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Economic: Economic:
The Galleon trade with the route Philippines are now open for trading
Maynila-Acapulco is the main trading in all countries of the world
system. following the legal process.
The country was opened to selected Philippines is currently the number 2
foreign trade at the end of the 18th nation in the world to export
century which resulted in the rapid rise coconuts.
of foreign firms in Manila. The economic status now of the
The demand for Philippine sugar and Philippines is still in developing
abaca (hemp) grew apace, and the stage. Thanks to the increased
volume of exports to Europe expanded efficiency of labor with the ever-
even further after the completion of improving state of technology,
the Suez Canal. businesses are able to increase total
output, which in turn leads to higher
profits and greater economic
development.