WHEREAS, paragraphs 1 and 2, article I of the Agreement between the Republic of the Philippines and the United States of America concerning Trade and Related Matters which was signed at Manila on July 4, 1946, provide as follows:

ARTICLE I

1. During the period from the date of the entry into force of this Agreement to July 3, 1954, both dates inclusive, United States articles as defined in subparagraph (e) of paragraph I of the Protocol to this Agreement entered, or withdrawn from warehouse, in the Philippines for consumption, and Philippine articles as defined in Subparagraph (f) of Paragraph 1 of the Protocol entered, or withdrawn from warehouse, in the United States for consumption, shall be admitted into the Philippines and the United States, respectively, free of ordinary customs duty.

2. The ordinary customs duty to be collected on United States articles as defined in subparagraph (e) of paragraph 1 of the Protocol, which during the following portions of the period from July 4, 1954, to July 3, 1974, both dates inclusive, are entered, or withdrawn from warehouse; in the Philippines for consumption, and on Philippine articles as defined in subparagraph (f) of paragraph 1 of the Protocol, other than those specified in Items D to G, both inclusive, of the Schedule to Article II, which during such portions to such period are entered, or withdrawn from warehouse, in the United States for consumption, shall be determined by applying the following percentages of the Philippine duty as defined in subparagraph (h) of paragraph 1 of the Protocol, and of the United States duty as defined in subparagraph (g) of paragraph 1 of the Protocol, respectively:

(a) During the period from July 4, 1954, to December 31, 1954, both dates inclusive, five per centum.

(b) During the calendar year 1955, ten per centum.

(c) During each calendar year after the calendar year 1955 until and including the calendar year 1972, a percentage equal to the percentage for the preceding calendar year increased by five per centum of the Philippine duty and the United States five per centum of the Philippine duty and the United States duty, respectively, as so defined.

(d) During the period from January 1, 1973, to July 3, 1974, both dates inclusive, one hundred per centum.

WHEREAS, Philippine Republic Act No. 1137 of June 16, 1954, entitled œAn Act to Amend Commonwealth Act Seven Hundred and Thirty-Three  authorized the extension on the basis of reciprocity up to December 31, 1955, of the duty free entry of United States articles in the Philippines as provided for in paragraph 1, article I of the Agreement, in lieu of the treatment specified in subparagraphs (a) and (b), paragraph 2, article I;

WHEREAS, the United States public law of July 5, 1954, entitled œAn Act to provide for an extension on a Reciprocal Basis of the period of the Free Entry of Philippine articles in the United States  likewise authorized the extension on the basis of reciprocity up to December 31, 1955, of the duty-free entry of Philippine articles in the United States as specified in paragraph 1, article I of the said Agreement, in lieu of the treatment specified in subparagraphs (a) and (b), paragraph 2, article I; and

WHEREAS, in pursuance of the Act of the United States Congress of July 5, 1954, the President of the United States of America has issued a Proclamation dated July 10, 1954, extending the duty-free treatment provided for in paragraph 1, article I of the said agreement, in lieu of the treatment specified in subparagraphs (a) and (b), paragraph 2, article I, to Philippine articles (as defined in the Protocol accompanying the Agreement) entered, or withdrawn from warehouse in the United States for consumption during the period from July 4, 1954, to December 31, 1955, both dates inclusive;

Now, THEREFORE, be it known that I, Ramon Magsaysay, President of the Philippines, pursuant to Republic Act No. 1137, of June 16, 1954, do hereby proclaim the extension of the duty-free treatment provided for in article I, paragraph 1, of the Agreement, in lieu of the treatment provided for in article I, paragraph 2, subparagraphs (a) and (b), to United States articles (as defined in the Protocol) entered, or withdrawn from warehouse in the Philippines for consumption during the period from July 4, 1954, to December 31, 1955, both dates inclusive, to the end that the same and every part thereof may be observed and fulfilled with good faith by the Republic of the Philippines, the citizens of the Republic of the Philippines and all other persons subject to the jurisdiction thereof.

IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines to be affixed.

Done in the City of Manila, this 12th day of July, in the year of Our Lord, nineteen hundred and fifty-four, and of the Independence of the Philippines, the ninth.

(SGD.) RAMON MAGSAYSAY
President of the Philippines

By the President:
(SGD.) FRED RUIZ CASTRO
Executive Secretary