President Ferdinand Marcos Jr. has issued Executive Order (EO) No. 80 to implement the Philippine schedule of tariff commitment under the Free Trade Agreement with South Korea (PH-KR FTA).
In issuing EO 80, Marcos Jr. raised the 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.
“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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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 said.
The PH-KR FTA, signed during the 43rd ASEAN Summit in September 2023 and ratified by the Senate in September 2024, aims to strengthen bilateral trade, attract foreign investments, and secure better concessions for the Philippines.IMT
