The Bureau of Customs (BOC) said it issued Customs Memorandum Order (CMO) 11-2024, outlining the guidelines for the implementation of the Philippines-Korea Free Trade Agreement (PH-KR FTA).
These guidelines aim to simplify trade procedures and ensure compliance with Executive Order (EO) No. 80 signed by President Ferdinand Marcos Jr.
Under EO 80, originating goods from South Korea listed in the Philippine Schedule of Tariff Commitments will benefit from reduced or zero tariff rates. This preferential treatment requires the submission of proofs of origin and compliance with origin rules.
“This Customs Memorandum Order reflects the BOC’s commitment to facilitating trade and enhancing partnerships,” said Customs Commissioner Bienvenido Rubio.
“By laying out clear and actionable guidelines, we aim to ensure a seamless transition into the PH-Korea Free Trade Agreement,” he said.
The PH-KR FTA is expected to boost Philippine exports, as South Korea will grant duty-free entry to a broad range of goods, representing 87.4 percent of its imports from the Philippines.
This underscores the government’s commitment to fostering regional economic integration.
The agreement was signed to further strengthen economic partnership and bilateral trade between the Philippines and Republic of Korea by reducing and eliminating tariff restrictions in support of government efforts to manage competitive exclusion, encourage more foreign direct investments and secure more preferential concessions than those currently available under existing agreements.
