# Vicente Singson Encarnacion

Vicente Singson Encarnación (August 5, 1875 – May 27, 1961) was a Filipino lawyer, politician and businessman. Encarnacion served as a member of the Senate of the Philippines from 1916 to 1922.
During the 1919–1922 Philippine financial crisis, Encarnacion was investigated by the Wood administration due to his approval of speculative loans made by the Philippine National Bank. As acting finance secretary, he supported the establishment of a central bank in the Philippines and raised concerns of the economic reliance of the islands' currency to the United States.

## Early life and education

Vicente Singson Encarnación was born on August 5, 1875, in Vigan, Ilocos Sur to Agripino Singson and Benita Encarnación. He received his Bachelor of Arts degree at the Ateneo de Manila and his Bachelor of Laws at the University of Santo Tomas.

## Political career

In September 1901, Encarnacion was appointed prosecuting attorney (fiscal) of Ilocos Sur. In 1907 he was elected to the Philippine House of Representatives for the Progresista Party for the 1st district of Ilocos Sur. A year later he was elected president of the Progresista Party. Re-elected in 1909 and 1911, he served until 1913. On October 30 of that year, Encarnacion was appointed to the Philippine Commission.
In 1916, Encarnacion was elected to the newly established Senate of the Philippines representing the 1st district. Because he received the most votes in the district, he won a six-year term in the Senate until 1922. Encarnacion was the only senator who was not a member of the Nacionalista Party during his time in office. During his term, he joined the Philippine independence mission to the US in 1919.

### 1919–1922 Philippine financial crisis

Philippine National Bank board members Vicente Madrigal, Senator Vicente Singson Encarnacion, and Manila Mayor Ramon J. Fernandez were investigated for approving questionable loans against the PNB charter. Encarnacion was examined for a one-million-peso loan to a company he was part of, while Fernandez and Madrigal faced scrutiny over loans exceeding Php 4 million to firms they invested in. Agriculture Secretary Rafael Corpus later cleared them of wrongdoing.

## As a financier

After his stint in the Senate, he became active in business and held top positions in insurance, banking and real estate. From April 1933 to July 1934 he was secretary of agriculture and commerce and at the same time secretary of finance in the cabinet of US Governor-General Theodore Roosevelt Jr.

### As acting finance secretary

Encarnacion became the acting secretary of finance on April 21, 1934, after Rafael Alunan's resignation. He aimed to reduce the Philippines' reliance on the U.S. economy. In June 1934, he voiced concerns about a potential shift in the Philippine monetary system to a dollar exchange standard, warning it could be "harmful." In a memorandum from July 6, 1933, he highlighted two main issues: the risk of the Philippine currency being tied too closely to the U.S. currency and the negative impact of U.S. inflation on the Philippine economy. He suggested inviting a monetary expert to evaluate the need for an independent monetary system.
He wanted greater control over economic policies by creating an independent currency system. On August 5, 1933, he recommended that the Philippine government set up a monetary system based on gold bullion, not dollar exchange, and suggested devaluing the peso by half its current value.
   In many cases, the likelihood is that this country would be the loser in the sense that its currency would depreciate in value . . .

## Death and family

Encarnacion died in Caloocan in 1961 at the age of 85. He was married to Lucila Diaz Conde and had eight children.