Long before the arrival of the Spaniards in the Philippine archipelago, the natives have already a socio-political and economic system. Tribes are trading to each other and the foreign relations have been established as free trade is already being done with the neighboring kingdoms and empires like China, Indochina and people from Malay Archipelago. This is in the form of a barter system. In Barter system, people do not use notes and/ or currency to exchange goods and services. What they do is exchanging a good that has the same value to other. For example, I will trade my carabao to you in exchange of 15 sacks of rice. This kind of economic system have been used until the late 1600 when the Kingdom of Spain finally took control on the Philippine Archipelago but limited to the Kingdom of Sulu that was reigned until 1962.
When the Kingdom of Spain successfully took over the archipelago, they established an economic system that brought progress and growth to the colony’s economy. The Manila- Acapulco Galleon Trade opened new opportunities to the Indios to acquire new knowledge and skills. This Galleon trade last until 1815 when the Mexican War of Independence put a permanent stop to the galleon trade route. This marked the first time trade truly became global, wherein Asian goods /BILL PATRICK FAMILARA (c)/ were sold to Latin America. It's the first instance in human history when all trade-routes across the planet interlinked, arguably making Manila the world's first Global City and the Manila Galleon route the prototype for global trade.
During the time of the galleon trade, Manila was exclusively trading its goods to Acapulco and limited to the rest of the world. When the Kingdom of Spain was defeated by the British Kingdom, Manila opens its trade to the world market. Thus, the exchange of goods and services expands to the rest of the world. That we could see Manila as the only progressive city in Las Islas Filipinas for the reason that the existence of Hacienda system is being observed and the monopoly of a certain product like Tobacco, Corn and Sugar cane are the only products being produced in the large part of the Filipina Archipelago. This kind of system hinders to the economic development of the provinces.
After the Treaty of Paris, The Republica de Filipinas fall under the control of the United States and successfully established new and modern economic system, adapting what is being used in European and American countries. United States flooded the Filipino Market by their products. They redressed the Philippines from a medieval like society into Americanized one. They introduced more diverse and free trade but limited to the United States market.
After World War 2, The Philippines finally got its independence to the United States. But this time, the capital city was fully devastated by the war. The economy of the newly recognized country had collapsed. And the role of the government is to re-established to fundamental pillars of the economy.
In Marcos time, The Philippines was considered as one of the most progressive country in terms of economy next to Japan. The Bagong Lipunan trend was introduced and said “Ang Pilipinas ay Muling Dadakila”. He established strong foreign economic relations to the far eastern or West Asian countries. Thus, strong foreign direct investments were put in the country’s economy. Series of building new infrastructures like bridges, roads, convention centers, trains helped allot especially on the issue of unemployment when thousands of Filipinos were employed that time.
After what they so-called successful peaceful revolution, Cory Aquino was proclaimed as the new president of the republic. On her time, the economy of the country was freeze. Series of insurgences occurred that resulted to the collapsed of the basic economic foundations of the country. That time, the whole archipelago undergone on a dark age like period.
Nowadays, after the former president Gloria Macapagal Aroyo successfully rebuild and re-established the fundamentals of the Philippine economy. The current presedent is in easy term on facilitating and keeping this track into a good way.
(sorry for grammatical errors)
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