Trade Agreement Ng 1946
When the Philippines became independent on July 4, 1946, its economy was completely devastated by World War II. The payment of the damage caused by the war by the U.S. government and the inflow of capital were both urgent. The bell law set quotas for Philippine exports to the United States, tied the Philippine peso to the U.S. dollar at a rate of 2 to 1, and provided for free trade between the two countries for 8 years, followed by a gradual application of tariffs for the next 20 years. Many Filipinos have opposed the so-called parity amendment, which requires changes to the Philippine constitution, which should give U.S. citizens the same rights as Filipinos in the exploitation of natural resources and the exploitation of public services; however, some powerful Filipinos involved in these negotiations benefited from the agreement. “U.S. citizens admitted by denPhilippines pursuant to Section 402, point e), under the Executive Agreement under Title IV, are permitted to enter the Philippines in numbers and over the years and remain there for the period set out in the part of the agreement that contains the provisions of Section 402, note e). The Bell Trade Act of 1946, also known as the Philippine Trade Act, was a law passed by the United States Congress that set out trade policy between the Philippines and the United States after the Philippines` independence from the United States.   The U.S.
Congress offered US$800 million for reconstruction after World War II if the Bell Trade Act was ratified by the Philippine Congress. The details of the law required an amendment to the 1935 Philippine Constitution. The Philippine Congress approved the measure on July 2, two days before the independence of the United States of America, and on September 18, 1946, it passed a referendum amending the Philippine Constitution. “A U.S. law partially suspends the processing tax on coconut oil, as amended until May 1, 1946. (2) Entry to the Philippines is permitted regardless of the numerical restrictions provided by Philippine law during each of the 1946-1951 calendar years, including the 1,000 or so U.S. nationals, each of whom has the right to remain in the Philippines for five years. These legal issues have been considered by this department and, for the reasons mentioned in the memorandum, it is not accepted that the additional delay in the proclamation of the agreement is justified. However, if you would like to go into this matter further or seek the Attorney General`s opinion on any of these points, that division would like to give more detail on the issues in question.
Section 1. Adoption and formal enforcement power of the executive agreement. – the executive agreement that the President of the United States and the President of the Philippines concluded pursuant to Title IV of public law 371 – 79th Congress, adopted on April 30, nineteen hundred and seventy-six, entitled “A Law for the Establishment of Trade Relations between the United States and the Philippines and for Other Purposes,” as noted above, is adopted and approved and authorized by the President of the Philippines to formally execute them on or after July 4, 1946. “The value of the Philippine currency against the U.S. dollar must not be changed, the convertibility of pesos in dollars is not suspended and no restrictions are imposed on the transfer of funds from the Philippines to the United States, except in agreement with the President of the United States. are adopted by this and are considered Philippine laws during the effectiveness of the executive convention mentioned at the procedural stage: however, provided that so many citations from Section 341, Part 5, Title III, because of its contradiction with the Philippine Constitution, only enter into force after that conflict has been eliminated by an amendment to that Constitution.