The Rotary Balita no. 763 (February 10, 1955)

Addressing the regular meeting of the Rotary Club of Manila last January 27, Senator Gil J. Puyat, a ranking member of the recent Laurel economic mission to the United States, pointed out that "definite incalculable economic and political advantages" have been won by the Philippines as a result of the Bell Trade Act revision agreement. The Pampanga senator declared that the Philippines has won a total of 625 percent in the form of import duties here and the United States in the next eight and a half years. He further explained that Philippine goods subject to declining quotas will have an increase in the next eight-and-a-half-year period. As a result of the Laurel-Langley trade agreement, he said, the Philippines is now in a better position to improve her balance of payments position with the economic advantages and the possibility of making use of the economic instrumentalities granted by the new agreement.