Legal Authority and Basis
- The proclamation is issued pursuant to the authority granted under Republic Act No. 77.
- The action is based on the recommendation of the Undersecretary of Finance, indicating administrative consultation and approval.
Scope and Application
- The fixed exchange rate applies exclusively to customs duty computations involving the Canadian dollar.
- This standardized rate ensures uniformity and legal certainty in duty assessments involving Canadian currency.
Formalities and Effectivity
- The proclamation is signed by the President of the Philippines, Elpidio Quirino, signifying executive approval.
- The official seal of the Republic of the Philippines is affixed, granting full legal effect.
- The date of effectivity is May 26, 1951, marking the commencement of its application.
Legal Significance
- This proclamation facilitates accurate duty calculations on imports and transactions involving Canadian currency.
- It stabilizes customs revenue collection by providing a definite currency conversion rate.
- The measure underscores the government’s authority to regulate currency valuation for tax purposes.