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What did the Philippine economy look like under American colonial rule?
For the United States, its new colony meant vast opportunities for making money, and American policy made sure that U.S. interests were protected as much as possible.

Manuel L. Quezon, then the Philippine Assembly’s majority floor leader, warned that the free trade arrangements provided for in the Payne-Aldrich Act would be detrimental to the Filipino people. Such arrangement would foster dependence on the U.S. and keep Philippine products, particularly sugar and tobacco, out of Asian markets. Free trade would benefit a few Filipino businessmen and American companies would swallow up the country’s agriculture, trade, and industry.