The Magsaysay administration negotiated the Laurel-Langley Agreement which was a trade agreement between the Philippines and the United States which was signed in 1955 and expired in 1974.
Although it proved deficient, the final agreement satisfied nearly  all of the diverse Filipino economic interests.
While some have seen the Laurel-Langley agreement as a continuation of the 1946 trade act, Jose P. Laurel and other Philippine leaders recognized that the agreement substantially gave the country greater freedom to industrialize while continuing to receive privileged access to US  markets.

The agreement replaced the unpopular Bell Trade Act, which tied the economy of the Philippines to that of United States economy.
The Magsaysay administration negotiated the Laurel-Langley Agreement which was a trade agreement between the Philippines and the United States which was signed in 1955 and expired in 1974. Although it proved deficient, the final agreement satisfied nearly  all of the diverse Filipino economic interests. While some have seen the Laurel-Langley agreement as a continuation of the 1946 trade act, Jose P. Laurel and other Philippine leaders recognized that the agreement substantially gave the country greater freedom to industrialize while continuing to receive privileged access to US  markets.
The agreement replaced the unpopular Bell Trade Act, which tied the economy of the Philippines to that of United States economy.
Ramon Magsaysay