By Liezelle Soriano
MANILA — President Ferdinand “Bongbong” Marcos Jr. has issued Executive Order No. 80, implementing the Philippine schedule of tariff commitments under the Free Trade Agreement with South Korea (PH-KR FTA).
The EO was signed by Executive Secretary Lucas Bersamin.
The President emphasized the need to adjust import duty rates on specific goods to align with the Philippine Schedule of Tariff Commitments under the PH-KR FTA.
“All goods originating from the Republic of Korea listed in the Philippine Schedule of Tariff Commitments under Section 1, when entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be subject to the prescribed duty rates, contingent on the submission of a Proof of Origin in compliance with the PH-KR FTA requirements,” the EO states.
The EO was signed on December 23.
The Philippines and the Republic of Korea signed the PH-KR FTA during the 43rd ASEAN Summit in Indonesia in September 2023, according to the Presidential Communications Office.
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