Marcos issues EO implementing PH-S.Korea free trade deal

President Ferdinand Marcos ”Bongbong” Marcos Jr. has issued an executive order (EO) implementing the Philippines’ schedule of tariff commitment under the country’s Free Trade Agreement with South Korea (PH-KR FTA).

The directive was under EO No. 80, signed by Executive Secretary Lucas Bersamin, by authority of the President, issued December 23, 2024.

In a statement on Saturday, the Presidential Communications Office (PCO) said, citing EO 80, that the President highlighted the need to modify the rates of import duty on certain imported articles for the country to comply with the Philippine Schedule of Tariff Commitments under the PH-KR FTA.

The order stated all articles listed in the Philippine Schedule of Tariff Commitments under the PH-KR 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listed in the aforementioned Philippine Schedule of Tariff Commitments under Section 1 hereof, that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory, shall be levied the rates of duty as prescribed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,” it added.

The FTA between the Philippines and the Republic of Korea will kick off on December 31, 2024. 

The free trade deal was signed during the 43rd Association of Southeast Asian Nations (ASEAN) Summit held in Indonesia in September 2023.

The PH-KR FTA 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.

President Marcos ratified the PH-KR FTA on May 13, 2024, with the Senate concurring in its ratification through Senate Resolution No. 1188 dated September 23, 2024.

—Ted Cordero/ VAL, GMA Integrated News