Manila hosts International Galleon Conference

The Manila-Acapulco Galleon trade, an important economic infrastructure of Spanish colonial rule, was a flourishing trade that plied the Pacific Ocean, shuttling back and forth from Manila and Acapulco, Mexico from 1565 to 1815, carrying goods such as spices, porcelain, textile, furniture, gold ornaments, fixtures, etc is made famous by one single coin, the Spanish Peice of Eight.

In an initiative to bring the understanding of the rich tradition of the galleon trade within the public realm, the Intramuros Administration is organizing the International Conference on the Galleon and the Making of the Pacific, on Nov. 9-11 at Villa Immaculada, Gen. Luna cor. Anda St., Intramuros, Manila

“The Galleon trade built Intramuros, from its churches, to the schools,” states Anna Marie Harper of the Intramuros Administration. “It marked the start of globalization from the Orient to Europe.” At its peak, only one single coin conquered the trade of the world which was no other than the legendary "Dos Mondos" or the Pillar Dollars. Known for its beauty, purity, and aesthetic. The "Dos Mondos" not only symbolizes the meeting of the East and the West by design but it otherwise characterized the passion for travel, adventure, and exploration.

The three-day gathering of scholars from Spain, People’s Republic of China, Indonesia, the United States, Mexico, and the Philippines will look into the context and infrastructure of the Galleon Trade, its impact on regional trade in Asia and the Americas, and the horizons of change and cultural transformation brought by the Galleon trade.

“More than just an exchange of goods, the Galleon was key to an exchange of culture amongst the countries along the route it plied,” Harper adds. “Even today, linkages between Filipino and Mexican culture can be traced back to their roots in the Galleon trade.”

Students, the academe, cultural workers, and history enthusiasts, are enjoined to attend the conference, which covers discussions on heritage and conservation in the port cities during
the Spanish empire, trade in island Southeast Asia from 1565 to 1815, music in the rituals and ceremonies during Colonial Manila, insights into the transformation of the economy during the Galleon trade, a survey of the cultural influences from Latin America during the Galleon trade, the contribution of the Philippines to the galleon and the making of the Pacific, and the Manila-Acapulco Trade from the Perspective of Mexico-Sevilla traffic.

Speakers include economic historian Dr. Benito Legarda; Dr. Gusli Asnan of the Ministry of Museum and Antiquities of Indonesia; Javier Ruescas and Javier Wrana of the Associacion Cultural Galleon de Manila-Madrid; Dr. William Summers professor of Musicology of Dartmouth College, US; Dr. Wu Jie Wie of the University of Beijing; Architect Jorge Loyzaga of Mexico; Architect Francisco Pol, Professor, University of Alcala and Recipient of the Premio National de Urbanismo, Spain; Dr. Carlos Lles Loza, urban sociologist from the Universidad Carlos III.

Two roundtables (heritage conservation and current researches on Intramuros and the galleon trade) will be convened with presentations from stakeholder institutions in the vicinity of Intramuros. Dr. Ing. Adolfo Jesus Gopez, president of FEATI University, Ambassador Reynaldo O. Arcilla, Dean of International Relations of Lyceum University, Dean Ramona Lopez-Ty of the Pamantasan ng Lungsod ng Maynila, and Professor Manuel Zamora of the Intramuros Studies Center of Letran College are among the discussants.

Aside from talks, round table discussions, and workshop sessions, the conference also features out of conference activities, including museum tours and walking tours.

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Gold hits an all time high of $1045, dollar continues to plunge

Gold prices surged to a new high Tuesday as investors sought a safe harbor from a falling dollar and inflation.

Gold for December delivery rose to as high as $1,045 an ounce, surpassing a previous intraday high of $1,033.90 logged in March 2008, just days after Bear Stearns Cos. collapsed.

Gold also had a record high closing price, finishing the day at $1,039.70 an ounce, up $21.19, or 2.2 percent. Some analysts see the dollar rising to $1,100 in the coming days.

Gold's advance was stoked by a tumbling dollar, which hit a 14-month low against the Australian currency after Australia became the first major country to raise interest rates since the onset of the financial crisis.

The move signals that Australia believes its economy is strengthening enough to withstand a slight increase in borrowing costs, and made the Australian currency a higher-yielding and thus more attractive investment to fund managers versus the US dollar.

Meanwhile, the Philippine peso continues to strengten on a daily basis as analysts predicted due to the the falling value of the dollar. Russia and China have recently express their concern that their crude importation will not rely anymore on the dollar but on basket of currencies.

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Where our money is produced

Three decades ago, the Philippine government took an important step toward greater self-reliance with the establishment of a facility that would be responsible for the production of Philippine bills and coins.

The facility, located on East Avenue in Quezon City, is called the Security Plant Complex (SPC) of the Bangko Sentral ng Pilipinas and is currently headed by Assistant Governor Evelyna Avila.

For most of our history, all our country's coins and banknotes were produced abroad. However, the shortages in coins in the early 1960s prompted the government to seriously consider the idea of producing currency in the country instead of importing all our coins and bills.

In 1975, the Security Plant Complex initially operated a printing plant for banknotes. Subsequently, it went into security printing works and the establishment of a gold refinery and mint.

Currently, the SPC prints circulation and commemorative banknotes. It also produces regular and special checks, e-passports, seafarer's identification and record books, documentary stamps, judicial title forms, and other non-security documents such as bills, bonds, and certificates.

SPC produces circulation coins as well as special coins and medals. It purchases the gold produced by small-scale miners and refines them to forms acceptable in the international gold bullion markets.

While part of our printed money requirements (and all coin blanks) are still outsourced, local production insures that we are able to maintain a comfortable buffer and contingency supply at all times. We also realize significant forex savings commensurate to the volume locally produced.

The amount of money to be printed depends on economic indicators, cash operations data and projected needs of the regional and branch offices of the BSP.

Printed money has an average life of one to five years, depending on frequency of use. Expectedly, lower denominated bills have a shorter life span than higher denominated bills.

The Security Plant Complex celebrated its 31st anniversary earlier this month. Events such as this provide us with a welcome opportunity to look back at the beginnings of an institution that has become such an important part of our economy and our daily lives.

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Gold passed $1020, Silver at $17, & Platinum $1340

Last summer was by far remembered as the peak of the price of precious metals when gold reached a record level together with silver and platinum. A year after the collapse of Lehman Brothers, it seem that the prediction made of Peter Schiff that gold may reached $2000 is still around the corner.

Gold climb again to $1020 level and gained at least 16$ in 24 hours as silver surpassed $17 after falling to less than $10 at the beginning of the year. Rumors about China buying the all the gold it could purchase after its government has allowed its companies to walk away from their obligation from US companies. China has been reported to have stockpiled 1000 tonnes of gold due to the suppression of the price of gold for last year.

Analyst and author of the famous book "Crashproof", Peter Schiff otherwise believe that the recession in the United States has not yet ended and the beleaguered superpower is facing a much tougher future due to the massive debt, expenditures, and bailouts it did.

Ben Bernanke was even cautious when he announced today that the recession has finally ended but retracted the optimism by adding that the repercussions would still be experienced.

The weak dollar and several discreet trade agreements between the major global players of the world aggravate the rumor that the fate of the dollar has already been sealed. "The USD would soon be replaced by basket of currencies, and the monopoly of the USD would soon be over." one analyst commented.

Meantime, supply of coins minted out of precious metals continue to decline which simply proves that most holders are already anticipating that the fruit of their patience may soon be realized by another huge climb.

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