Marcos issues executive order to carry out PH tariff schedule with South Korea

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Metro Manila, Philippines - President Ferdinand Marcos Jr. issued an executive order (EO) to implement the Philippine schedule of tariff commitment under the Free Trade Agreement (FTA) with South Korea, a bilateral deal aimed to reduce and eliminate tariff restrictions.

The landmark agreement is set to come into force on Dec. 31, seeking to bolster trade and investment across key sectors such as agriculture, industry, infrastructure, and energy.

Philippine agricultural exports, including bananas and pineapples, will gain enhanced market access in Korea.

The order said “all articles listed in the Philippine schedule of tariff commitments under the FTA shall be subject to the rates of import duties at the time of importation.”

“All originating goods from Republic of Korea listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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 EO added.

The two countries signed the historic agreement during the 43rd Association of Southeast Asian Nations summit in Indonesia in September 2023. Marcos ratified the deal in May 2024, with the Senate concurring its ratification.

Korean Ambassador to the Philippine Lee Sang-hwa earlier said the agreement represents the countries’ evolving bilateral partnership.