413)[1]The new revised agreement was signed by Carlos P. Romulo and James Langley in September 6, 1955 at Washington.
It was an amendment to the Bell Trade Act, which had given full parity rights to American citizens and businesses.
The agreement also ended the authority of the United States to control the exchange rate of the Philippine peso.
These deficiencies include the opening of the Philippine economy to American capitalists and reviving competition which led to large deficits between local and foreign goods.
American businessmen also took advantage of this agreement exempting them from the Retail Trade Nationalization law.