Herbert Adams Gibbons
In the early 1930s, Gibbons argued that an American withdrawal from the Philippines would be futile, because Japan would immediately colonize the country if the United States were to pull out. In 1931, in a speech in Manila, Gibbons referred to the Philippine calls for independence as "claptrap." He said that if the United States were to withdraw, then it might as well negotiate with the League of Nations to hand the Philippines over to Japan as a mandate. The American business community roundly praised Gibbons' speech. However, Philippine nationalist leaders attacked Gibbons, saying that he was raising the "Japanese bogy" as a hurdle to Philippine independence. (Ultimately, the United States did not grant Philippine independence until 1946, after Japan was no longer a military threat to the former colony.)
History of Philippine money
Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the "República Filipina" (Philippine Republic) under General Emilio Aguinaldo issued its own coins and paper currency backed by the country’s natural resources. The coins were the first to use the name "centavo" for the subdivision of the peso. The island of Panay also issued revolutionary coinage. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist.