Search results
Results From The WOW.Com Content Network
The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying policy governing trade between the Philippines and the United States following independence of the Philippines from the United States.
6.4.4 Bell Trade Act. 6.5 1946 presidential election. 7 Post-presidency and death ... The Act gave the Philippines eight years of free trade with the United States, ...
As a precondition for receiving war rehabilitation grants from the United States, the Philippines agreed to the Bell Trade Act, otherwise known as the Philippine Trade Act. This granted preferential tariffs on U.S. trade and pegged the peso to the U.S. dollar. [26] [27]
This became the foundation of the controversial Bell Trade Act of 1946. In October 1945, President Osmeña also signed House Bill No. 608. This legislation authorized the participation of the Philippine Commonwealth Government in the International Monetary Fund and the World Bank system following the Bretton-Woods Conference in July 1944.
Under the Bell Trade Act, the goods from the Philippines were granted tariff-free access to the American market, achieving one of Roxas's key aims; in exchange, he accepted pegging the Philippine peso to the U.S. dollar and American corporations were granted parity rights when it came to exploiting the minerals and forests of the Philippines. [48]
The Philippines currently celebrates its Independence Day on June 12, the anniversary of Emilio Aguinaldo's declaration of independence from Spain in 1898. The declaration was not recognised by the United States which, after defeating the Spanish in the Battle of Manila Bay in May that year, acquired the Philippine Islands via the Treaty of Paris that ended the Spanish–American War.
The Laurel–Langley Agreement was a trade agreement signed in December 15, 1954 [1] [2]: 43 between the United States and its former colony the Philippines. It was signed by Senator Jose P. Laurel and James Langley. [2]: 43 The agreement took effect in 1955 after approval from both Philippine Congress and U.S. Congress. [1]
On June 21, he reappeared in another joint session of the Congress and urged the acceptance of two important laws passed by the U.S. Congress on April 30, 1946, regarding the Philippine lands. They are the Philippine Rehabilitation Act and the Philippine Trade Act. [73] [74] Both recommendations were accepted by the Congress. [citation needed]