Eighteenth Century Philippine Economy: Commerce

The commerce that the Archipelago carried on during the second half of the eighteenth century forms an important chapter in the economic history of the Philippines. As Father Murillo Velarde wrote in no other part of the world can there be found a country better adapted to commerce, being situated between the two Indies, which are the wealthiest countries of the universe. From the time that Spain occupied the Philippines, trade with China and other Oriental countries existed which supplied the needs of the people of both Manila and New Spain. The conquest, the commerce of the Philippines was confined to New Spain through the permit which the King gave to the merchants of Manila and was sent to Acapulco in the yearly galleon. The Economic Society of Manila, besides its obligation regarding internal and external commerce, tried to develop commercial relations with Asian countries.