17 hours Ago
MANILA, Philippines — President Ferdinand Marcos Jr. has issued an executive order (EO) implementing the Philippine schedule of tariff commitment under the Free Trade Agreement with South Korea (PH-KR FTA) , a bilateral agreement which reduces and eliminates tariff restrictions. Marcos, through EO No.
80 signed by Executive Secretary Lucas Bersamin on Dec. 23, stated 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, the Presidential Communications Office said on Saturday. “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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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,” the EO stated.
Both countries signed the PH-KR FTA during the 43rd Association of Southeast Asian Nations Summit held in Indonesia in September 2023. Marcos later ratified the agreement on May 13, 2024 with the Senate later concurring in its ratification through Senate Resolution No. 1188 dated September 23, 2024.
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