Authority and legal basis
- Republic Act No. 77 is the statutory authority for the President to issue the customs currency value amendment.
- The amendment proceeds upon the recommendation of the Secretary of Finance.
- Proclamation No. 340 is issued by the President of the Philippines and countersigned by the Acting Executive Secretary.
Scope: customs currency values for duty
- Proclamation No. 340 establishes latest values of certain foreign currencies for assessment and collection of customs duties.
- The Proclamation applies by amending prior proclamations that previously published foreign currency values for the same customs purposes.
- The Proclamation uses a table format assigning values to specific country-currency pairs.
Published currency values (U.S. and Philippine equivalents)
- Canada (Dollar): 1.03 (Equivalent in U.S. Currency) and 2.06 (Equivalent in Philippine Currency).
- Chile (Peso): .032 (Equivalent in U.S. Currency) and .064 (Equivalent in Philippine Currency).
- Ethiopia (Dollar): .402 (Equivalent in U.S. Currency) and .804 (Equivalent in Philippine Currency).
- France (Franc): .003 (Equivalent in U.S. Currency) and .006 (Equivalent in Philippine Currency).
- Indo-China (Piastre): .048 (Equivalent in U.S. Currency) and .096 (Equivalent in Philippine Currency).
- Japan (Yen): .003 (Equivalent in U.S. Currency) and .006 (Equivalent in Philippine Currency).
- Poland (Zloty): .0025 (Equivalent in U.S. Currency) and .0050 (Equivalent in Philippine Currency).
- Yugoslavia (Dinar): .0033 (Equivalent in U.S. Currency) and .0066 (Equivalent in Philippine Currency).
- Uruguay (Peso): .6583 (Equivalent in U.S. Currency) and 1.3166 (Equivalent in Philippine Currency).
Effect on prior proclamations
- Proclamation No. 340 amends Proclamation No. 134 (July 19, 1949) by republishing updated foreign currency values used for customs duty assessment and collection.
- Proclamation No. 340 expressly identifies the specific prior amendments to Proclamation No. 134 to be covered: Proclamation No. 151 (October 15, 1949), Proclamation No. 199 (August 4, 1950), Proclamation No. 304 (January 29, 1952), and Proclamation No. 305 (March 11, 1952).
Signatures and authentication
- Elpidio Quirino, President of the Philippines, signs Proclamation No. 340.
- The Proclamation is executed in the City of Manila on September 24, 1952, with the seal of the Republic affixed.
- Marciánno Roque, Acting Executive Secretary, countersigns Proclamation No. 340.