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As you alluded, there were several, but first and formost was colonialism. It was also feared that Germay and Britain had eyes on the country at the time as well. The US wanted and "needed" an over seas presence at the time and since they felt they pretty much already had the ability to "own" the Philippines the took it. In retrospect it was not right, but you would have had to live then to fully understand it.

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