THE Bureau of Customs (BOC) has introduced new rules to help businesses benefit from reduced tariffs under the recently signed Philippines-Korea Free Trade Agreement (PH-KR FTA).
President Ferdinand Marcos Jr. approved Executive Order 80, which lowers import duties on certain goods as part of the country’s trade commitments with South Korea.
The agreement, which took effect on Dec. 31, 2024, aims to strengthen economic ties and boost trade between the two nations.
To support this, Customs Commissioner Bienvenido Rubio issued Customs Memorandum Order 11-2024, providing step-by-step guidelines for businesses, including how to obtain Certificates of Origin, apply for “Approved Exporter” status, and comply with rules for reduced tariffs.
Under the agreement, goods originating from South Korea that meet specific requirements can enjoy reduced or zero tariffs, making them more affordable for Philippine businesses and consumers.
“This initiative demonstrates our commitment to fostering trade and economic partnerships,” said Commissioner Rubio, adding that the guidelines aim to ensure a smooth implementation of the trade deal and maximize its benefits.
The BOC actively works with businesses and other stakeholders to raise awareness and ensure compliance with the new rules, marking a major milestone in the country’s push for stronger regional economic integration.
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