Marcos issues EO for PH tariff schedule under FTA with SoKor
President Ferdinand Marcos Jr. issued Executive Order No. 80 implementing the Philippine schedule of tariff commitment under the Free Trade Agreement with South Korea.
In issuing EO 80 signed by Executive Secretary Lucas Bersamin, the President said there is a need to modify the rates of import duty on certain imported articles for the country to comply with the Philippine Schedule of Tariff Commitments under the free trade agreement.
The EO, signed last December 23, stated all articles listed in the Philippine Schedule of Tariff Commitments under the free trade agreement shall be subject to the rates of import duties at the time of importation.
“All originating goods from Republic of Korea listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed therein, subject to the submission of a Proof of Origin, in compliance with all applicable requirements under the PH-KR FTA,” it added.
The Philippines and the Republic of Korea signed the free trade agreement during the 43rd Association of Southeast Asian Nations (ASEAN) Summit held in Indonesia in September 2023.
The free trade agreement was signed to further strengthen economic partnership and bilateral trade between the Philippines and Republic of Korea by reducing and eliminating tariff restrictions in support of government efforts to manage competitive exclusion, encourage more foreign direct investments, and secure more preferential concessions than those currently available under existing agreements.
Marcos ratified the free trade agreement on May 13, 2024, with the Senate concurring in its ratification through Senate Resolution No. 1188 dated September 23, 2024. Presidential News Desk
