The Encyclopaedia Britannica Book of the Year 1939 usually gave a table stating listing the production of each country in 1937. Unfortunately it did not for the Philippines, but it did say this...SEA was invaded by the Japanese because it had resources such as oil, tin, rice, and more that Japan needed to run its economy as well as continue the war in China. In 1941 the PI really have none of these critical items. The PI were taken because they represented a threat to Japanese supply lines when the USA had major bases there. No bases, no threat, no reason to invade.
The same source said one peso was worth 50 cents U.S.Natural Resources
Forest and agricultural products, minerals (especially gold, and to a lesser extent iron and chrome), are among the principal natural resources. A new record was made in June 1938 in the production of gold, which was valued at 5,592,143 pesos (production for the first time exceeded 5,000,000 pesos in March 1938). Production for the first six months of 1938 was valued at 31,189,216 pesos, as against 24,626,107 pesos in the same period of 1937.
It might not have felt like it to the Philippino in the street, but the country seems to have been rather healthy economically. They had budget surpluses in 1938 and 1939. They had a cash surplus of 90 million pesos on 1st January 1938. In 1937 its exports were valued at 304,634,562 pesos and imports were 218,051,490 pesos.
The research I have been doing upon the Japanese economy indicates that the Philippines were an important source of high quality iron ore.
Last edited: