The commercial ethos of Cebuanos is shown in their language. Even in the sixteenth century there was a rich vocabulary of trade, specifying terms of exchange (angkat, tunay, tongtong), types of goods involved (botong, bakal, tangway), economic alliances (bakas, samuhan), and customs regulations (doong, gaga, himongkog).

While many of these words are no longer known to today's urban Cebuano, the business ethos has remained. It is interesting to note that when Rajah Tupas surrendered to Legazpi, the treaty of June 4, 1565 specified that Cebuanos and Spaniards would conduct trade on a reciprocal basis, that Cebuanos would sell to the Spaniards food supplies at local prices, and that they would aid each other against their enemies and divide equally all boot acquired from joint ventures. To what extent did Tupas and his men view the treaty as "business as usual" rather than an act of submission to foreign rule?

It did not turn out to be business-as-usual, at least in the next two centuries. The Spaniards disrupted trading patterns, interdicted foreign trade, exacted tributes and established monopolies. Cebu declined as a regional trade center and stagnated into the backwaters of the Spanish colony.

When the economic and political climate changed in the 19th century – as liberal state policies were introduced and a new world market demanded the tropical crops the archipelago could produce – Cebu's economy was revitalized. In 1860, Cebu was opened to international trade and Cebu's merchant spirit surged. This time, the local economic elite included a new element, Chinese and Chinese-mestizo entrepreneurs who took a leading role in such facets of the economy as agricultural production, real estate speculation, shipping and finance.

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