President Ferdinand Marcos Jr. has issued Executive Order (EO) No. 80 to implement the Philippine tariff schedule under the Free Trade Agreement (FTA) with South Korea.
The EO, signed by Executive Secretary Lucas Bersamin on December 23, modifies import duty rates on certain goods to align with the commitments outlined in the Philippine Schedule of Tariff Commitments under the PH-KR FTA.
Under the directive, all goods originating from South Korea, listed in the Philippine tariff schedule, will be subject to specified import duties at entry.
These goods must also comply with the agreement’s Proof of Origin and other applicable requirements.
“All originating goods from the Republic of Korea… shall be levied the rates of duty as prescribed therein, subject to the submission of a Proof of Origin,” the order stated.
The FTA, signed during the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Indonesia in September 2023, aims to enhance economic cooperation and trade by reducing or eliminating tariff barriers.
It is part of a broader effort to attract foreign investments and secure preferential trade terms beyond those available under existing agreements.
President Marcos ratified the FTA on May 13, 2024, and the Senate concurred with its ratification on September 23, 2024, through Senate Resolution No. 1188.
The agreement underscores the commitment of the Philippines and South Korea to strengthening their economic partnership, fostering trade, and addressing competitive challenges in global markets.
