Now, it’s time Now, it’s time to interview to interview our guestsour guests from back in from back in timetime about....... about.......

Economic Economic Institution Institution during the during the

Spanish RuleSpanish Rule

First up, it’s our First up, it’s our guest Lance guest Lance

Jao from:Jao from:

The Manila-The Manila-Acapulco Acapulco

Galleon TradeGalleon Trade

Basic FactsBasic Facts

ShipsShips

Sailing 1 or 2 times a yearSailing 1 or 2 times a year

It came from Acapulco in It came from Acapulco in New Spain coming to the New Spain coming to the PhilippinesPhilippines

A tradeA trade

Known as an agreement Known as an agreement between Manila and between Manila and AcapulcoAcapulco

Effects of Effects of the Galleon the Galleon

tradetrade

Many people profited from Many people profited from this trade.this trade.

Especially those who Especially those who participated in this trade participated in this trade profited.profited.

However, many people However, many people died as since the boat sank died as since the boat sank a couple of times because a couple of times because of an overload in goods of an overload in goods like gold and silver.like gold and silver.

Agriculture and the care Agriculture and the care for resources were for resources were neglected because the neglected because the officials, instead of officials, instead of paying attention to paying attention to them, went to Manila to them, went to Manila to engage in the trade.engage in the trade.

How the galleon trade got to How the galleon trade got to the Philippines (Manila): The the Philippines (Manila): The Manila-Acapulco galleon Manila-Acapulco galleon trade began when trade began when Andrés de UrdanetaAndrés de Urdaneta, following , following Miguel Lopez de LegazpiMiguel Lopez de Legazpi’s ’s ship, discovered a return ship, discovered a return routeroute

from from Cebu CityCebu City to to MexicoMexico in 1565. in 1565.

What What happened to happened to the Galleon the Galleon

TradeTrade

The Galleon trade had The Galleon trade had funds called funds called Obras Pias Obras Pias which were donated by rich which were donated by rich people for charity. Some people for charity. Some officials borrowed money officials borrowed money from the funds and most from the funds and most often, the money was often, the money was

Never returned. In other Never returned. In other words, the words, the Obras PiasObras Pias funds were abused by the funds were abused by the officials.officials.

The ships were often The ships were often raided by English and raided by English and Dutch pirates.Dutch pirates.

Because it was always Because it was always raided and sinking, the raided and sinking, the King of Spain had to King of Spain had to abolish the Galleon trade.abolish the Galleon trade.

Next, it’s Next, it’s our guest our guest Raphael Raphael LaurenaLaurena from:from:

The Royal The Royal Economic Economic Society of Society of

Friends of the Friends of the CountryCountry

Basic FactsBasic Facts

Like the Galleon trade it Like the Galleon trade it was also like a trade, a was also like a trade, a businessbusiness

Governor-General José Governor-General José Basco y Vargas founded Basco y Vargas founded the Economic Society of the Economic Society of Friends of the Country.Friends of the Country.

This business This business was for using was for using the unused the unused resources of the resources of the countrycountry

This business This business was a company was a company of rich and of rich and prominent prominent people.people.

Now , it’s our Now , it’s our guest guest Carlos Carlos LaoLao from: from:

The Royal The Royal Company of the Company of the

PhilippinesPhilippines

Basic FactsBasic Facts

This company was to enhance trade, agriculture, and

other industries in the Philippines. To help the company, the king granted rights to

The country. It was to develop the natural resources.

The company got capital from foreign countries.

It was known as a business.

In the end, it was abolished

because of poor management and the stiff

competition. It was abolished in the year 1834.

Now , we will ask Lorenzo Flores some

questions........

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