PRESIDENT SIGNS PHILIPPINE BILL. WASHINGTON, D.C. AUGUST 7. PRESIDENT ROOSEVELT TODAY SIGNED A MEASURE DESIGNED TO FACILITATE THE ECONOMIC ADJUSTMENT OF THE PHILIPPINE COMMONWEALTH TO INDEPENDENCE STATUS. IT PROVIDES FOR GRADUALLY DECLINING DUTY-FREE QUOTAS ON IMPORTS FROM THE PHILIPPINES OF COCONUT OIL, CIGARS, AND PEARL BUTTONS. THE QUOTAS DECREASE BY 5 PER CENT EVERY YEAR UNTIL 1946, WHEN FULL POLITICAL INDEPENDENCE IS GRANTED THE ISLANDS. L TO R: FRANCIS B. SAYRE, NEW PHILIPPINE GOVERNOR; PRESIDENT ROOSEVELT; SERGIO OSMENA, VICE PRESIDENT OF THE PHILIPPINES; AND J.M. ELIZALDE, RESIDENT PHILIPPINE COMMISSIONER