Bell Trade Act

The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying policy governing trade between the Philippines and the United States following independence of the Philippines from the United States.[1][2] The United States Congress offered $800 million for post World War II rebuilding funds if the Bell Trade Act was ratified by the Philippine Congress. The specifics of the act required the 1935 Constitution of the Philippines be amended. The Philippine Congress approved the measure on July 2, two days before independence from the United States of America, and on September 18, 1946 approved a plebiscite to amend the Constitution of the Philippines.

Authored by Missouri Congressman C. Jasper Bell, the Bell Trade Act required:

  • Preferential tariffs on US products imported into the Philippines;
  • A 2:1 fixed exchange rate between the Philippine peso and the United States dollar;
  • No restrictions on currency transfers from the Philippines to the United States;
  • "Parity rights" granting U.S. citizens and corporations rights to Philippine natural resources equal to (in parity with) those of Philippine citizens, contrary to Article XIII in the 1935 Philippine Constitution, necessitating a constitutional amendment.[3]

The Bell Act, particularly the parity clause, was seen by critics as an inexcusable surrender of national sovereignty.[4] The pressure of the sugar barons, particularly those of President Roxas's home region of Western Visayas, and other landowner interests, however, was irresistible.[4]

In 1955, the Laurel–Langley Agreement revised the Bell Trade Act.[3] This treaty abolished the United States authority to control the exchange rate of the peso, made parity privileges reciprocal, extended the sugar quota, and extended the time period for the reduction of other quotas and for the progressive application of tariffs on Philippine goods exported to the United States.

When the Philippine the legislature convened during the liberation, Roxas was elected president of the Senate on June 9, 1945. He broke with President Osmeña and owing to the unfair demands of the Bell Trade Relations Act of 1945, which called for a revision of the Philippine constitution to give parity rights to Americans in exchange for rehabilitation money, Roxas found himself surrendering his country's freedom and it's right to determine its own destiny. Faced by the unified opposition of workers and peasants, the majority of the people, Roxas sided with the oppressive landlord class and the colonialistic merchants to put down by force the legitimate aspirations of the electorate. It is public knowledge that most of Roxas's policies were dictated by Gen. MacArthur and U.S. high commissioner Paul V. McNutt. Not only did Roxas lack the vision to foresee the causes that would strain Philippine-American relations later (for example, the Military Bases Agreement of March 14, 1947), but he also failed to sympathize with the plight of the majority of the poor. Roxas was committing the Philippines to the side of the United States at the start of the cold war in a speech at the Clark Air Force Base when he suffered a heart attack on April 14, 1948. Loyal to the United States to the last, he died on American soil. Formed the Liberal party, which he led to victory as a presidential candidate on April 23, 1946. Roxas thus became the last president of the Commonwealth and the first president of the Republic of the Philippines when it was inaugurated on July 4, 1946

See also

References
  1. Schirmer, Daniel B; Shalom, Stephen Rosskamm (1987), The Philippines reader: a history of colonialism, neocolonialism, dictatorship, and resistance, South End Press, p. 88, ISBN 978-0-89608-275-5
  2. Kerkvliet, Benedict J (2002), The Huk rebellion: a study of peasant revolt in the Philippines (second ed.), Rowman & Littlefield, p. 150, ISBN 978-0-7425-1868-1
  3. Andersen, Regine (2008), Governing agrobiodiversity: plant genetics and developing countries, Ashgate, p. 218, ISBN 978-0-7546-4741-6.
  4. Dolan, Ronald E, ed. (1991), Philippines: A Country Study, Washington: GPO for the Library of Congress

Further reading
  • "Commonwealth Act No. 733". Chan Robles Law Library. April 30, 1946. The act by the Philippine Congress acceding to the provisions of the Bell Trade Act.
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