Formation of Manticao Municipality, 1949

The amendment is made pursuant to the President's authority vested by law.
It was issued upon the recommendation of the Secretary of Finance, indicating the involvement of the Department of Finance in currency valuation for customs purposes.

The proclamation publishes the latest equivalencies of various foreign currencies against the U.S. dollar and the Philippine peso.
These equivalencies are essential for determining customs duties payable on imported goods.
The foreign currency values serve as a basis for the assessment and collection of customs duties under Philippine law.

The proclamation enumerates twenty-three foreign currencies from different countries, specifying their equivalent value in U.S. currency and Philippine currency.
Some currency examples include:
- Argentina Pesos: $0.2000 = ₱0.4000
- Austria Schillings: $0.4653327 = ₱0.9306654
- Canada Dollar: $0.95 = ₱1.90
- Iraq Dinar: $2.80 = ₱5.60
- Ireland Pound: $2.7988 = ₱5.5976
This list aids customs authorities in calculating accurate duties based on current currency valuations.

The proclamation is formally signed by the President of the Philippines with the official seal affixed.
It was enacted in Manila on January 23, 1952.
The act acknowledges the date as within the sixth year of Philippine Independence.

Updating currency values ensures consistency and fairness in customs duty assessments.
It reflects adjustments to global currency fluctuations impacting import transactions.
The legal mechanism allows the Executive branch to periodically recalibrate customs duty calculations without requiring new legislation.

The proclamation serves as an authoritative reference for customs officers in tariff computation.
It facilitates uniform enforcement and collection of customs duties across all ports and entry points.
The Secretary of Finance plays a key role in recommending such updates, linking fiscal policy to customs revenue management.