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  4. Document 23

Lot 60 D 137: Files of the National Advisory Council on International Monetary and Financial Problems

Memorandum by the Secretary of the Treasury ( Snyder ) to the President 1

confidential
[ Washington ,] April 5, 1951.

The Philippine Congress on March 23, 1951, enacted for a period of two years a tax of 17% on sales of foreign exchange2 for certain purposes. This enactment has been approved by President Quirino. The submission of this legislation for your approval is required under Article V of the Executive Agreement of July 4, 1946, between the United States and the Republic of the Philippines regarding the value, convertibility and transferability of Philippine currency in relation to the currency of the United States.3 Consistent with the requirement of the Executive Agreement, a communication4 has been received by the Secretary of State from the Philippine Ambassador to the United States, the Honorable Joaquin M. Elizalde, requesting that your agreement be given to the imposition of this tax by his Government.

The enactment of the tax measure referred to is in accord with the recommendations of the Economic Survey Mission to the Philippines, [Page 1529] and is a step taken in implementation of the agreement of November 14, 1950, between your representative, Mr. William C. Foster, and President Quirino. Accordingly, the National Advisory Council recommends that your approval thereof be given. There is attached for this purpose a statement5 for your signature agreeing to the imposition of this tax.

Notification of your approval will be given to the Philippine Government by the Secretary of State.

John W. Snyder

Chairman
National Advisory Council on International Monetary and Financial Problems 6
  1. The source text is attachment B to NAC Document No. 1121, April 10.↩
  2. Signed by President Quirino on March 28.↩
  3. For text of the Agreement concerning trade and related matters, signed at Manila July 4, 1946, see 61 Stat. (pt. 3) 2611.↩
  4. Of April 2, not printed.↩
  5. Not printed. President Truman signed it April 6.↩
  6. Mr. Snyder held this post ex officio as Secretary of the Treasury.↩