The Quirino-Foster Agreement, also known as the Bell Trade Act, was signed on March 26, 1946, during the presidency of Elpidio Quirino. The agreement was a bilateral agreement between the Philippines and the United States of America that established terms and conditions for trade and other economic cooperation between the two nations.
The agreement took its name from Paul H. Foster, a Republican congressman from Massachusetts who authored the bill. It was generally unpopular among Filipinos, who perceived it as a continuation of American colonialism, as it placed restrictions on Philippine trade and required the country to open up its economy to American businesses.
Under the agreement, the Philippines received a $200 million loan from the United States, which was used to finance infrastructure projects and other development programs. However, the conditions attached to the loan were seen as unfavorable by many Filipinos, as it required the Philippines to allow American businesses to compete with local ones, and to allow extensive American involvement in the Filipino economy.
The Quirino-Foster Agreement was eventually replaced by the Laurel-Langley Agreement in 1955, which contained more favorable terms for the Philippines. The agreement was a significant event in Philippine history, marking the first step towards establishing the country`s economic independence from the United States.
In conclusion, the Quirino-Foster Agreement was signed on March 26, 1946, during the presidency of Elpidio Quirino, and it established terms and conditions for trade and other economic cooperation between the Philippines and the United States. Although unpopular among Filipinos at the time, it laid the groundwork for further negotiations that ultimately led to greater economic independence for the Philippines.
