 This legislation authorized the participation of the Philippine Commonwealth Government in the International Monetary Fund and the World Bank system following the Bretton-Woods Conference in July 1944.Finally, it was during this historic Congress that the Philippine Senate first exercised its constitutional authority to ratify treaties and other international agreements with its unanimous ratification on August 30, 1945, of the Charter of the newly formed United Nations.President Osmeña appeared before the Senate three days earlier to deliver the Charter and ask for its ratification.