Question & AnswerQ&A (PROCLAMATION NO. 254)
The recommendation came from the Undersecretary of Finance.
The Canadian dollar is fixed at ₱1.923124 in Philippine currency.
The equivalent is $0.961562 United States currency.
The proclamation is dated May 26, 1951, which is when it was signed and took effect.
Elpidio Quirino was the President of the Philippines when the proclamation was signed.
Marciano Roque signed the proclamation as Acting Assistant Executive Secretary.
The fixed value is used for the assessment and collection of customs duty.
It standardizes the exchange rate to be used for calculating customs duties on goods priced in Canadian dollars, ensuring consistency and legal basis for duty assessment.