State and Finance in the Philippines, 1898-1941: The mismanagement of an American Colony

Yoshiko Nagano


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State and Finance in the Philippines, 1898-1941: The mismanagement of an American Colony

During the First World War, ill-advised steps by colonial officials in the Philippines who were responsible for the colony's finances created a crisis which lasted from 1919 until 1922. The circumstances shook the foundations of the American colonial state and contributed to Manuel Quezon;s successful effort to replace Sergio Osmena as leader of the politically dominant Nacionalista Party. These events have generally been blamed on a corruption scandal at the Philippine National Bank, which had been established in 1916 as a multi-purpose, semi-governmental agency whose purpose was to provide loans for the agricultural export industry, to do business as a commerical bank, to issue bank notes, and to serve as a depository for government funds.