SECTION 1. The second, third, and fourth paragraphs of section six of the Philippine Tariff Act of August fifth, nineteen hundred and nine, as amended by Act Numbered Forty hundred and thirty-four of the Philippine Legislature, otherwise known as the Parity Law, are hereby repealed to be superseded by a paragraph which shall read as follows:
"For the purpose of the assessment and collection of duties upon merchandise imported into the Philippines on or after the day of the enactment of this Act, wherever it is necessary to convert foreign currency into the currency of the Philippines, such conversion shall be made at the values proclaimed, from time to time, by the President upon recommendation of the Secretary of Finance, upon the basis, in so far as practicable, of the current rates of exchange."