▁the ▁existence ▁of ▁crisis ▁in ▁the ▁industry . ▁One ▁of ▁the ▁factors ▁that ▁contributed ▁to ▁the ▁w ors ening ▁situation ▁of ▁the ▁industry ▁during ▁that ▁time ▁was ▁the ▁de pressed ▁market ▁for ▁sugar . ▁ ▁In ▁ 1 9 7 4 , ▁there ▁was ▁a ▁dram atic ▁es cal ation ▁in ▁the ▁world ▁price ▁that ▁pe aked ▁at ▁around ▁US $ 0 . 6 7 ▁per ▁p ound ▁of ▁sugar . ▁In ▁succeed ing ▁two ▁consecutive ▁years , ▁world ▁prices ▁of ▁sugar ▁fell ▁to ▁less ▁than ▁US $ 0 . 1 0 ▁and ▁remain ▁in ▁that ▁situation ▁for ▁few ▁years ▁until ▁it ▁moved ▁up ward ▁before ▁the ▁de cade ▁ends . ▁During ▁the ▁early ▁ 1 9 8 0 s , ▁world ▁sugar ▁prices ▁fell ▁again , ▁with ▁US $ 0 . 0 3 ▁per ▁p ound ▁as ▁the ▁bott omm ost . ▁Pr ices ▁recovered ▁to ▁US $ 0 . 1 4 ▁per ▁p ound ▁then ▁fell ▁again ▁to ▁between ▁$ 0 . 0 8 ▁to ▁ 0 . 0 9 ▁per ▁p ound ▁at ▁the ▁beginning ▁of ▁the ▁early ▁ 1 9 9 0 s . ▁ ▁Free ▁trade ▁with ▁the ▁United ▁States ▁and ▁the ▁Qu ota ▁System ▁The ▁transfer ▁of ▁Philippines ▁as ▁a ▁col ony ▁from ▁the ▁Spanish ▁to ▁the ▁Americans ▁was ▁not ▁easy ▁due ▁to ▁strong ▁resistance ▁from ▁Filip ino ▁leader ▁Em ilio ▁Agu inal do . ▁So on ▁after ▁the ▁fall ▁of ▁Agu inal do ▁in ▁Pal an an , ▁Isabel a , ▁the ▁Philippines ▁was ▁completely ▁under