Actually, the punch shows telegraphic usage on telegram receipts. Interesting example of a form here, here on a Spanish Philippines issue:http://www.nigelgooding.co.uk/Spani...revisado.htm
Interesting that the punching device is not the handheld grip one that we are familiar with. And later issues at least up to the 1901-05 Alfonso heads can have punch cancels.
So we see that the colonies under Spain also had telegraphic punch cancels. Inked line cancels are often telegraphic, too.
Punched stamps are a good way to get the high values that are (obviously) expensive or hard to find.