Trade Policies in the Philippines

What type of trade existed in the Philippines during pre-Magellanic days?

• Free trade with no restrictions, tariffs, or quota limitations

• Mercantilist policy with commercial isolationism

• Flourishing foreign commerce with tariffs on foreign goods

• Closed trade with no foreign interactions

During the early days of the Spanish regime, what was the trade policy in the Philippines?

• Free trade with no restrictions

• Flourishing foreign commerce with no tariffs on foreign goods and Manila as an open port

• Mercantilist policy with commercial isolationism

• Trade limited to Manila-Acapulco route only

Which trade route was emphasized during the mercantilist policy in the Philippines?

• Manila-Acapulco trade route

• Manila-Singapore trade route

• Manila-China trade route

• Manila-Europe trade route

What was the primary feature of the Bell Trade Relations Act regarding U.S. goods between 1946 and 1954?

• U.S. goods were subject to quota limitations

• U.S. goods were duty-free and had no quota limitations

• U.S. goods were taxed heavily

• U.S. goods were banned from trade with the Philippines

How did the Bell Trade Act affect the Philippines' market for processed products?

• The Philippines became a captive market for processed products of the United States.

• The Philippines exported processed products to the United States.

• The Philippines banned the import of processed products from the United States.

• The Philippines developed its own processed products industry.

In what year did President Ramon Magsaysay send a mission to the United States to address the Bell Trade Relations Act?

• 1954

• 1956.

• 1974.

• 1935.

What was the rate of increase in customs duties on American goods between 1956 and 1958 under the Laurel-Langley Agreement?

• 25%

• 50%

• 75%

• 90%

What was the rate of increase in customs duties on Philippine goods between 1962 and 1964 under the Laurel-Langley Agreement?

• 10%

• 20%

• 40%

• 60%

Before the Laurel-Langley Agreement, why was the Philippines unable to unilaterally devalue its currency?

• It would have made imports cheaper and exports less competitive.

• It would have disrupted trade between the Philippines and other Asian countries.

• It would have unbalanced trade between the Philippines and the United States.

• It was prohibited by international trade laws.

What does GATT stand for?

• General Agreement on Tariffs and Trade

• Global Agreement on Trade and Tariffs

• General Alliance for Trade and Tariffs

• Global Alliance on Tariffs and Trade