The Past of PH Today, September 6, 1955, the Laurel-Langley Agreement was approved by both the American and Philippine governments

Senator Jose P. Laurel and James M. Langley (Laurel-Langley Agreement)

Issue before Laurel-Langley treaty

The Laurel-Langley treaty was a revised United States-Philippines Trade Agreement replacing the Bell Trade Act, which became unpopular among Filipino nationalists due to provisions which tied the Philippine economy to the U.S. economy. (Kahimyang Project)

Bell Trade Act

...contingent upon Filipino ratification of the Bell Act. The act remained extremely unpopular in the Philippines. It was later superseded by an agreement more favourable to Filipino interests, the Laurel-Langley Agreement, which took effect in 1956. (britannicadotcom)

The purpose and control of Treaty

The treaty, which took effect on January 1, 1956, expired in 1974. It abolished the U.S. authority to control the exchange rate of the peso, made parity privileges reciprocal, extended the sugar quota, extended the time period for the reduction of other quotas and for the progressive application of tariffs on Philippine goods exported to the U.S.  (Kahimyang Project)

Filipino

Ang Laurel-Langley Kasunduan ay isang kasunduan ng kalakalan sa pagitan ng Pilipinas at Estados Unidos kung saan ay naka-sign in 1955 at nag-expire sa 1974. Bagaman ito di-napatutunayang hindi sapat, ang panghuling kasunduan nasiyahan halos lahat ng magkakaibang Pilipino ekonomiya interes. Habang ang ilang nakita ang Laurel-Langley kasunduan bilang isang pagpapatuloy ng 1946 gawa kalakalan, Jose P. Laurel at iba pang mga lider ng Philippine kinikilala na ang kasunduan sa malaki-laking ibinigay sa bansa ng mas malaki kalayaan sa industrialize habang patuloy na makatanggap ng magandang access sa mga market ng US. Ang kasunduan pinalitan ang hindi sikat Bell Trade Act, na nakatali ang ekonomiya ng Pilipinas ng Estados Unidos. (translatedotcom)

Reference:

Kahimyangdotinfo

Philippine News Agency archives

Source 1

Source2