Ever wondered how the trading system in the Philippines started? Is there a big difference in the evolution of Philippine numismatics? The development of the Philippine currency is not something that usually comes up in a conversation but once you have scratched the surface of this occurrence in Philippine history, you might be surprised by how opulent the story is. Sea freight in the Philippines, too, is a part of the country’s rich history.
Pre-Hispanic Era
The earliest form of trade was through barter. The early Filipinos exchanged goods or services without the use of money which caused some inefficiencies. As detailed by Choose Philippines, the system’s heavy reliance on the discretion of the two parties led to its demise. It was then replaced by gold. Well before the Spaniards colonized the Philippines, gold was the early form of currency. Barter rings and gold coins or Piloncitos were recognized as the first coinage of the country.
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Acquisition of products came from neighboring countries such as China, Malaysia, Indonesia, Japan, Siam and India through the Port of Cebu (Pantalan Of Sugbo). This was as one of the earliest forms of sea freight in the Philippines. Cebu (which was then called Zubu), was already considered as a “bustling trading center” which was vital for its economic growth. This led to Cebu being dubbed as the “Queen City of the South”.
From other parts of the Philippines, the Port of Manila (Seludong or Sleurung) was also an important form of sea freight in Philippine for it was a part of Ancient Tondo. Tundu (as Tondo, Manila was called during that time) was a thriving Indianized kingdom in the 9th Century. Diplomatic ties with China during the Ming Dynasty were also prominent and the city had a strong alliance with Brunei. Tondo back then was a prosperous city.
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Spanish Era
When the Spaniards colonized the Philippines, the trading industry in the Philippines flourished which initiated the Galleon trade (Kalakalang Galyon ng Maynila at Acapulco). This made the Philippines known as a trade center for oriental goods. Trades from Acapulco and Mexico to Manila transpired. The form of currency then were through “cobs”, “macuquinas”, “pillar dollars” and “counter stamped coins.” These were in silver.
In the 18th century, because of the Ayuntamiento of Manila, it was declared that barillas (crude bronze or copper coin worth about a centavo) should be used due to shortage of coins. In 1852, peso fuertes, were issued, making it the first banknote of the Philippines.
The discovery of the route from Acapulco-Manila Galleon trading was a pivotal event that ignited modern and Liberal ideas. According to Philippine-History, Basco’s Reforms enabled a self-sustaining trading system that helped the economic growth of the Philippines.
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The Aftermath
A lot has changed ever since the Colonial period. The Philippine currency experienced several tweaks. Coins turned into paper bills and paper bills changed its size and color. Trading is much more than a simple ‘exchange of goods’. Gone are the days when you would barter your fish with chicken. Sea freight since then opened the doors to the Philippines’ globalization!
