Mr. Robertson said that this issue had recently been discussed within the department and that we will make the broadest possible concessions in the Philippines that are consistent with the need for congressional approval. Robertson stressed that an agreement that has proved unacceptable to Congress would be extremely regrettable. He reiterated that we would be willing to help the Philippines as much as possible with respect to the changes to the trade agreement and stressed that General Romulo was probably better qualified than most Americans to understand the problems associated with it. In May 1955, the Philippines concluded a reparation agreement with Japan. The agreement provided for the payment of the $550 million dollar equivalent. Apart from that, $250 million in loans were promised to the private sector on a commercial basis. Under Magsaysay`s presidency, the country has concluded two agreements with significant economic consequences for the future. The revised Phl-US trade agreement or the Laurel Langley agreement.
In 1946, the United States Congress passed a law called the Philippine Trade Act. Better known as the Bell Trade Act, according to its lead author, the Senator from Missouri, this U.S. law wrote U.S. trade and economic relations with the newly independent republic of the Philippines. After the adoption by the Philippine Congress in 1955, President Eisenhower submitted the agreement to the United States Congress, which on August 1, 1955, adopted the 1955 Philippine Trade Convention and authorized the President to enter into an executive agreement with the President of the Philippines to revise the 1946 agreement, in accordance with the agreement signed on December 15. , 1954, corrected. (69 Stat. 413) General Romulo raised the issue of President Magsaysay`s visit to the United States and said he hoped there would be some lag between Magsaysay`s visit and visits by other prominent foreigners. Mr.
Robertson explained the many difficulties faced by the large number of high-profile foreigners visiting the United States and said that we wanted to make sure that every visit to Magsaysay was very well planned, so that he would receive all the appropriate politeness and honours.