Bell Trade Act
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The Bell Trade Act of 1946 granted the Philippines war damages in exchange for a waiver of all import duties on goods shipped by America to the Philippines and equal access by Americans to Filipino natural resources. The Act, which both Congress and the Philippines approved, pegged the Filipino currency (the peso) to the American dollar and prohibited the Philippines from selling products that might "come into substantial competition" with U.S.-made goods.
In 1955, the Laurel-Langley Agreement modified this law on terms more favorable to the Philippines.