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.)
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.