QuestionsQuestions (PROCLAMATION NO. 340)
Its purpose is to amend prior proclamations by publishing the latest exchange values of certain foreign currencies for the assessment and collection of customs duties in the Philippines.
It amends Proclamation No. 134 (July 19, 1949), as amended by Proclamation No. 151 (Oct. 15, 1949), Proclamation No. 199 (Aug. 4, 1950), Proclamation No. 304 (Jan. 29, 1952), and Proclamation No. 305 (Mar. 11, 1952). This is relevant because it shows the specific prior legal framework being updated.
It cites Republic Act No. 77 as the authority vested in the President, and it acts upon the recommendation of the Secretary of Finance.
The President acted upon the recommendation of the Secretary of Finance.
Publishing the latest values of certain foreign currencies through the proclamation for purposes of assessment and collection of customs duties.
It lists Country and Unit, then provides (1) the Equivalent in U.S. Currency and (2) the Equivalent in Philippine Currency for each currency unit.
For Canada: 1.03 in U.S. currency and 2.06 in Philippine currency (as stated in the table).
For Japan: 0.003 in U.S. currency and 0.006 in Philippine currency.
Customs duties would be assessed using the prescribed foreign currency values (equivalent in U.S. currency and equivalent in Philippine currency) published by the proclamation, converting the transaction values accordingly for duty computation.
It indicates the currency values are specifically mandated for customs duty computation and related collection processes, not necessarily for other financial uses.
It is dated September 24, 1952, signed by ELPIDIO QUIRINO (President), and countersigned by MARCIANO ROQUE (Acting Executive Secretary).
It signals that it updates specific parts of an existing set of rules (the earlier proclamations) regarding exchange values, thereby revising the operative currency equivalents for customs.
Exchange values fluctuate due to market and currency conditions. The proclamation addresses this by publishing 'the latest values' to keep customs assessments aligned with current prescribed rates.
Example: France — 0.003 equivalent in U.S. currency and 0.006 in Philippine currency for each franc.
No. It covers multiple foreign currencies: Canada (Dollar), Chile (Peso), Ethiopia (Dollar), France (Franc), Indo-China (Piastre), Japan (Yen), Poland (Zloty), Yugoslavia (Dinar), and Uruguay (Peso).