1919–1922 Philippine financial crisis

The 1919–1922 Philippine financial crisis resulted as a consequence of an economic crisis which began in 1919 along with the mismanagement of the Philippine National Bank. Due to the Wood-Forbes Mission in 1921, there were questions among Filipino politicians on who should take responsibility.

Because of this, the Philippine Legislature experienced a leadership crisis resulting to the resignation of House Speaker Sergio Osmeña on December 17, 1921, and Senate President Manuel L. Quezon on January 10, 1922.

Economic reforms implemented during the administration of Governor General Leonard Wood helped the Philippine economy recover from the crisis. By 1923, the Legal Reserve Fund of the Philippine government was restored. The cabinet crisis of 1923 fundamentally broke out as a result of disagreements between Philippine government officials and the government reform agenda of the governor general.