Note 29 — IV. Trade and Commerce: the Period of Restrictions

On the other hand, the galleon trade absorbed too much of the attention of the Spaniards,29 and caused the neglect of Philippine extractive industries, especially agriculture.30 It attracted the Spaniards into Manila, and, thus, left the rest of the country without the benefit of whatever good they could have done; and in Cebu, the point was reached when, at one time, there was not a sufficient number of persons to fill the offices of alcalde and regidores, and it was necessary to assign to the city a few boletas from Manila.31 Lastly, it enriched only the few,32 and the resulting economic depression checked the growth of population.33