produced rice, although small amounts
of land were dedicated to fruit,
tobacco, and sugar.” During the late
19th century, three crops namely
abaca, tobacco and sugar had
dominated the Philippine exports.
“Philippine abaca, which was
considered the best material for ropes
and cordage, grew in importance and
after 1850 alternated with sugar as the
islands' most important export.”
Another economic effect that the
Spanish colonization brought to the
country is the Manila-Acapulco
Galleon Trade. This was once
considered as the “most significant
pathway for commerce and cultural
interchange between Europe and Asia.
At its simplest form, it linked both
China and Mexico through the
Philippines. In a span of 250 years,
from 1565 to 1815, the galleons
travelled between Manila and
Acapulco carrying goods and
exchanging these goods to those from
the East. Thus allowing the Spaniards
to earn huge amount of profits. This
system did not involve the raw
materials of the Philippines, the
country only served as a point of
exchange for goods. So, during the
1590s, a total of 12 million pesos were
already traded at an average of 2-3
million pesos a year where most of
which were headed for China.
