ELIMINATION OF REQUIREMENT FOR PAYMENT OF CERTAIN BENEFITS IN PHILIPPINE PESOS.

SEC. 507. ELIMINATION OF REQUIREMENT FOR PAYMENT OF CERTAIN BENEFITS IN PHILIPPINE PESOS. (a) General Rule.—The second sentence of each of subsections (a) and (b) of section 107 is amended— (1) by striking out “rate in pesos as is equivalent to” and inserting in lieu thereof “rate of”; and (2) by striking out “rate in Philippine pesos as is equivalent to” and inserting in lieu thereof “rate of”. (b) Survivors’ and Dependents’ Educational Assistance.— Sections 3532(d) and 3565(b)(1) are amended by striking out “a rate in Philippine pesos equivalent to” and inserting in lieu thereof “the rate of”. (c) Effective Date.—The amendments made by this section shall apply with respect to payments made after December 31, 1994.