The annual galleon trade between Manila and Acapulco served not only as a commercial venture but also as a crucial lifeline that maintained Spain's hold on the Philippines. These galleons acted as bridges connecting the Orient, the Americas, and Europe, carrying a diverse array of goods. Persian rugs, Indian cotton, ivory, jasper, jade, and spices mingled with pearls, porcelain, and other treasures, enriching Manila's markets. Initially monopolized by Chinese merchants, the trade expanded to include a range of global participants, driving Manila's economic expansion.

However, the benefits of this trade were largely concentrated among Spanish elites, religious institutions, and select merchants, with Chinese intermediaries thriving in the process. Despite its eventual cessation in 1815, the galleon trade profoundly impacted Manila. It spurred economic prosperity, financed infrastructure projects such as Intramuros' fortifications, government edifices, and religious establishments. Intramuros transformed into a vibrant center of governance, culture, education, and global trade, embodying Manila's historical importance as a pivotal global trading hub.

The Bourbon Reforms in the 18th century had a significant impact on Spain’s overseas colonies, mainly through changes in administration and economic policies. These reforms were aimed at centralizing power, improving governance, and increasing economic productivity in these areas through agricultural monopolies. In the Philippines, it resulted in the reorganization of local governments, the introduction of new tax systems, and stricter regulations on trade, particularly the Galleon Trade. These measures had notable effects on the economy and trade patterns in the region.