The Philippine government has issued Executive Order No. 80 to implement the Philippine schedule of tariff commitments under the Free Trade Agreement with South Korea (PH-KR FTA).
Signed by Executive Secretary Lucas Bersamin, the order was issued by President Ferdinand Marcos, Jr. to modify import duty rates on certain articles, ensuring compliance with the PH-KR FTA.
The executive order, signed on December 23, mandates that all articles listed in the Philippine Schedule of Tariff Commitments under the PH-KR FTA will be subject to the specified import duty rates at the time of importation. The FTA will take effect on Dec. 31, 2024.
It states, “All originating goods from the Republic of Korea listed in the Philippine Schedule of Tariff Commitments under Section 1, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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 Philippines and South Korea signed the PH-KR FTA during the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Indonesia in September 2023.
This agreement aims to strengthen economic partnerships and bilateral trade by reducing and eliminating tariff restrictions. It supports government efforts to manage competitive exclusion, attract more foreign direct investments, and secure preferential concessions beyond those available under existing agreements.
President Marcos ratified the PH-KR FTA on May 13, 2024, with the Senate concurring through Senate Resolution No. 1188 on September 23, 2024.
