The _______ is the equal right of Americans and Filipinos to use the natural resources, land, and waters of the Philippines.

The term you are looking for is "parity," commonly referred to as "parity rights." This concept established an equal footing, granting Americans and Filipinos the right to utilize the natural resources, land, and waters of the Philippines. The Parity Rights Amendment was introduced in the context of the 1946 Bell Trade Act and allowed for equal access to the country’s resources, reflecting the need for both nations to cooperate in resource management while also ensuring Filipinos had a say in the exploitation and use of their own natural wealth. This agreement was significant in legitimizing economic and trade relations between the two countries post-World War II.