December 28, 2024 | 2:47pm
ALBAY, Philippines — President Ferdinand Marcos Jr. has issued an executive order, putting into effect the Philippines’ tariff schedule under the Free Trade Agreement (FTA) with South Korea.
Executive Order 80, signed by Executive Secretary Lucas Bersamin on December 23, updates import duty rates for certain products, in line with the Philippines-South Korea FTA.
The changes will affect goods originating from South Korea that are imported into the Philippines.
“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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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 read.
The duties will apply to goods entering or withdrawn from warehouses or free zones in the Philippines, meant for consumption or customs introduction.
The Philippines-Korea FTA was signed on the sidelines of the 43rd ASEAN Summit in Jakarta, Indonesia on Sept. 7, 2023, with both President Marcos and then South Korean President Yoon Suk-yeol in attendance.
The Senate ratified the agreement last September.
South Korea is among the Philippines’ top trading partners and a prominent source of foreign direct investment.
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