They were the sole means of communication between Spain and its Philippine colony and served as an economic lifeline for the Spaniards in Manila. During the heyday of the galleon trade, Manila became one of the world’s great ports, serving as a focus for trade between China and Europe.
How did the Philippines benefited from the galleon trade?
The Manila galleon trade made significant contributions to colonial Spanish culture. It helped to fashion the very society of the Philippines, which relied upon its income, its merchandise, and the services of Chinese, Malay, and other participants.
What is galleon trade Philippines?
The Galleon Trade was a government monopoly. Only two galleons were used: One sailed from Acapulco to Manila with some 500,000 pesos worth of goods, spending 120 days at sea; the other sailed from Manila to Acapulco with some 250,000 pesos worth of goods spending 90 days at sea.
What is the significance of Manila-Acapulco galleon trade in the historical developments of economic globalization?
The Outstanding Universal Value of MAGT was summarized as follows: 1) “remarkable significance for linking four continents and two oceans, contributing to the development of trade in Asia, Europe, North and South America; 2) paved the way for the widest possible exchange of material goods, cultural traditions and …
What happened during the galleon trade?
The so-called Manila Galleon (“Nao de China” or “Nao de Acapulco”) brought porcelain, silk, ivory, spices, and myriad other exotic goods from China to Mexico in exchange for New World silver. (It is estimated that as much as one-third of the silver mined in New Spain and Peru went to the Far East.)
What is the advantage of galleon trade?
Advantages: The galleons brought Mexican silver, merchandise, and useful plants to the Philippines as well as other influences from Mexico and Spain. The trade generated revenue needed by the government.
Why is it called galleon trade?
The name of the galleon changed to reflect the city that the ship sailed from. The term Manila galleon can also refer to the trade route itself between Acapulco and Manila, which lasted from 1565 to 1815.
What happened in the Philippines in 1785?
On March 10, 1785, Real Compañía de Filipinas (The Royal Company) was established through a royal decree. … The capital of the Real Compañía de Filipinas was fixed at 8 million pesos divided into 32,000 shares of 250 pesos each; the King bought 4000 shares, and the citizens of Manila were allowed 3000.
What is galleon trade system?
The Manila Galleon Trade Route was an economically powerful system of linking Spain with the commodities of Asia via Mexico. It consisted of two separate routes – westward from Acapulco to Manila and eastward on the return, following two separate belts of trade winds across the Pacific.
How did galleon trade affect globalization?
“Globalization started with trade in Asia, in Spanish America,” said Mr. Gordon. He further emphasized that the galleon trade put up the ground for globalization by bringing about economic and cultural exchange and integration of financial markets between Asia and the Americas.
How many years did Spain colonize the Philippines?
On June 12, 1898, Emilio Aguinaldo declared the Philippines independent from Spain and proclaimed himself president. After ruling for 333 years, the Spaniards finally left in 1898 and were replaced by the Americans who stayed for 48 years.
Why the Spaniards discovered the Philippines?
Spanish colonial motives were not, however, strictly commercial. The Spanish at first viewed the Philippines as a stepping-stone to the riches of the East Indies (Spice Islands), but, even after the Portuguese and Dutch had foreclosed that possibility, the Spanish still maintained their presence in the archipelago.