A royal decree opens the Philippines and Manila to international trade.
A royal decree abolishes the Royal Company of the Philippines which was created to encourage trade between Spain and Asian countries, particularly the Philippines and sought to stimulate the development of agriculture and extractive industries, and to carry on its ships, free of charge, professors of natural sciences and exact science coming to the Philippines. The company also bought oriental goods in Manila instead of buying them as it should have, in China or India directly in order to bring down prices. European vessels were allowed to enter Manila for a limited time so that they could bring more Asian goods, which was clear violation of Spain's monopolistic policy. Towards the end of its existence the company suffered financial losses. Because of this the Cortes abolished the company's exclusive privilege in 1820, and abolished the company itself on this date.
Emilio Aguinaldo and his party arrive at Palanan and are enthusiastically welcomed by a large crowd and a brass band.
By virtue of the Philippine Bill of 1902, the organization of the executive department is approved and ratified.
The Laurel-Langley Agreement is approved by both the American and Philippine Governments following its conclusion by Senator Jose P. Laurel and James M. Langley on 15 December 1954. It is put into effect on 1 January 1946