Philippine–American War
In 1902, the United States Congress passed the Philippine Organic Act, which provided for the creation of the Philippine Assembly, with members to be elected by Filipino males. (Women did not have suffrage in the US or the Philippines.) This act was superseded by the 1916 Philippine Autonomy Act, which contained the first formal and official declaration of the United States government's commitment to eventually grant independence to the Philippines. The 1934 Philippine Independence Act created the Commonwealth of the Philippines the following year, a limited form of independence, and established a process ending in Philippine independence (originally scheduled for 1944, but interrupted and delayed by World War II). The United States granted independence in 1946, following World War II and the Japanese occupation of the Philippines, through the Treaty of Manila.
Bangko Sentral ng Pilipinas
By 1933, a group of Filipinos had conceptualised a central bank for the Philippine Islands. It came up with the rudiments of a bill for the establishment of a central bank after a careful study of the economic provisions of the Hare–Hawes–Cutting Act, which would grant Philippine independence after 12 years, but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting Act would be rejected by the Senate of the Philippines at the urging of Commonwealth President Manuel L. Quezon. This Senate then advocated a new bill that won United States President Franklin D. Roosevelt's support, this would be the Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946.