 Exemptions were also given to those that developed plantations of Chinese cinnamon, tea, and mulberry trees, and those that raised silk.During his term, he started the first Filipino insurance company in February 1827 and promoted the work of the Sociedad Económica de los Amigos del País or "the Economic Society of Friends of the Country", which established the first papermill in the Philippines.In 1827, Ricafort sent an expedition against Jolo, which was repulsed by determined resistance from its inhabitants; in response the Spaniards burned the settlements on the shore, inflicting considerable damage upon the Moros.