Duty-Free Treatment and Trade Provisions
- The Agreement allows duty-free treatment for certain U.S. products imported or withdrawn from Philippines warehouses for consumption, replacing prior provisions.
- This duty-free treatment applies during a period after July 3, 1954, but not beyond December 31, 1955, as may be proclaimed by the Philippine President.
- The proclamation of this period is conditioned on Philippine articles being admitted into the U.S. free of customs duties.
- The provision applies only if such duty-free entry does not substantially impair the Philippine national economy.
- The law provides provisional measures without prejudice to certain other subparagraphs of the Agreement being considered effective for specific internal applications.
Legal Continuity and Enforcement
- Sections 311 and 312 of the Philippine Trade Act of 1946 are enacted and remain in effect during the Agreement’s duration.
- The provisions ensure legal continuity and incorporate necessary amendments relating to trade duty treatments under the bilateral Agreement.
Effective Date
- The Act takes effect immediately upon approval, which is June 16, 1954.
This law is fundamentally a legislative sanction and amendment concerning the execution, scope, terms, and specific procedural authorities related to the bilateral trade Executive Agreement between the Philippines and the United States as per the 1946 Public Law.