1432
Germany. Canada... Switzerland
Belgium.
Italy... Denmark
...
Japanese China......
Sweden...
Norway....
All other countries...
Total
•
PHILIPPINE ISLANDS
Imports
Exports
Total Trade
693,526
2,094,298
2,787,824
192,792
1,814,398
2,007,190
1,829,901
60,987
1,890,888
26,141
786,769
812,910
211,048
452,659
663,707
103,098
103,098
160
90,437
90,597
46,299
46,299
9,705
834
10,539
123,782
212,160
335,942
P298,876,565 P302,247,711 P601,124,276
The value of trade carried by vessels of each of the principal countries for the year 1920 is shown in the following table :—
Nationality of Vessels
American
British
Japanese
Spanish
Dutch
Philippine
Russian
Chinese
French
......
Norwegian
......
Siamese
Danish
Gerinan
.....
Total Trade P259,643,836 215,220,275
Imports
Exports
P105,979,021
P153,644,815
138,082,663
77,137,612
30,454,729
39,770,945
70,235,674
1,761,298
11,157,130
12,918,428
5,684,906
882,795
6,567,701
2,662,872
2,579,337
5,242,209
144,407
880,060
1,024,467
+ ...
586,475
249,453
835,928
717,757
65,360
783,117
534,111
2,304
536,415
13,068
40,642
53,710
8,554
8,554
125 12,236,579
125
15,817,258
28,053,837
Total
P298,876,565 P302,247,711 P601,124,276
On December 31st, 1919, foreign corporations of different nationalities doing business in the Philippines numbered three hundred and seven in all. These corporations have either opened branches in the Islands or were organized in foreign countries with the intention of making the Islands the place of their commercial activities. They are distributed among the different countries as follows:-United States, 110; Great Britain, 78; Germany, 26; Hongkong, 25; Japan, 12; Australia, 11; Netherlands, 8; Switzerland, 8; Spain 7; France, 7; Canada, 5; Belgium, 3; Straits Settlements, 3; Italy, 2; Austria, 1; India 1.
A large part of the domestic commerce of the Philippine Islands is in the hands of foreigners. The last few years, however, have witnessed a broader activity on the part of the Filipinos.
The principal local trade-centres are Manila, Cebu, Iloilo, Zamboanga, Jolo, Balabac, Aparri and Legaspi.
BANKING AND COINAGE
With the exception of the Philippine National Bank, which is a Filipino institu- tion, with branches in Shanghai, New York and almost all the big cities in the Philippines, most of the banks in the Philippines are British, Japanese, and American. The British have invested P106,065,500 in banking operations; the Japanese, P99,700,000; and the Americans, P38,000,000. There are nine banking corporations doing business in the Philippines. Other concerns such as express companies, trust companies, and savings banks are also available.
The coins used in the Philippine Islands are of the following denominations: peso, one-half peso (50 centavos), peseta (20 centavos), media peseta (10 centavos), five centavos, and one centavo. The paper money is issued in one, two, five, ten, twenty, fifty, one-hundred, two-hundred, and five-hundred peso denominations. The Philippine peso is equivalent to fifty cents in United States currency. The Philippine Commission maintained this parity by passing the Gold Standard Act on October 10th, 1903. The new peso now coined contains twenty grammes of silver, 800