Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. The first sentence of section sixteen of Republic Act Numbered Four hundred twenty-six, entitled "An Act to regulate imports and for other purposes," is amended to read as follows:

"If the Commissioner, after a thorough investigation is satisfied that an application for quota allocation or license is in order and that the applicant has complied with all the requirements provided in this Act and the rules and regulations issued thereunder, he shall approve it and issue the corresponding import license upon the payment of a two pesos application fee and another fee equivalent to one per centum of the amount authorized in the applicant's import ex-quota, barter and other license: Provided, however, That no application shall remain unacted upon in the office of the Import Control Administration or the Import Control Board for a period longer than sixty days, otherwise, the Commissioner shall be made to account to the Import Control Board for the delay, and failure to give satisfactory explanation shall be ground for dismissal or any other appropriate administrative action."

SEC. 2. All license fees heretofore collected by the Import Control Office and the Import Control Administration are hereby ratified, confirmed and validated as if to all intents and purposes they were imposed by congressional authority.

SEC. 3. This Act shall take effect upon its approval.

Approved, September 5, 1950.