1st January 1956
Laurel-Langley Agreement came into effect
The Laurel-Langley Agreement which was approved by the Philippine government and the government of the United States of America came into effect on the 1st day of 1956
Negotiation started in December 1954 between Senator Jose P. Laurel and James M. Langley for an agreement between the USA and the Philippines.
After successful negotiations the Laurel-Langley Agreement was approved on the 6th September 1955.
Part of the agreement abolished Americas right to control the exchange rate of the Philippine Peso.
The right to control the exchange rate of the Philippine Peso was part of the Bell trade act of 1946 which pegged the Philippine peso to the dollar at an exchange rate of 2:1, which was very unpopular with the people of the Philippines.