Magazine content is available exclusively for TIME subscribers.THE PHILIPPINES: Two Freedoms
The Filipino, who yields to no man in his love of freedom, last week yielded to the U.S. two bits of sovereignty. For the Filipino also loves freedom from want and freedom from fear.
To exorcise an inferiority complex, the Filipinos had put into their Constitution (in 1935) a provision that 60% of each corporate business must be owned by Filipinos. But in 1946 the U.S. Congress passed two bills, the Philippine Trade Act (Bell Act) and the Philippine Rehabilitation Act (Tydings War Damage Act). The first offered the Philippines concessions that the islands had to have, including free trade...
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