This study is an attempt to briefly look back into the historical trade relations between the Philippines and Spain from 1968 to 1978, to explore its nature with the end in view of highlighting the virtues. It will dwell on the "what" and "how" of RP-Spain trade relations. Specifically, it will look on how the two countries carry on their trade relationship from the coming of the Spaniards to the period of Philippine independence; the contributions and significant effects of RP-Spain trade agreements to the economy and to the people as a whole; the share of RP-Spain trade relationship in the total export and import performance; and the governmental and/or private strategies have been designed to optimize trade relationship.