AN ACT TO AMEND SECTION SIX OF THIS
ACT, ENTITLED "AN ACT TO RAISE
REVENUE FOR THE PHILIPPINE ISLANDS, AND FOR OTHER PURPOSES,"
APPROVED BY THE CONGRESS OF THE UNITED STATES ON AUGUST FIFTH, NINETEEN
HUNDRED AND NINE, AS AMENDED BY ACT NUMBERED FORTY HUNDRED AND
THIRTY-FOUR OF THE PHILIPPINE LEGISLATURE, BY PROVIDING A METHOD OF
CONVERSION BASED ON THE CURRENT RATES OF EXCHANGE
Section 1. The second,
third, and fourth paragraphs of section six of the Philippine Tariff
Act of August fifth, nineteen hundred and thirty-four of the Philippine
Legislature, otherwise known as the Parity Law, are hereby repealed to
be superseded by a paragraph which shall read as follows:
"For
the purpose of the assessment and collection of duties upon merchandise
imported into the Philippines on or after the day of the enactment of
this Act, wherever it is necessary to convert foreign currency into the
currency of the Philippines, such conversion shall be made at the
values proclaimed, from time to time, by the President upon
recommendation of the Secretary of Finance, upon the basis, in so far
as practicable, of the current rates of exchange."
Sec. 2. This
Act shall take effect upon its approval.
