By Dean Aubrey Caratiquet
President Ferdinand R. Marcos Jr. has issued Executive Order (EO) No. 80, implementing the Philippine schedule of tariff commitments under the free trade agreement with South Korea (PH-KR FTA).
The issuance of this EO follows in the footsteps of said bilateral trade agreement that was jointly signed by the Philippines and South Korea during the 43rd Association of Southeast Asian Nations (ASEAN) Summit on September 7, 2023 in Jakarta, Indonesia.
This was followed by President Marcos’ ratification of the PH-KR FTA on May 13, 2024. Furthermore, on September 23, 2024, the lawmakers concurred in the bilateral agreement’s ratification by virtue of enacting Senate Resolution No. 1188.
In issuing EO No. 80 that was signed by Executive Secretary Lucas Bersamin on December 23, the Chief Executive 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 PH-KR FTA.
Likewise, it is stated in the EO that all articles listed in the Philippine Schedule of Tariff Commitments under the PH-KR FTA 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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory shall be levied the rates of duty as prescribed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 PH-KR FTA 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.
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