M3S4 Flashcards
(27 cards)
It granted U.S. citizens and corporations
rights to Philippine natural resources equal
to (in parity with) those of Philippine
citizens, contrary to Article XIII in the 1935
Philippine Constitution, necessitating a
constitutional amendment.
parity right
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.
The Bell Trade Act of 1946, also known as the Philippine Trade
Act
offered $800 million for post World War II rebuilding
funds if the Bell Trade Act was ratified by the Philippine Congress
The United
States Congress
The Philippine Congress approved the measure on X, x days before independence from the United States of America, and
on September 18, 1946 approved a plebiscite to amend the Constitution
of the Philippines.
July 2
2
author of the bell trade act
Missouri Congressman C. Jasper Bell
Preferential tariffs on X imported into the Philippines
US products
fixed exchange rate between the Philippine peso and the United
States dollar
2:1
There were restrictions on currency transfers from the Philippines to the United
States;
false
was seen by critics
as an inexcusable surrender of national sovereignty
The Bell Act, particularly the parity clause
In X, the Laurel–Langley Agreement revised the Bell Trade
Act.
1955
This treaty abolished the United States authority to control the
exchange rate of the peso, made parity privileges reciprocal,
extended the sugar quota, and extended the time period for the
reduction of other quotas and for the progressive application of
tariffs on Philippine goods exported to the United States.
Laurel–Langley Agreement
As required by the Bell Trade Act, a plebiscite was held in the Philippines to
amend the Philippine Constitution to provide for “X” between American
and Philippine citizens.
parity rights
Prior to the plebiscite, the Constitutional amendment had to be approved by
the Philippine Congress, which required a X vote by the Philippine House and
Philippine Senate
3/4
The plebiscite was held on X
March 11, 1947
X percent of voters participated in the plebiscite.
Forty
voters approved the
amendment X to X
79% to 21%
X are placed on the amount of sugar,
cordage (rope), rice, cigars, scrap tobacco, coconut oil, and
buttons of pearl or shell that can enter the U.S. from the
Philippines.
Absolute quotas
For the cigars and buttons of pearl, the importation to the
U.S. shall be duty-free until X and then a
decreasing percentage of the imports shall be duty-free each
year until 1973,when the regular duty must be paid on the full
amount imported.
July 4, 1954
The quotas in paragraph 1 and 2 (for all the items except
rice) shall be allocated annually by the X to manufacturers in the Philippines
proportionate to their 1940 exports of the item to the U.S. or
for sugar, to their 1931-33 production
Philippine
Government
The allocated quotas in paragraph 3 may be X
transferred or
sold.
No X shall be imposed or collected by the U.S. on
articles exported to the Philippines, or by the Philippines on
articles exported to the U.S
export tax
The U.S. may establish quotas on imports of other Philippine
articles imported to the U.S. if the X determines
that these articles substantially compete with U.S. products.
Such quotas will be set at a level not less than the amount of
the article imported into the U.S from the Philippines in the
previous twelve months.
U.S. president
The value of Philippine currency in relation to the U.S. dollar
shall not be X, the convertibility of the Philippine
pesos into the U.S. dollar shall not be X, and no
restrictions shall be imposed on the transfer of funds from the
Philippines to the U.S. except by agreement with the X.
changed
suspended
U.S.
President
The utilization of natural reserves shall be X
open to citizens of the
U.S. and to all forms of business enterprise owned or controlled, directly or indirectly,
by U.S. citizens
