page_title: First Philippine Republic
section_title: Finances
hierarchical_section_title: First Philippine Republic / Finances
caption_attribution_description: English: One Philippine Peso, Revolutionary Period
context_page_description: The Philippine Republic, more commonly known as the First Philippine Republic or the Malolos Republic, was a nascent revolutionary government in the Philippines. It was formally established with the proclamation of the Malolos Constitution on January 21, 1899, in Malolos, Bulacan, and endured until the capture of President Emilio Aguinaldo by the American forces on March 23, 1901, in Palanan, Isabela, which effectively dissolved the First Republic.
  The First Philippine Republic was established after the Philippine Revolution against the Spanish Empire and the Spanish–American War between Spain and the United States. Following the American victory at the Battle of Manila Bay, Aguinaldo returned to the Philippines, issued the Philippine Declaration of Independence on June 12, 1898, and established a revolutionary Philippine government. In December 1898, Sovereignty over the Philippines was transferred from Spain to the United States in the 1898 Treaty of Paris, making the United States formally the Philippines colonial power. The Malolos Constitution establishing the First Philippine Republic was proclaimed the following month.
context_section_description: One of the important laws passed by the Malolos Congress was the law providing for a national loan to buoy the national budget in which the Republic was trying to balance. The loan, worth 20 million pesos, was to be paid in 40 years with an annual interest of six percent. The law was decreed by Aguinaldo on November 30, 1898.
caption: The one peso of the Revolutionary Government.
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