British and United States merchants dominate Philippine commerce, the former in an especially favored position because of their bases in Singapore, Hong Kong, and the island of Borneo.

There were thirteen foreign trading firms in Manila by 1856, of which seven were British and two American; between 1855 and 1873 the Spanish open new ports to foreign trade, including Iloilo on Panay, Zamboanga in the western portion of Mindanao, Cebu on Cebu, and Legaspi in the Bicol area of southern Luzon.

The growing prominence of steam over sail navigation and the opening of the Suez Canal in 1869 contribute to spectacular increases in the volume of trade.

In 1851 exports and imports totaled some US$8.2 million; ten years later, they had risen to US$18.9 million and by 1870 are US$53.3 million.

Exports alone have grown by US$20 million between 1861 and 1870.