Economic Institution during the Spanish Rule

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

Economic Institution during the Spanish Rule

First up, it’s our guest Lance Jao from:

The ManilaAcapulco Galleon Trade

Basic Facts

Ships Sailing 1 or 2 times a year It came from Acapulco in New Spain coming to the Philippines A trade

Known as an agreement between Manila and Acapulco

Effects of the Galleon trade

Many people profited from this trade. Especially those who participated in this trade profited.

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

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

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

from Cebu City to Mexico in 1565.

What happened to the Galleon Trade

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

Never returned. In other words, the Obras Pias funds were abused by the officials. The ships were often raided by English and Dutch pirates.

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

Next, it’s our guest Raphael Laurena from:

The Royal Economic Society of Friends of the Country

Basic Facts

Like

the Galleon trade it was also like a trade, a business Governor-General José Basco y Vargas founded the Economic Society of Friends of the Country.

This

business was for using the unused resources of the country

This

business was a company of rich and prominent people.

Now , it’s our guest Carlos Lao from:

The Royal Company of the Philippines

Basic 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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