Sta. Cruz were inhabited by the Chinese.
The only economic contributions of the Spanish rule were encomiendas, galleon trade and tobacco monopoly.
Under the American Regime, many Filipinos thought that the coming of the Americans was great blessing. At that time, the tremendous growth of factories in the United States created big problems. To solve these problems, the United States colonized new territories like the Philippines.
This gave the American businessman the right to exploit natural resources, to operate public utilities and other business, and enjoy the pre-war free trade agreement. The
Philippines government accepted the
Bell Trade Act in exchange for war damage payment.
When the Philippine economy plunged into its lowest level, the United
States agreed to impose import foreign exchange control. Clearly, this reduced
U.S exports to the Philippines.
The import control program of the
Philippine government provided Filipino
Entrepreneurs opportunities to put up their own enterprises. There was no foreign compitition.
Introduce the first Filipino Policy. It granted the Filipinos preferential treatment in the
Philippine Economy .
He abolished the import and foreign exchange control. In exchange, the Philippine government received more than 500 dollar loan from United States.
Give the meaning of the ff;