Page:United States Statutes at Large Volume 62 Part 2.djvu/615

 62 STAT.] PHILIPPINES-EDUCATIONAL FOUNDATION-APR. 2, 8 , 1948 Agreement between the United States of America and the Republic of the Philippines amending the agreement of March 23, 1948, respecting a United States educationalfoundation in the Philippines. Effected by exchange of notes signed at ManilaApril 2 and 8, 1948; entered into force April 8, 1948. The American Ambassador to the Philippine Secretary of Foreign Affairs EMBASSY OF THE UNITED STATES OF AMERICA, No. 1177 April 2, 1948. EXCELLENCY: I have the honor to refer to the first two sentences of Article 11 of the Fulbright Agreement between the Government of the United States of America and the Government of the Republic of the Philip- pines for the use of funds made available in accordance with the agreement between the Government of the Republic of the Philippines and the Government of the United States of America for the sale of surplus war property, which are worded as follows: "The Government of the Republic of the Philippines shall within thirty (30) days of the date of the signature of the present agree- ment, deposit with the Treasurer of the United States of America, an amount of the currency of the Government of the Republic of the Philippines equivalent to Two Hundred Thousand Dollars ($200,000- United States currency). On January 1, 1948, and on each succeeding January 1, the Government of the Republic of the Philippines shall similarly deposit an amount of the currency of the Government of the Republic of the Philippines equivalent to Two Hundred Thousand Dollars ($200,000-United States cur- rency) until an aggregate amount equivalent to Two Million Dollars ($2,000,000- United States currency) shall have been so deposited." In view of the fact that it is the intent of this agreement to use the equivalent of $200,000 (United States currency) in Philippine cur- rency each year for a period of ten years for the support of cultural and educational activities under the Fulbright Act and that the de- posit of this sum of money by the Government of the Republic of the Philippines with the treasurer of the United States within thirty days of the signature of the agreement will meet the expenses of the program for the year 1948, it is suggested that the second sentence quoted above be amended to read as follows: "On January 1, 1949, and on each succeeding January 1, the Govern- ment of the Republic of the Philippines shall similarly deposit an amount of the currency of the Government of the Republic of the 1895 April 2,8,1948 [T. I. A. S. 1745] Agreement for use of designated funds. Ante, p. 1882. Philippine deposits. 60 Stat. 754. 50U.S.C.app. I§ 1619,1641; Supp. I, §1619.

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