Law Summary
Amendments to Previous Proclamations
- The document amends Proclamation No. 134 dated July 19, 1949.
- It also modifies subsequent related proclamations: No. 151 (October 15, 1949), No. 199 (August 4, 1950), No. 304 (January 29, 1952), and No. 305 (March 11, 1952).
- These amendments serve to keep currency valuations current for customs purposes.
Published Currency Values
- Foreign currency values are updated based on U.S. currency equivalencies and their Philippine Peso equivalents.
- The list includes various countries and their currency units:
- Canada: Dollar - 1.03 USD, 2.06 PHP
- Chile: Peso - 0.032 USD, 0.064 PHP
- Ethiopia: Dollar - 0.402 USD, 0.804 PHP
- France: Franc - 0.003 USD, 0.006 PHP
- Indo-China: Piastre - 0.048 USD, 0.096 PHP
- Japan: Yen - 0.003 USD, 0.006 PHP
- Poland: Zloty - 0.0025 USD, 0.0050 PHP
- Yugoslavia: Dinar - 0.0033 USD, 0.0066 PHP
- Uruguay: Peso - 0.6583 USD, 1.3166 PHP
Legal Effect and Implementation
- The proclamation sets the official foreign currency values for customs duty assessment.
- Ensures consistency and accuracy in the valuation of imported goods for taxation.
- The President ratifies the amendment by affixing the official seal of the Republic of the Philippines.
Formal Approval and Date of Effect
- The document is signed by the President, Elpidio Quirino, and by Acting Executive Secretary, Marciano Roque.
- The amendment takes effect from the day it was signed: September 24, 1952.
- Reflects the seventh year of Philippine independence, emphasizing national sovereignty and governance.