On August 1, 1851 the Banco Español-Filipino de Isabel II was established to attend the needs of the rapid economic boom, that had greatly increased its pace since the 1800s as a result of a new economy based on a rational exploitation of the agricultural resources of the islands. The increase in textile fiber crops such as abacá, oil products derived from the coconut, indigo, that was growing in demand, etc., generated an increase in money supply that led to the creation of the bank. Banco Español-Filipino was also granted the power to print a Philippine-specific currency (the Philippine peso) for the first time (before 1851, many currencies were used, mostly the pieces of eight).