WHEREAS, pursuant to the terms of section 111 (b) (3) of the United States Economic Cooperation Act of 1948, as amended, and by exchange of notes on February 19, 1952, the Philippine Government entered into an agreement with the United States Government guaranteeing from expropriation, confiscation or currency inconvertibility all investments of American nationals in the Philippines, whether MSA-sponsored or not;

WHEREAS, under the terms of the aforesaid agreement, this guaranty extends only to such projects as are expressly approved by the Philippine Government;

WHEREAS, the United States Government is now proposing for approval by the Philippine Government as a project under the terms of the aforesaid agreement the Informational Media Guaranty Program, whereby informational media such as books, periodicals, newspapers, motion pictures and translation rights which convey scientific, cultural, technical, educational and other information about the United States are to be made available by American publishers and publishing companies to Philippine importers;

WHEREAS, in determining the educational worth and relative essentiality of these media materials offered by United States publishers, there is need for a specific government agency which should approve, amend or disapprove all applications for guaranty contracts under the Program which are to be referred to the Philippine Government from time to time for its approval;

WHEREAS, there is at present no single government entity that can go over these applications considering the various aspects of the project as they relate to: (a) the need of the educational program of the Philippines for the media materials offered, (b) the foreign exchange and import control measures now in effect and (c) the advisability of allowing the accumulation of peso funds in the Philippines belonging to the United States Government which the Philippine Government is required to guarantee against expropriation, confiscation or currency inconvertibility.

NOW, THEREFORE, by virtue of the powers vested in me, by law, I, Elpidio Quirino, President of the Philippines, do hereby create a committee, to be known as the Informational Media Guaranty Program Committee, composed of the Following:

1.	A representative of the Department of Education	Chairman
2.	A representative of the University of the Philippines	Member
3.	A representative of the Central Bank	Member
4.	A representative of the Import Control Commission	Member
5.	A representative of the Department of Foreign Affairs	Member

The respective head of each of the above-named offices or agencies of the Government is hereby authorized to designate its representative to the Committee.

The Committee shall screen, approve or disapprove all applications for contracts to supply the Philippines with media materials under the Informational Media Guaranty Program. This includes the right to fix the volume and value of media materials that should be included in the program for any given period, due account being taken of the above-mentioned considerations.

The Committee shall meet as often as there are applications to be considered and it shall as soon as possible communicate its decisions thereon to the Department of Foreign Affairs for proper implementation.

The Committee shall prescribe its own rules and standards in approving, limiting or disapproving any application and it shall submit a report of its work as often as it may be required to do so.

The Committee may seek the advice of other departments, bureaus, offices, agencies or instrumentalities of the Government, including corporations owned or controlled by it, or of any private firm or individual engaged in the purchase, local sale and distribution of informational media whenever it considers it necessary.

Done in the City of Manila, this 25th day of November, in the year of Our Lord, nineteen hundred and fifty-two, and of the Independence of the Philippines, the seventh.


By the President:

(Sgd.) MARCIANO ROQUE
Acting Executive Secretary