PROCLAMATION NO. 340

: The purpose of Proclamation No. 340 is to amend Proclamation No. 134 and its subsequent amendments by publishing the latest values of certain foreign currencies for purposes of the assessment and collection of customs duties in the Philippines.
: Republic Act No. 77 grants the authority to amend the proclamation related to customs duties.
: Proclamation No. 340 specifically amends Proclamation No. 134 dated July 19, 1949, as amended by Proclamation Nos. 151, 199, 304, and 305, by publishing updated foreign currency values for customs duties assessment.
: Currency values are important because they determine the equivalent amount in Philippine currency for customs duty assessment and collection when goods are imported or exported.
: The criteria involve determining the equivalent value of a unit of foreign currency in U.S. currency and then converting it to the equivalent value in Philippine currency.
: 1. Canada Dollar: 2.06 Philippine Currency 2. France Franc: 0.006 Philippine Currency 3. Uruguay Peso: 1.3166 Philippine Currency.
: Proclamation No. 340 was signed on September 24, 1952.
: Elpidio Quirino was the President of the Philippines who signed Proclamation No. 340.
: Publishing updated foreign currency values ensures accurate and fair assessment and collection of customs duties based on current exchange rates, preventing under or overvaluation of goods imported or exported.