Scott #: Stamp - 2079, SS - 2080
Philippines got independence from Spain on June 12, 1898. To commemorate 100 years of independence, Philippines, Mexico (former Spanish Colony), and Spain jointly issued stamps. The stamp and souvenir sheet here are issued by Mexico.
The stamp design of 3.40p shows an ancient sailing Galleon and flag of Mexico, whereas the stamp on souvenir sheet shows flags of Mexico and Philippines.