Philippine Economy

PRE COLONIAL PERIOD SOURCES OF LIVELIHOOD Agriculture Fishing Ship Building And Seafaring Mining Jewel Making Weaving Poultry

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Lumbering Raised chickens,pigs,goats, carabaos ,small or native ponies Process of cultivating the land KAINGIN SYSTEM -method of land cultivation wherein shrubs and bushes are burned to clear the land for planting TILLAGE SYSTEM wooden plows and arrows were used to cultivate the soil

TRADING BARTER SYSTEM Form of trade during pre colonial time Trading with other countries like Japan, China, and India. The most common items for trade were foodstuffs and gold. SPANISH ERA (1521-1898) ENCOMIENDA SYSTEM A parcel of land given as a reward to the kings soldier who helped in conquering territories ENCOMIENDERO manager of the encomienda 1. protect the encomienda ( defense )

2. helping in missionary work (religion) 3. maintaining peace and order and treating the people kindly ( security ) GALLEON TRADE Trade relation between Philippines and Mexico main source of income for the colony BOLETA - tickets for galleon trade Tobacco Monopoly Spanish government controlled tobacco production Key provinces for tobacco production Nueva Ecija , Marinduque, Cagayan Valley, Ilocos provinces. Planting of mulberry trees for silk production SYSTEM OF TAXATION TRIBUTO A direct tax paid cash to show acceptance of becoming a subject of the king of Spain BANDALA a system of tax that required the Filipino to sell their products to the government at a very low price POLO forced labor implemented by the Spanish government on Filipino male 16- 60 years old GENERALIZATION No significant changes in the lives of Filipinos that made them better off

Spaniards exploited the richness of our natural resources through encomienda system, exploitative taxation, forced labor,galleon trade and government monopolies AMERICAN PERIOD (1898-1946) Free Trade A commercial policy which allows the unhampered flow of goods among trading nations Payne- Aldrich Act 1909 Law that allowed the importation of American goods into the Philippines without restrictions Underwood -Simmons Act 1913 strengthened the free trade policy between the Philippines the US Removal of quotas of Philippine exports to the US Tydings-Mcduffie Law 1934 granted independence to the Philippines after a ten year transition period under commonwealth government EFFECTS OF FREE TRADE Improvements in transportation Development of industries Increase in production Expansion of commerce Colonial Mentality was developed Other markets were neglected JAPANESE PERIOD ( 1942-1944) High inflation Rationing of prime commodities Buying- selling activities Black market Heavy taxation

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7/19/2012 5:45:00 AM

7/19/2012 5:45:00 AM