6th September 1955
Laurel-Langley Agreement was approved
The Philippines and the governments of the United States of America approved the Laurel-Langley Agreement.
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.
The Laurel-Langley treaty came into effect on the 1st January 1956 and lasted until 1974.