Question & AnswerQ&A (PROCLAMATION NO. 12)
The legal basis is Republic Act No. 77, which authorizes the assessment and collection of duties based on foreign currency values.
The recommendation came from the Undersecretary of Finance.
Manuel Roxas, then President of the Philippines, signed the proclamation.
The Australian Pound was valued at 6.426226 Philippine pesos.
The Belgian Franc's equivalent in U.S. currency was 0.022804 dollars.
Republic Act No. 77 grants this authority.
It standardizes the currency exchange rates used to assess and collect accurate customs duties on imported goods.
It provides an official reference for currency conversions, ensuring consistent assessment and collection of import duties based on the published currency values.