Items of revenue and expenditures 1918 1919 1920 1921 1922 1923
Pesos Pesos Pesos Pesos Pesos Pesos
Income 45,511,037 70,957,757 73,977,000 84,289,932 63,051,435 65,952,560
Revenue from taxation 30,220,916 48,463,600 47,012,230 56,036,000 42,867,320 42,925,310
Incidental revenue 1,730,000 2,950,000 3,495,000 4,681,600 2,120,000 5,233,500
Earnings and other credits 13,560,120 19,544,157 23,469,770 23,572,332 18,064,115 13,143,750
Income from proposed legislation [8]4,650,000
Current surplus at the beginning
of the year 18,996,477 33,470,664 10,560,300 11,964,152
---------- ----------- ---------- ---------- ---------- ----------
Total available for expenditures 64,477,514 104,428,421 84,537,300 84,289,932 75,015,587 65,952,560
Expenditures 51,051,725 92,003,494 84,453,806 83,549,778 72,538,593 65,677,327
Expense of revenue collection 1,138,904 1,835,078 1,741,202 1,688,370 1,564,726 1,611,533
Operating expense of commercial
and industrial units 8,002,820 12,699,877 14,089,177 14,502,504 8,981,853 7,661,867
Public debt 2,087,500 2,310,276 2,308,326 3,459,281 5,189,878 9,698,667
General administration 3,911,100 8,083,832 5,114,677 5,202,098 4,995,090 5,170,217
Protective service 8,261,259 9,696,100 11,185,108 10,373,411 9,284,643 9,393,072
Social improvement 5,680,914 7,987,190 8,498,527 9,093,423 8,818,029 8,317,816
Economic development 3,950,459 6,883,934 9,397,034 10,437,851 8,740,857 7,326,511
Aid to local governments 9,618,425 11,992,281 13,163,155 15,347,095 17,883,667 13,287,409
Retirement gratuities, Act 2589 700,000 800,000 750,000 600,000 500,000 300,000
Emergency service 1,000,000 1,000,000 3,000,000 3,000,000 2,000,000
Outlays and investments 6,700,344 14,102,181 15,206,600 9,845,745 4,579,850 2,910,235
Appropriation balances for
public works [9]4,296,754
Appropriation balances for
miscellaneous accounts [9]10,315,991
Current surplus at the end ---------- ---------- ---------- ---------- ---------- ----------
of the year 13,425,789 12,424,927 83,494 740,154 2,476,994 275,233
CURRENCY.--At the time of the American occupation, the Mexican dollar
and the Spanish peso were in circulation in the Islands as a part of
the currency. The Mexican dollar had been introduced because of the
trade between the Philippines and Mexico, which was fostered by the
Spanish galleons. Besides the Mexican dollar and the Spanish peso,
there also circulated the silver peso or dollar of the various South
American countries. For fractional currency, however, the Spanish
coins predominated. The denominations were half peso, peseta, and
media peseta. Gold pieces were of P1, P2, and P4 denominations.
The first mint in the Islands was installed during the reign of Isabela
II. It was then that the Philippine peso, both in gold and silver,
was first coined.
[Currency Legislation]
America early decided to make the currency system more stable
and scientific. On March 2, 1903, Congress passed the Philippine
Coinage Act which established the conant or Philippine peso as the
official coin of the Islands. The effect of this Act was to drive
away all the previous coins in circulation, and it is the basis of
the present currency system in the Philippine Islands. The coins
provided for were of the denomination of the peso, half-peso, peseta,
media peseta, 5 centavos, 1 centavo, and one-half centavo, while the
silver certificates were in the denominations of P2, P5, P10, P20, P50,
P100, P500. The peso was issued on the basis of two Philippine pesos
(P2) to one dollar ($1) gold, United States currency. To maintain the
parity the Gold Standard Act was passed by the Philippine Commission in
October, 1903. There are gold deposits in the banks of the United
States to guarantee every Philippine Government certificate in
circulation. This places the Philippines practically on an actual
gold basis.
[Notes]
The notes in circulation at the time the Americans came were those
issued by the Banco Español-Filipino. They were in 10, 25, 50,
100, and 200 Mexican denominations. After the introduction of the
Philippine peso, P1 notes were also allowed to circulate. In 1912,
this same Banco Español was allowed to change its name to that of
the Bank of the Philippine Islands, and thereafter, a new series of
notes were issued, having the same size as the certificates issued
by the Philippine Government, but of the denominations of P5, P10,
P20, P50, P100, and P200.
When the Philippine National Bank was established in 1916, it was
authorized to issue notes to be known as circulating notes. In
accordance with this authorization, denominations of P1, P2, P5,
and P10 began to appear.
The stability of the currency system in the Philippines depends
solely on the maintenance of the parity of the Philippine peso with
the gold dollar on the established basis of 2 to 1. This can be
easily accomplished by keeping always intact the gold deposits in
the United States.