Not exactly. The episodic, unsuccessful expedition to Formosa was to attract Chinese traders to Manila, and also an attempt to curtail the Dutch expansion.The expedition to Formosa was an episodic/exceptional and unsuccessful joint venture approved by the State of India. Trade between Portuguese and Spanish overseas possessions had been forbidden by a royal order of 1581 and by viceregal decrees issued in Goa and New Spain.
The officials of Portugal and Spain in Macau and Manila (and even the private traders) sometimes didn't care too much about it...and accidents happen: in 1590 João da Gama who had been captain of Malacca avoided to be sent to Portugal in irons by making a trans pacific crossing directly to Acapulco....where he was arrested and sent to Seville to stand trial.
That said, the most important economic function of the Spanish possession in the east, Philippines - was to act like an entrepot between the New World and China. Chinese junks brought silk, porcelain and other goods from Canton to Manila.
The Portuguese were the middleman between China and Japan. Trade with the Chinese flourished unabated, particularly when the Ming dynasty cut off trade with Japan in 1523. It was the well known the triangular trade Guangzhou/Macau/Japan.
In fact,the Spanish aspirations to seek direct direct and diplomatic relationships with China led to aggravation and hostilities between Spaniards and Portuguese.
The Luso-Japanese trade attained unprecedented levels just before 1639 (the year of the Japanese ban); but the fall of Melaka to the Dutch at the start of 1640s, and then the closure of the Macau-Manila trade as a consequence of the Portuguese Restoration, was a severe - but not a definitive blow to Macanese traders.
After the formal Portuguese-Spanish relations were restored by 1668, the Portuguese (Macau) were trading again with Manila. Trade with China never ceased entirely, even during the Quing imposed ban in the 1660s. After 1670s the trade received again a Chinese formal blessing in 1680.