Spanish flagship at the Battle of Manila Bay on May 1st 1898.
The stamp depicts the vessel being blown up by the U.S.S. OLYMPIA, a protected cruiser under the command of Admiral Dewey.
The engagement resulted in the whole of the Spanish squadron in Manila Bay being sunk or burned, while the Americans lost neither a ship or a man.
Log Book October 1982
Philippines SG470 (I do not have the stamp)